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"fact-541": { "value": "10340910000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-542": { "value": "990293000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-543": { "value": "11331203000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-13": { "value": "
1.
General information on the preparation of the financial\u00a0statements
1.1
Reporting company
VERBUND AG, with its registered office at Am Hof\u00a06a, 1010\u00a0Vienna, Austria, is the parent company of the VERBUND energy group, which operates in Austria and abroad. VERBUND AG is entered in the commercial register at the Commercial Court of Vienna under number FN\u00a076023z.
VERBUND generates, trades and sells electricity to participants in energy exchange markets, traders, electric utilities and industrial companies as well as to household and commercial customers. VERBUND also trades and sells gas to participants in energy exchange markets, traders and household customers and provides energy-related services. Furthermore, VERBUND operates the Austrian electricity transmission network via Austrian\u00a0Power\u00a0Grid\u00a0AG (APG) as well as the Austrian gas transmission pipeline and distribution network via Gas\u00a0Connect\u00a0Austria\u00a0GmbH (GCA). In addition, VERBUND holds equity interests in Austrian and foreign electric utilities.
1.2
Financial reporting principles
Basic principles
VERBUND prepares its consolidated financial statements in accordance with Section\u00a0245a(1) of the Austrian Commercial Code (Unternehmensgesetzbuch, UGB) in compliance with International Financial Reporting Standards (IFRSs) as endorsed by the European Union. The additional requirements of Section 245a(1) of the Austrian Commercial Code (UGB) have also been satisfied. The separate financial statements of the subsidiaries included in the consolidated financial statements are based on uniform accounting policies. The reporting date is 31\u00a0December 2025 for all consolidated subsidiaries.
The consolidated financial statements are prepared in thousands of euros (\u20ack), with the exception of the notes to the annual financial statements, in which amounts are generally indicated in millions of euros (\u20acm). Rounding differences may arise when adding rounded amounts or when calculating percentages.
Consolidation methods
All material companies directly or indirectly controlled by VERBUND\u00a0AG (subsidiaries) are included in the consolidated financial statements of VERBUND. Inclusion in the consolidated financial statements begins when control is achieved and ends when it ceases.
Joint ventures and associates over which VERBUND\u00a0AG has significant influence, either directly or indirectly, are accounted for using the equity method. Investees accounted for using the equity method are recognised at their proportional IFRS equity taken from (consolidated) interim or annual financial statements. The reporting date of the investee is no more than three months prior to VERBUND\u2019s reporting date.
Intra-Group transactions, receivables, liabilities and intercompany profits are eliminated taking account of deferred taxes.
If VERBUND has rights to the assets attributable to an investee as well as obligations for its liabilities as a result of a joint operation with another party, VERBUND recognises its share of the assets and liabilities or revenue and expenses.
Whenever an acquisition is made, VERBUND examines whether it is an acquisition of a business within the scope of IFRS 3 or an acquisition of assets. According to IFRS 3.3, an acquisition is only treated as a business combination if the assets and liabilities acquired constitute a business and not merely a group of assets. If the asset or group of assets acquired do not constitute a business, the cost of the asset group is allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of purchase (IFRS 3.2(b)). Such a transaction does not give rise to goodwill, and no deferred taxes are recognised. As a rule, the main criterion in assessing whether an asset or group of assets constitute a business is whether substantive processes have been acquired. In making that assessment, VERBUND looks at whether the acquisition includes an organised workforce with the necessary skills, knowledge and experience to execute such processes as well as at the quality of any contracts acquired. The assessment is subject to individual discretion.
Scope of consolidation
A list of all of VERBUND\u2019s subsidiaries, joint ventures and associates is presented in the section entitled List of Group companies. The group of subsidiaries, joint ventures and associates included in the consolidated financial statements changed as follows in the 2025 reporting period
Scope of consolidation
\u00a0
\u00a0
\u00a0
\u00a0
Consolidated
Accounted for using the equity method
Accounted for as a joint operation
As at 31/12/2024
63
9
1
Additions from newly formed entities
0
1
0
Change in consolidation method
9
0
0
Other additions
1
0
0
Disposals by means of merger
\u2013\u00a02
0
0
As at 31/12/2025
71
10
1
of which domestic companies
22
6
1
of which foreign companies
49
4
0
As of May 2025, Tenuta del Campo S.r.l. was merged into ICA One S.r.l.
A new company, Batteriespeicher M\u00fcnster GmbH, was established as a joint venture in June 2025. The interest in that company is accounted for using the equity method.
The following companies were included in the basis of consolidation in August 2025: Camareta Solar, S.L.U., Cornamusa Solar, S.L.U., Cruceta Solar, S.L.U., Obenque Solar, S.L.U., Pa\u00f1ol Solar, S.L.U., Natera Solar, S.L.U., and Orla Solar, S.L.U.
In September 2025, VERBUND acquired ENOVA Windpark Beringhausen West Betriebs Gmbh & Co. KG and ENOVA Windpark Hillekopf-Hildfeld GmbH & Co. KG. Due to the fact that the former general partner left without a new general partner being appointed, the assets of those entities passed directly to VERBUND and the entities ceased to exist. Therefore, no addition of subsidiaries resulted from the transaction.
In addition, PV Novoli S.R.L. was merged into VERBUND Green Power Italia S.R.L. in November 2025.
As the last of a total of seven wind farm companies in Germany, MSH B\u00fcrger-Windpark-Feldatal GmbH & Co KG was included in the consolidated financial statements for the first time in November 2025 as part of an acquisition of assets. The other six wind farm companies had already been acquired in the previous year.

In addition, the Spanish companies Rehala Solar, S.L.U. and Reclamo Solar, S.L.U. were included in the basis of consolidation in December 2025.
Details on the acquisitions of groups of assets are presented in the following tables:
Acquisitions of groups of assets 2025
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Cash purchase price
Cash and cash equivalents acquired
Assets acquired
Financial liabilities acquired
Wind parks acquired in Germany
2.1
3.7
37.8
21.3
Wind projects under construction in Germany
22.0
0.0
21.0
0.0
Acquisition of groups of assets 2024\u00a0
\u00a0
in Mio.\u00a0\u20ac
\u00a0
Cash purchase price
Cash and cash equivalents acquired
Assets acquired
Financial liabilities acquired
Wind parks acquired in Austria
22,9
0,8
28,8
0,0
Wind parks acquired in Germany
21,1
5,4
72,5
43,8
Photovoltaic projects under construction in Italy
10,0
0,0
15,5
0,0
Cash payments for acquisitions of subsidiaries classified as acquisitions of assets are included in the cash flow statement under cash flow from investing activities in the line item \u201cCash outflow for capital expenditure for intangible assets and property, plant and equipment\u201d after deducting the cash and cash equivalents acquired in the transaction.
Currency translation
In the separate financial statements of Group companies, all transactions denominated in foreign currency are measured at the spot exchange rate on the transaction date. Monetary balance sheet items are subsequently measured at the respective spot exchange rate on the reporting date. Exchange gains and losses are recognised through profit or loss under the other financial result.
The Group\u2019s reporting currency is the euro. The functional currency of VERBUND\u00a0AG, its consolidated subsidiaries (with the exception of VERBUND\u00a0Wind\u00a0Power\u00a0Romania\u00a0SRL) and all investees accounted for using the equity method is the euro. For the consolidated financial statements of VERBUND, the annual financial statements of the Romanian subsidiary are translated into euros using the functional currency method.
Assets and liabilities of foreign Group companies with a functional currency other than the euro are translated using the foreign exchange reference rate of the European Central Bank (ECB) or the exchange rates published by local national central banks prevailing on the reporting date. Income and expenses are translated at average monthly exchange rates. Differences arising from translation at the exchange rates prevailing on the reporting date are recognised in other comprehensive income and presented as a separate item in equity.
The exchange rates used for currency translation changed as follows:
Foreign exchange rates used for currency translation
\u00a0
\u00a0
\u00a0
31/12/2024
31/12/2025
2024
2025
Country
Currency
Closing rate
Closing rate
Average rate
Average rate
Romania
\u20ac1 = RON
4.9741
5.0985
4.9748
5.0406
Regulatory assets and liabilities
Regulatory assets and liabilities result from temporary increases or decreases in revenue based on the grid tariffs set by the regulator. In its Grid operating segment, VERBUND is subject to regulation under such a rate structure by Energie-Control Austria f\u00fcr die Regulierung der Elektrizit\u00e4ts- und Erdgaswirtschaft (E-Control). If the general criteria for recognition under IFRS are not met, neither regulatory assets nor regulatory liabilities are recognised in the consolidated financial statements of VERBUND.
Newly applicable or applied accounting standards
In the 2025 reporting period, the following new or amended standards and interpretations were required to be applied for the first time or were applied early by VERBUND:
Newly applicable or applied accounting standards
\u00a0
Standard or interpretation
Published by the IASB (endorsed by the EU)
Mandatory application for VERBUND
Material effects on the consolidated financial statements of VERBUND
IAS\u00a021
Amendment: Clarification of accounting when there is a lack of exchangeability
15/8/2023 (12/11/2024)
1/1/2025
None
IFRS\u00a09 and IFRS\u00a07
Amendment: Contracts Referencing Nature-dependent Electricity
18/12/2024 (30/6/2025)
1.1.2026
Easier application of the own-use excemption for energy supply contracts
\u201cContracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS\u00a09 and\u00a0IFRS 7\u201d was published in the Official Journal of the EU on 1\u00a0July\u00a02025 on the basis of the Commission Regulation of 30\u00a0June\u00a02025. These amendments clarify the accounting for contracts referencing electricity from renewable sources, such as wind and solar power, where the quantity of electricity generated is naturally subject to fluctuation. The amendments focus on the own-use exemption, hedge accounting and the addition of new disclosure requirements. The amendments are required to be applied to annual reporting periods beginning on or after 1\u00a0January 2026. Earlier application is permitted. VERBUND opted for early application beginning 1\u00a0January\u00a02025. The amended provisions have been applied to new contracts concluded in 2025. VERBUND makes particular use of the amended rules and regulations regarding permissible sales of surplus energy generation in applying the own-use exemption, as well as the new provisions regarding the possible designation of variable energy volumes as hedged items for the purpose of cash flow hedge accounting. Early application of the provisions described does not give rise to a material quantitative transition effect for VERBUND.
New accounting standards not yet applicable or applied
The IASB has also adopted new standards that were not applied by VERBUND in the 2025 reporting period because they had either not yet been endorsed by the European Union or their application was not yet mandatory:
New accounting standards not yet applicable or applied
\u00a0
Standard or interpretation
Published by the IASB (endorsed by the EU)1
Mandatory application for VERBUND
Expected material effects on the consolidated financial statements of VERBUND
IFRS\u00a09 and IFRS\u00a07
Amendment: Classification and Measurement of Financial Instruments
30/5/2024 (27/5/2025)
1/1/2026
None
Various
Annual Improvements (Volume 11)
18/7/2024 (9/7/2025)
1/1/2026
None
IFRS\u00a018
Presentation and Disclosure in Financial Statements
9/4/2024
(13/2/2026)
1/1/2027
Adjustment of the presentation of the profit and loss statement, the cash flow statement, the balance sheet and the notes
IFRS\u00a019
Subsidiaries without Public Accountability: Disclosures
9/5/2024 (outstanding)
1/1/2027
None
IFRS\u00a019
Amendments to IFRS\u00a019 Subsidiaries without Public Accountability
21/8/2025 (outstanding)
1/1/2027
None
IAS\u00a021
Amendments for translating financial information into hyperinflationary currencies
13/11/2025 (outstanding)
1/1/2027
None
1 Basis: EU Endorsement Status Report dated 16 February 2026
IFRS 18 has superseded IAS 1 and is effective for annual reporting periods beginning on or after 1 January 2027. The new accounting standard introduces the following significant new requirements, among others:
\u25cf
Entities are required to include income and expenses included in the statement of profit or loss in one of five categories: the operating category, the investing category, the financing category, the income taxes category or the discontinued operations category.

\u25cf
Entities are also required to present two new defined subtotals in the statement of profit or loss: \u201coperating profit\u201d and \u201cprofit before financing and income taxes\u201d.
\u25cf
Entities are required to disclose all management-defined performance measures in a single note in the notes to the financial statements, to label and describe each management-defined performance measure in a clear and understandable manner and to disclose a reconciliation to the most directly comparable total or subtotal.
\u25cf
In addition, all entities are required to use IFRS 18\u2019s defined subtotal of \u201coperating profit\u201d as the starting point for the statement of cash flows when cash flows from operating activities are presented using the indirect method.
\u25cf
Furthermore, goodwill must be presented as a separate line item in the statement of financial position.
VERBUND launched the implementation project in the past financial year and is currently preparing to implement the IFRS 18 requirements described above. The key impacts relate to the consolidated income statement (in particular the change in the presentation of the current financial result to reflect the new mandatory subtotals), the switch to using operating profit as the starting point for the consolidated statement of cash flows, the requirement to disclose management-defined performance measures in the notes to the consolidated financial statements, and the requirement to present goodwill in a separate line item in the balance sheet. VERBUND will initially apply IFRS 18 as of 1 January 2027, with prior period comparative figures adjusted retrospectively.
Accounting treatment of power purchase agreements
VERBUND enters into medium and long-term electricity supply agreements (Power Purchase Agreements, PPAs) for the purpose of marketing the renewable energy it generates. A basic distinction is made here between physical PPAs and virtual PPAs. Physical PPAs provide for the actual delivery of the output, either directly to the customer or via the public power grid. In contrast, virtual PPAs decouple the flow of electricity from financial cash flows. VERBUND sells the output from virtual PPAs on the spot market, whereby the difference between the individually contracted electricity price and the respective market price achieved is settled between VERBUND and the customer. Depending on the structure of these bilateral contracts, VERBUND accounts for them either as a pending contract (IAS\u00a037 for onerous contracts) provided the own use exemption criteria are fulfilled, or as a derivative (IFRS\u00a09).Effects of climate change
The effects of climate change on the measurement of VERBUND\u2019s assets are evaluated at regular intervals. The technical expertise for this is provided by the VERBUND Climate Change Competence Centre (CCCC), which covers multiple scientific areas that are relevant to VERBUND such as meteorology, climatology and hydrology. The objective of the CCCC is to make available all relevant climate (change) findings that are necessary from a scientific point of view and to assess the overall impact of climate change in both Austria and the relevant foreign markets. In past years, studies on the potential effects of climate change have been conducted as part of research projects initiated by VERBUND. These studies revolved around analysing how climate change could impact the water supply, and thus hydropower generation capacity, which represents a significant value driver for generation at VERBUND. Findings from regional climate models were used for this purpose and then analysed with respect to the variables relevant to VERBUND using a hydrological model. The analysis was based on data from global climate models, which in turn was based on the outcomes of three climate scenarios modelled by the Intergovernmental Panel on Climate Change (IPCC).
The results showed that annual runoff volumes differed regionally and seasonally, but the effects essentially balanced each other out over the observation period. Thus from today\u2019s perspective, only minor changes are foreseeable in the area of hydropower generation capacities compared with the current situation. Specifically, the analyses showed that over the long term, generation potential tended to trend downward in the summer months and trend upward in the winter months.
In addition, annual average water supply for the past 20 years was analysed for the Danube, Drau, Inn, Enns, Mur and Salzach rivers \u2013 all of which are important for VERBUND \u2013 at relevant meter points at VERBUND power plants. None of the rivers for which data was analysed showed a significant upward or downward trend over the long term. Overall, the analysis indicated that there have always been temporary declines in water supply in the past due to prolonged dry periods, but that the declines levelled out in subsequent years.
VERBUND hydropower plants are naturally affected by extreme weather events such as heavy rainfall and flooding. High water events can jeopardise the infrastructure and operational safety of VERBUND\u2019s generation facilities. In this regard, VERBUND implemented preventative countermeasures in the past such as improving infrastructure resilience, strengthening flood protection measures and integrating surveillance technologies and early warning systems. This has enabled VERBUND to manage high water events such as that occurring in autumn 2024 without incurring significant or sustained damage.
Climate risks can additionally impact wind and photovoltaic installations at VERBUND. Wind turbines may be at risk from storms, among other hazards. In addition, unusual wind patterns or rapid changes in wind direction may impact turbine efficiency. Extreme weather events may also affect energy generation in photovoltaic systems. VERBUND has minimised these risks as far as possible through the use of robust, resilient materials and systems that can be adapted to changing environmental conditions. Past experience shows that both the performance and the efficiency as well as the durability of wind and photovoltaic systems have steadily increased thanks to rapid technological progress in the materials and manufacturing processes employed. It is therefore assumed that technological advances in photovoltaic modules and wind turbines will largely offset any temporary regional weather anomalies. Furthermore, VERBUND relies on regional and technological diversification in its generation activities.
As network operators, GCA and APG are exposed to potential risks including storms and extreme precipitation along pipelines. Measures to prevent damage include in particular the monitoring of line systems with the aid of cameras, drones and satellite data. To date, VERBUND has not suffered any relevant damage as a result of this risk.
The output generated from hydropower, wind and photovoltaic power plants is a significant profit driver for VERBUND. Output sensitivities relating to the Group result are therefore analysed regularly. All else remaining equal, a change in the factors shown below would be reflected in the projected Group result for 2026 as follows (based on the hedging status for generation output as at 31\u00a0December 2025):
2026 Group result: sensitivities
\u00a0
\u20acm
\u00a0
+\u00a01%
\u2013\u00a01%
Generation from hydropower
14.3
\u2013\u00a014.3
Wind power and photovoltaic generation
1.8
\u2013\u00a01.8
VERBUND is currently carrying out another extensive study to enable more effective recording of potential changes arising from advancing climate change. The aforementioned analysis is based on climate scenarios presented in the IPCC report. IPCC reports are updated regularly. The current publication is the Sixth Assessment Report, the individual contributions to which were published between 2021 and 2023. Because the IPCC data is globally structured, regional assessments will be carried out by scientific institutions in the member states in 2026. Those assessments can then be applied to the river basins relevant to VERBUND. The multi-year \u201cClimpact4Verbund\u201d project is currently being implemented by a consortium consisting of the University of Natural Resources and Life Sciences (BOKU), the Austrian Institute of Technology (AIT) and Geosphere Austria. The comprehensive study will cover all generation technologies and all relevant markets in which VERBUND operates and will investigate the impacts of climate change during the period up to the year 2100. Specifically, the study focuses largely on the following topics:
Generation:
\u2212
Potential changes to the inflow situation or in the energy generation of all individual VERBUND run-of-river power plants along the Danube, Inn, Drau, Mur, Salzach and Enns rivers compared with the current situation for the various climate scenarios up to the year 2100. Generation is considered on the basis of daily values, with a special focus on high and low water situations. Changes in the seasonality of discharge behaviour are also highly relevant.
\u2212
Potential changes in tributaries leading to VERBUND reservoirs, including as a result of melting glaciers and thawing permafrost.
\u2212
Potential changes in the energy generated from VERBUND wind farms compared with the current situation under the various climate scenarios up to the year 2100.
\u2212
Potential changes in the energy generated from VERBUND photovoltaic installations compared with the current situation under the various climate scenarios up to the year 2100.
\u2212
Changes in climatic conditions (especially temperatures) at sites where VERBUND operates large-scale batteries, with respect to the various climate scenarios up to the year 2100.
Natural hazards:
\u2212
Creation of a digital risk map showing the risk posed by natural hazards for all relevant sites.
\u2212
Incorporation of future risks into the map based on various climate warming scenarios (temperature rise of 2\u00b0C, 5\u00b0C or 7\u00b0C).
Other:
\u2212
Changes in sediment deposits and bedload transport on rivers where VERBUND power plants are located and in reservoirs.
\u2212
Designing weir structures to handle changing water flow conditions.
\u2212
Water stress at planned hydrogen production sites.

The updated results on the effects of climate change, which are expected to be available by the end of 2027, are intended to be used in all long-term profitability analyses, corporate budgets and valuations as well as for impairment tests going forward, provided such effects are quantifiable and material.
VERBUND has assessed potential climate risks in accordance with IAS\u00a036, in particular with respect to the calculation of impairment losses. Based on the current data situation as described above, no significant need for adjustments have been identified at VERBUND at present. The same applies to the useful lives of intangible assets and property, plant and equipment as well as to the measurement of financial instruments. However, the climate scenarios are examined at regular intervals to determine whether there are any obvious, significant climate risks that need to be considered in the measurement of assets.
VERBUND also endeavours to implement sustainable projects using green financing instruments as part of its corporate responsibility strategy and is steadily expanding its sustainable finance portfolio. In recent years, VERBUND has repeatedly and successfully issued green bonds, whose net proceeds are used to fund green projects. As at 31\u00a0December 2025, VERBUND had a sustainability-linked syndicated credit line in the amount of \u20ac1,000.0m to secure liquidity; the credit line had not been drawn on as at the reporting date.
Climate-related targets are also incorporated into the short-term remuneration (STI) and long-term remuneration (LTI) granted in financial year 2025 as part of the remuneration extended to members of the Management Board and Supervisory Board. Further details are available in the section entitled \u201cDisclosures regarding the governing bodies of the Group\u201d.
Effects of the macroeconomic environment
The economic and geopolitical developments of 2024 further solidified existing trends for 2025. The business environment in which VERBUND operates saw a dramatic increase in global disputes and trade wars in 2025. As forecast, economic output in the EU was once again below average. The Austrian economy, too, recovered only slightly after two years of negative growth rates.
Average inflation in Austria rose substantially in 2025 to 3.6% (previous year: 2.9%). Inflation in the eurozone (EU-27) stabilised at 2.1% in 2025 (previous year: 2.4%). In light of waning inflation, the ECB kept interest rate levels steady after the rate cut in June 2025. For VERBUND, declining interest rates impacted the calculation of the weighted average cost of capital, among other metrics. Forecast inflation was therefore taken into account in the impairment tests performed by VERBUND as at 31 December 2025 as well as in the measurement of year-end provisions.
VERBUND contracted most of its own generation for 2025 on the futures market back in 2023 and 2024. Prices for AT\u00a02025 front-year base load contracts (traded in 2024) averaged \u20ac91.6/MWh, and prices for DE\u00a02025 front-year base load contracts averaged \u20ac88.7/MWh. Compared with the prior-year period, futures prices were therefore down by as much as 38.2% (AT) and 35.5% (DE). Front-year peak load (AT) contracts traded at an average of \u20ac101.7/MWh and front-year peak load (DE) contracts traded at an average of \u20ac98.4/MWh. Futures prices in this area thus decreased year-on-year by 42.3%\u00a0(AT) and 40.3%\u00a0(DE).

On both the Austrian and German spot markets, wholesale trading prices for electricity increased in 2025. Prices for base load electricity increased by an average of 20.8% to \u20ac98.9/MWh in Austria and by 12.2% to \u20ac89.3/MWh in Germany. Prices for peak load rose by 10.1% to \u20ac102.9/MWh in Austria and by 4.7% to \u20ac92.3/MWh in Germany. The increase in wholesale prices is attributable to higher prices for gas and CO2 certificates.
Prices for AT\u00a02026 front-year base load contracts (traded in 2025) averaged \u20ac92.3/MWh and prices for DE\u00a02026 front-year base load contracts averaged \u20ac87.4/MWh. Thus futures prices remained essentially unchanged from the prior-year period at +0.8% (AT) and -1.4% (DE). Front-year peak load (AT) contracts traded at an average of \u20ac99.5/MWh and front-year peak load (DE) contracts traded at an average of \u20ac94.4/MWh. Futures prices in this area thus decreased year-on-year by 2.1%\u00a0(AT) and 4.1%\u00a0(DE). The average price attained by VERBUND for its own generation from hydropower dropped slightly to \u20ac116.3/MWh in 2025 (previous year: \u20ac118.0/MWh).
The energy market environment for gas-fired power plants offered very favourable opportunities in day-ahead dispatch in financial year 2025, particularly in Q1 and Q4, due to the occurrence of prolonged periods of little or no wind and solar generation. Medium-term clean spark spreads rebounded slightly from the previous year. Risk premiums increased due to market uncertainties arising from lower gas storage levels, subpar water flow and the volatility of wind and photovoltaic power generation.
All else remaining equal, changes in interest rate levels and in the price of electricity would be reflected in the projected Group result for 2026 as follows (based on the hedging status as at 31\u00a0December 2025 for interest rates):
2026 Group result: sensitivities
\u00a0
\u20acm
\u00a0
\u20ac+\u00a01/MWh
\u20ac\u2013\u00a01/MWh
Wholesale electricity prices (renewable generation)
6.1
\u2013\u00a06.1
\u00a0
+\u00a01%
\u2013\u00a01%
Interest rate percentage points
\u2013\u00a02.7
2.7
Inflation, interest rates and energy prices are factored into the calculation of fair values and thus into the calculation of VERBUND\u2019s future financial performance. The forecast approved by management includes the parameters used in impairment testing. VERBUND defines and monitors risk through ongoing risk management, which also accounts for additional risks that could have a material impact on VERBUND\u2019s assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-15": { "value": "VERBUND AG", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-14": { "value": "AG", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-19": { "value": "Am Hof\u00a06a, 1010\u00a0Vienna, Austria", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-18": { "value": "Am Hof\u00a06a, 1010\u00a0Vienna, Austria", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-17": { "value": "Austria", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-16": { "value": "Austria", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-20": { "value": "VERBUND generates, trades and sells electricity to participants in energy exchange markets, traders, electric utilities and industrial companies as well as to household and commercial customers. VERBUND also trades and sells gas to participants in energy exchange markets, traders and household customers and provides energy-related services. Furthermore, VERBUND operates the Austrian electricity transmission network via Austrian\u00a0Power\u00a0Grid\u00a0AG (APG) as well as the Austrian gas transmission pipeline and distribution network via Gas\u00a0Connect\u00a0Austria\u00a0GmbH (GCA). In addition, VERBUND holds equity interests in Austrian and foreign electric utilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-21": { "value": "
1.2
Financial reporting principles
Basic principles
VERBUND prepares its consolidated financial statements in accordance with Section\u00a0245a(1) of the Austrian Commercial Code (Unternehmensgesetzbuch, UGB) in compliance with International Financial Reporting Standards (IFRSs) as endorsed by the European Union. The additional requirements of Section 245a(1) of the Austrian Commercial Code (UGB) have also been satisfied. The separate financial statements of the subsidiaries included in the consolidated financial statements are based on uniform accounting policies. The reporting date is 31\u00a0December 2025 for all consolidated subsidiaries.
The consolidated financial statements are prepared in thousands of euros (\u20ack), with the exception of the notes to the annual financial statements, in which amounts are generally indicated in millions of euros (\u20acm). Rounding differences may arise when adding rounded amounts or when calculating percentages.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-22": { "value": "
1.2
Financial reporting principles
Basic principles
VERBUND prepares its consolidated financial statements in accordance with Section\u00a0245a(1) of the Austrian Commercial Code (Unternehmensgesetzbuch, UGB) in compliance with International Financial Reporting Standards (IFRSs) as endorsed by the European Union. The additional requirements of Section 245a(1) of the Austrian Commercial Code (UGB) have also been satisfied. The separate financial statements of the subsidiaries included in the consolidated financial statements are based on uniform accounting policies. The reporting date is 31\u00a0December 2025 for all consolidated subsidiaries.
The consolidated financial statements are prepared in thousands of euros (\u20ack), with the exception of the notes to the annual financial statements, in which amounts are generally indicated in millions of euros (\u20acm). Rounding differences may arise when adding rounded amounts or when calculating percentages.
Consolidation methods
All material companies directly or indirectly controlled by VERBUND\u00a0AG (subsidiaries) are included in the consolidated financial statements of VERBUND. Inclusion in the consolidated financial statements begins when control is achieved and ends when it ceases.
Joint ventures and associates over which VERBUND\u00a0AG has significant influence, either directly or indirectly, are accounted for using the equity method. Investees accounted for using the equity method are recognised at their proportional IFRS equity taken from (consolidated) interim or annual financial statements. The reporting date of the investee is no more than three months prior to VERBUND\u2019s reporting date.
Intra-Group transactions, receivables, liabilities and intercompany profits are eliminated taking account of deferred taxes.
If VERBUND has rights to the assets attributable to an investee as well as obligations for its liabilities as a result of a joint operation with another party, VERBUND recognises its share of the assets and liabilities or revenue and expenses.
Whenever an acquisition is made, VERBUND examines whether it is an acquisition of a business within the scope of IFRS 3 or an acquisition of assets. According to IFRS 3.3, an acquisition is only treated as a business combination if the assets and liabilities acquired constitute a business and not merely a group of assets. If the asset or group of assets acquired do not constitute a business, the cost of the asset group is allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of purchase (IFRS 3.2(b)). Such a transaction does not give rise to goodwill, and no deferred taxes are recognised. As a rule, the main criterion in assessing whether an asset or group of assets constitute a business is whether substantive processes have been acquired. In making that assessment, VERBUND looks at whether the acquisition includes an organised workforce with the necessary skills, knowledge and experience to execute such processes as well as at the quality of any contracts acquired. The assessment is subject to individual discretion.
Scope of consolidation
A list of all of VERBUND\u2019s subsidiaries, joint ventures and associates is presented in the section entitled List of Group companies. The group of subsidiaries, joint ventures and associates included in the consolidated financial statements changed as follows in the 2025 reporting period
Scope of consolidation
\u00a0
\u00a0
\u00a0
\u00a0
Consolidated
Accounted for using the equity method
Accounted for as a joint operation
As at 31/12/2024
63
9
1
Additions from newly formed entities
0
1
0
Change in consolidation method
9
0
0
Other additions
1
0
0
Disposals by means of merger
\u2013\u00a02
0
0
As at 31/12/2025
71
10
1
of which domestic companies
22
6
1
of which foreign companies
49
4
0
As of May 2025, Tenuta del Campo S.r.l. was merged into ICA One S.r.l.
A new company, Batteriespeicher M\u00fcnster GmbH, was established as a joint venture in June 2025. The interest in that company is accounted for using the equity method.
The following companies were included in the basis of consolidation in August 2025: Camareta Solar, S.L.U., Cornamusa Solar, S.L.U., Cruceta Solar, S.L.U., Obenque Solar, S.L.U., Pa\u00f1ol Solar, S.L.U., Natera Solar, S.L.U., and Orla Solar, S.L.U.
In September 2025, VERBUND acquired ENOVA Windpark Beringhausen West Betriebs Gmbh & Co. KG and ENOVA Windpark Hillekopf-Hildfeld GmbH & Co. KG. Due to the fact that the former general partner left without a new general partner being appointed, the assets of those entities passed directly to VERBUND and the entities ceased to exist. Therefore, no addition of subsidiaries resulted from the transaction.
In addition, PV Novoli S.R.L. was merged into VERBUND Green Power Italia S.R.L. in November 2025.
As the last of a total of seven wind farm companies in Germany, MSH B\u00fcrger-Windpark-Feldatal GmbH & Co KG was included in the consolidated financial statements for the first time in November 2025 as part of an acquisition of assets. The other six wind farm companies had already been acquired in the previous year.

In addition, the Spanish companies Rehala Solar, S.L.U. and Reclamo Solar, S.L.U. were included in the basis of consolidation in December 2025.
Details on the acquisitions of groups of assets are presented in the following tables:
Acquisitions of groups of assets 2025
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Cash purchase price
Cash and cash equivalents acquired
Assets acquired
Financial liabilities acquired
Wind parks acquired in Germany
2.1
3.7
37.8
21.3
Wind projects under construction in Germany
22.0
0.0
21.0
0.0
Acquisition of groups of assets 2024\u00a0
\u00a0
in Mio.\u00a0\u20ac
\u00a0
Cash purchase price
Cash and cash equivalents acquired
Assets acquired
Financial liabilities acquired
Wind parks acquired in Austria
22,9
0,8
28,8
0,0
Wind parks acquired in Germany
21,1
5,4
72,5
43,8
Photovoltaic projects under construction in Italy
10,0
0,0
15,5
0,0
Cash payments for acquisitions of subsidiaries classified as acquisitions of assets are included in the cash flow statement under cash flow from investing activities in the line item \u201cCash outflow for capital expenditure for intangible assets and property, plant and equipment\u201d after deducting the cash and cash equivalents acquired in the transaction.
Currency translation
In the separate financial statements of Group companies, all transactions denominated in foreign currency are measured at the spot exchange rate on the transaction date. Monetary balance sheet items are subsequently measured at the respective spot exchange rate on the reporting date. Exchange gains and losses are recognised through profit or loss under the other financial result.
The Group\u2019s reporting currency is the euro. The functional currency of VERBUND\u00a0AG, its consolidated subsidiaries (with the exception of VERBUND\u00a0Wind\u00a0Power\u00a0Romania\u00a0SRL) and all investees accounted for using the equity method is the euro. For the consolidated financial statements of VERBUND, the annual financial statements of the Romanian subsidiary are translated into euros using the functional currency method.
Assets and liabilities of foreign Group companies with a functional currency other than the euro are translated using the foreign exchange reference rate of the European Central Bank (ECB) or the exchange rates published by local national central banks prevailing on the reporting date. Income and expenses are translated at average monthly exchange rates. Differences arising from translation at the exchange rates prevailing on the reporting date are recognised in other comprehensive income and presented as a separate item in equity.
The exchange rates used for currency translation changed as follows:
Foreign exchange rates used for currency translation
\u00a0
\u00a0
\u00a0
31/12/2024
31/12/2025
2024
2025
Country
Currency
Closing rate
Closing rate
Average rate
Average rate
Romania
\u20ac1 = RON
4.9741
5.0985
4.9748
5.0406
Regulatory assets and liabilities
Regulatory assets and liabilities result from temporary increases or decreases in revenue based on the grid tariffs set by the regulator. In its Grid operating segment, VERBUND is subject to regulation under such a rate structure by Energie-Control Austria f\u00fcr die Regulierung der Elektrizit\u00e4ts- und Erdgaswirtschaft (E-Control). If the general criteria for recognition under IFRS are not met, neither regulatory assets nor regulatory liabilities are recognised in the consolidated financial statements of VERBUND.
Newly applicable or applied accounting standards
In the 2025 reporting period, the following new or amended standards and interpretations were required to be applied for the first time or were applied early by VERBUND:
Newly applicable or applied accounting standards
\u00a0
Standard or interpretation
Published by the IASB (endorsed by the EU)
Mandatory application for VERBUND
Material effects on the consolidated financial statements of VERBUND
IAS\u00a021
Amendment: Clarification of accounting when there is a lack of exchangeability
15/8/2023 (12/11/2024)
1/1/2025
None
IFRS\u00a09 and IFRS\u00a07
Amendment: Contracts Referencing Nature-dependent Electricity
18/12/2024 (30/6/2025)
1.1.2026
Easier application of the own-use excemption for energy supply contracts
\u201cContracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS\u00a09 and\u00a0IFRS 7\u201d was published in the Official Journal of the EU on 1\u00a0July\u00a02025 on the basis of the Commission Regulation of 30\u00a0June\u00a02025. These amendments clarify the accounting for contracts referencing electricity from renewable sources, such as wind and solar power, where the quantity of electricity generated is naturally subject to fluctuation. The amendments focus on the own-use exemption, hedge accounting and the addition of new disclosure requirements. The amendments are required to be applied to annual reporting periods beginning on or after 1\u00a0January 2026. Earlier application is permitted. VERBUND opted for early application beginning 1\u00a0January\u00a02025. The amended provisions have been applied to new contracts concluded in 2025. VERBUND makes particular use of the amended rules and regulations regarding permissible sales of surplus energy generation in applying the own-use exemption, as well as the new provisions regarding the possible designation of variable energy volumes as hedged items for the purpose of cash flow hedge accounting. Early application of the provisions described does not give rise to a material quantitative transition effect for VERBUND.
New accounting standards not yet applicable or applied
The IASB has also adopted new standards that were not applied by VERBUND in the 2025 reporting period because they had either not yet been endorsed by the European Union or their application was not yet mandatory:
New accounting standards not yet applicable or applied
\u00a0
Standard or interpretation
Published by the IASB (endorsed by the EU)1
Mandatory application for VERBUND
Expected material effects on the consolidated financial statements of VERBUND
IFRS\u00a09 and IFRS\u00a07
Amendment: Classification and Measurement of Financial Instruments
30/5/2024 (27/5/2025)
1/1/2026
None
Various
Annual Improvements (Volume 11)
18/7/2024 (9/7/2025)
1/1/2026
None
IFRS\u00a018
Presentation and Disclosure in Financial Statements
9/4/2024
(13/2/2026)
1/1/2027
Adjustment of the presentation of the profit and loss statement, the cash flow statement, the balance sheet and the notes
IFRS\u00a019
Subsidiaries without Public Accountability: Disclosures
9/5/2024 (outstanding)
1/1/2027
None
IFRS\u00a019
Amendments to IFRS\u00a019 Subsidiaries without Public Accountability
21/8/2025 (outstanding)
1/1/2027
None
IAS\u00a021
Amendments for translating financial information into hyperinflationary currencies
13/11/2025 (outstanding)
1/1/2027
None
1 Basis: EU Endorsement Status Report dated 16 February 2026
IFRS 18 has superseded IAS 1 and is effective for annual reporting periods beginning on or after 1 January 2027. The new accounting standard introduces the following significant new requirements, among others:
\u25cf
Entities are required to include income and expenses included in the statement of profit or loss in one of five categories: the operating category, the investing category, the financing category, the income taxes category or the discontinued operations category.

\u25cf
Entities are also required to present two new defined subtotals in the statement of profit or loss: \u201coperating profit\u201d and \u201cprofit before financing and income taxes\u201d.
\u25cf
Entities are required to disclose all management-defined performance measures in a single note in the notes to the financial statements, to label and describe each management-defined performance measure in a clear and understandable manner and to disclose a reconciliation to the most directly comparable total or subtotal.
\u25cf
In addition, all entities are required to use IFRS 18\u2019s defined subtotal of \u201coperating profit\u201d as the starting point for the statement of cash flows when cash flows from operating activities are presented using the indirect method.
\u25cf
Furthermore, goodwill must be presented as a separate line item in the statement of financial position.
VERBUND launched the implementation project in the past financial year and is currently preparing to implement the IFRS 18 requirements described above. The key impacts relate to the consolidated income statement (in particular the change in the presentation of the current financial result to reflect the new mandatory subtotals), the switch to using operating profit as the starting point for the consolidated statement of cash flows, the requirement to disclose management-defined performance measures in the notes to the consolidated financial statements, and the requirement to present goodwill in a separate line item in the balance sheet. VERBUND will initially apply IFRS 18 as of 1 January 2027, with prior period comparative figures adjusted retrospectively.
Accounting treatment of power purchase agreements
VERBUND enters into medium and long-term electricity supply agreements (Power Purchase Agreements, PPAs) for the purpose of marketing the renewable energy it generates. A basic distinction is made here between physical PPAs and virtual PPAs. Physical PPAs provide for the actual delivery of the output, either directly to the customer or via the public power grid. In contrast, virtual PPAs decouple the flow of electricity from financial cash flows. VERBUND sells the output from virtual PPAs on the spot market, whereby the difference between the individually contracted electricity price and the respective market price achieved is settled between VERBUND and the customer. Depending on the structure of these bilateral contracts, VERBUND accounts for them either as a pending contract (IAS\u00a037 for onerous contracts) provided the own use exemption criteria are fulfilled, or as a derivative (IFRS\u00a09).
Effects of climate change
The effects of climate change on the measurement of VERBUND\u2019s assets are evaluated at regular intervals. The technical expertise for this is provided by the VERBUND Climate Change Competence Centre (CCCC), which covers multiple scientific areas that are relevant to VERBUND such as meteorology, climatology and hydrology. The objective of the CCCC is to make available all relevant climate (change) findings that are necessary from a scientific point of view and to assess the overall impact of climate change in both Austria and the relevant foreign markets. In past years, studies on the potential effects of climate change have been conducted as part of research projects initiated by VERBUND. These studies revolved around analysing how climate change could impact the water supply, and thus hydropower generation capacity, which represents a significant value driver for generation at VERBUND. Findings from regional climate models were used for this purpose and then analysed with respect to the variables relevant to VERBUND using a hydrological model. The analysis was based on data from global climate models, which in turn was based on the outcomes of three climate scenarios modelled by the Intergovernmental Panel on Climate Change (IPCC).
The results showed that annual runoff volumes differed regionally and seasonally, but the effects essentially balanced each other out over the observation period. Thus from today\u2019s perspective, only minor changes are foreseeable in the area of hydropower generation capacities compared with the current situation. Specifically, the analyses showed that over the long term, generation potential tended to trend downward in the summer months and trend upward in the winter months.
In addition, annual average water supply for the past 20 years was analysed for the Danube, Drau, Inn, Enns, Mur and Salzach rivers \u2013 all of which are important for VERBUND \u2013 at relevant meter points at VERBUND power plants. None of the rivers for which data was analysed showed a significant upward or downward trend over the long term. Overall, the analysis indicated that there have always been temporary declines in water supply in the past due to prolonged dry periods, but that the declines levelled out in subsequent years.
VERBUND hydropower plants are naturally affected by extreme weather events such as heavy rainfall and flooding. High water events can jeopardise the infrastructure and operational safety of VERBUND\u2019s generation facilities. In this regard, VERBUND implemented preventative countermeasures in the past such as improving infrastructure resilience, strengthening flood protection measures and integrating surveillance technologies and early warning systems. This has enabled VERBUND to manage high water events such as that occurring in autumn 2024 without incurring significant or sustained damage.
Climate risks can additionally impact wind and photovoltaic installations at VERBUND. Wind turbines may be at risk from storms, among other hazards. In addition, unusual wind patterns or rapid changes in wind direction may impact turbine efficiency. Extreme weather events may also affect energy generation in photovoltaic systems. VERBUND has minimised these risks as far as possible through the use of robust, resilient materials and systems that can be adapted to changing environmental conditions. Past experience shows that both the performance and the efficiency as well as the durability of wind and photovoltaic systems have steadily increased thanks to rapid technological progress in the materials and manufacturing processes employed. It is therefore assumed that technological advances in photovoltaic modules and wind turbines will largely offset any temporary regional weather anomalies. Furthermore, VERBUND relies on regional and technological diversification in its generation activities.
As network operators, GCA and APG are exposed to potential risks including storms and extreme precipitation along pipelines. Measures to prevent damage include in particular the monitoring of line systems with the aid of cameras, drones and satellite data. To date, VERBUND has not suffered any relevant damage as a result of this risk.
The output generated from hydropower, wind and photovoltaic power plants is a significant profit driver for VERBUND. Output sensitivities relating to the Group result are therefore analysed regularly. All else remaining equal, a change in the factors shown below would be reflected in the projected Group result for 2026 as follows (based on the hedging status for generation output as at 31\u00a0December 2025):
2026 Group result: sensitivities
\u00a0
\u20acm
\u00a0
+\u00a01%
\u2013\u00a01%
Generation from hydropower
14.3
\u2013\u00a014.3
Wind power and photovoltaic generation
1.8
\u2013\u00a01.8
VERBUND is currently carrying out another extensive study to enable more effective recording of potential changes arising from advancing climate change. The aforementioned analysis is based on climate scenarios presented in the IPCC report. IPCC reports are updated regularly. The current publication is the Sixth Assessment Report, the individual contributions to which were published between 2021 and 2023. Because the IPCC data is globally structured, regional assessments will be carried out by scientific institutions in the member states in 2026. Those assessments can then be applied to the river basins relevant to VERBUND. The multi-year \u201cClimpact4Verbund\u201d project is currently being implemented by a consortium consisting of the University of Natural Resources and Life Sciences (BOKU), the Austrian Institute of Technology (AIT) and Geosphere Austria. The comprehensive study will cover all generation technologies and all relevant markets in which VERBUND operates and will investigate the impacts of climate change during the period up to the year 2100. Specifically, the study focuses largely on the following topics:
Generation:
\u2212
Potential changes to the inflow situation or in the energy generation of all individual VERBUND run-of-river power plants along the Danube, Inn, Drau, Mur, Salzach and Enns rivers compared with the current situation for the various climate scenarios up to the year 2100. Generation is considered on the basis of daily values, with a special focus on high and low water situations. Changes in the seasonality of discharge behaviour are also highly relevant.
\u2212
Potential changes in tributaries leading to VERBUND reservoirs, including as a result of melting glaciers and thawing permafrost.
\u2212
Potential changes in the energy generated from VERBUND wind farms compared with the current situation under the various climate scenarios up to the year 2100.
\u2212
Potential changes in the energy generated from VERBUND photovoltaic installations compared with the current situation under the various climate scenarios up to the year 2100.
\u2212
Changes in climatic conditions (especially temperatures) at sites where VERBUND operates large-scale batteries, with respect to the various climate scenarios up to the year 2100.
Natural hazards:
\u2212
Creation of a digital risk map showing the risk posed by natural hazards for all relevant sites.
\u2212
Incorporation of future risks into the map based on various climate warming scenarios (temperature rise of 2\u00b0C, 5\u00b0C or 7\u00b0C).
Other:
\u2212
Changes in sediment deposits and bedload transport on rivers where VERBUND power plants are located and in reservoirs.
\u2212
Designing weir structures to handle changing water flow conditions.
\u2212
Water stress at planned hydrogen production sites.

The updated results on the effects of climate change, which are expected to be available by the end of 2027, are intended to be used in all long-term profitability analyses, corporate budgets and valuations as well as for impairment tests going forward, provided such effects are quantifiable and material.
VERBUND has assessed potential climate risks in accordance with IAS\u00a036, in particular with respect to the calculation of impairment losses. Based on the current data situation as described above, no significant need for adjustments have been identified at VERBUND at present. The same applies to the useful lives of intangible assets and property, plant and equipment as well as to the measurement of financial instruments. However, the climate scenarios are examined at regular intervals to determine whether there are any obvious, significant climate risks that need to be considered in the measurement of assets.
VERBUND also endeavours to implement sustainable projects using green financing instruments as part of its corporate responsibility strategy and is steadily expanding its sustainable finance portfolio. In recent years, VERBUND has repeatedly and successfully issued green bonds, whose net proceeds are used to fund green projects. As at 31\u00a0December 2025, VERBUND had a sustainability-linked syndicated credit line in the amount of \u20ac1,000.0m to secure liquidity; the credit line had not been drawn on as at the reporting date.
Climate-related targets are also incorporated into the short-term remuneration (STI) and long-term remuneration (LTI) granted in financial year 2025 as part of the remuneration extended to members of the Management Board and Supervisory Board. Further details are available in the section entitled \u201cDisclosures regarding the governing bodies of the Group\u201d.
Effects of the macroeconomic environment
The economic and geopolitical developments of 2024 further solidified existing trends for 2025. The business environment in which VERBUND operates saw a dramatic increase in global disputes and trade wars in 2025. As forecast, economic output in the EU was once again below average. The Austrian economy, too, recovered only slightly after two years of negative growth rates.
Average inflation in Austria rose substantially in 2025 to 3.6% (previous year: 2.9%). Inflation in the eurozone (EU-27) stabilised at 2.1% in 2025 (previous year: 2.4%). In light of waning inflation, the ECB kept interest rate levels steady after the rate cut in June 2025. For VERBUND, declining interest rates impacted the calculation of the weighted average cost of capital, among other metrics. Forecast inflation was therefore taken into account in the impairment tests performed by VERBUND as at 31 December 2025 as well as in the measurement of year-end provisions.
VERBUND contracted most of its own generation for 2025 on the futures market back in 2023 and 2024. Prices for AT\u00a02025 front-year base load contracts (traded in 2024) averaged \u20ac91.6/MWh, and prices for DE\u00a02025 front-year base load contracts averaged \u20ac88.7/MWh. Compared with the prior-year period, futures prices were therefore down by as much as 38.2% (AT) and 35.5% (DE). Front-year peak load (AT) contracts traded at an average of \u20ac101.7/MWh and front-year peak load (DE) contracts traded at an average of \u20ac98.4/MWh. Futures prices in this area thus decreased year-on-year by 42.3%\u00a0(AT) and 40.3%\u00a0(DE).

On both the Austrian and German spot markets, wholesale trading prices for electricity increased in 2025. Prices for base load electricity increased by an average of 20.8% to \u20ac98.9/MWh in Austria and by 12.2% to \u20ac89.3/MWh in Germany. Prices for peak load rose by 10.1% to \u20ac102.9/MWh in Austria and by 4.7% to \u20ac92.3/MWh in Germany. The increase in wholesale prices is attributable to higher prices for gas and CO2 certificates.
Prices for AT\u00a02026 front-year base load contracts (traded in 2025) averaged \u20ac92.3/MWh and prices for DE\u00a02026 front-year base load contracts averaged \u20ac87.4/MWh. Thus futures prices remained essentially unchanged from the prior-year period at +0.8% (AT) and -1.4% (DE). Front-year peak load (AT) contracts traded at an average of \u20ac99.5/MWh and front-year peak load (DE) contracts traded at an average of \u20ac94.4/MWh. Futures prices in this area thus decreased year-on-year by 2.1%\u00a0(AT) and 4.1%\u00a0(DE). The average price attained by VERBUND for its own generation from hydropower dropped slightly to \u20ac116.3/MWh in 2025 (previous year: \u20ac118.0/MWh).
The energy market environment for gas-fired power plants offered very favourable opportunities in day-ahead dispatch in financial year 2025, particularly in Q1 and Q4, due to the occurrence of prolonged periods of little or no wind and solar generation. Medium-term clean spark spreads rebounded slightly from the previous year. Risk premiums increased due to market uncertainties arising from lower gas storage levels, subpar water flow and the volatility of wind and photovoltaic power generation.
All else remaining equal, changes in interest rate levels and in the price of electricity would be reflected in the projected Group result for 2026 as follows (based on the hedging status as at 31\u00a0December 2025 for interest rates):
2026 Group result: sensitivities
\u00a0
\u20acm
\u00a0
\u20ac+\u00a01/MWh
\u20ac\u2013\u00a01/MWh
Wholesale electricity prices (renewable generation)
6.1
\u2013\u00a06.1
\u00a0
+\u00a01%
\u2013\u00a01%
Interest rate percentage points
\u2013\u00a02.7
2.7
Inflation, interest rates and energy prices are factored into the calculation of fair values and thus into the calculation of VERBUND\u2019s future financial performance. The forecast approved by management includes the parameters used in impairment testing. VERBUND defines and monitors risk through ongoing risk management, which also accounts for additional risks that could have a material impact on VERBUND\u2019s assets.
Claims for damages: Limberg
At the beginning of November 2025, separate events caused damage to the two generators at the 480-MW Limberg III power plant and to the transformer at the 160-MW Kaprun-Oberstufe (Limberg I) power plant. The damage analyses for the two failed generators at the Limberg III pumped hydropower storage facility had not yet been finalised as at 31 December 2025. The two generators were not yet owned by VERBUND at the time the loss occurred; as at 31 December 2025, they were reported at \u20ac61.4m under Plants under construction and advance payments. As the generators had not yet been accepted by VERBUND, the manufacturer remains obligated to ensure their full functionality. Therefore, no impairment was recognised in the 2025 financial year.

The large-scale transformer at the Limberg I power plant, which had failed during black start tests and is still under warranty, was transported down to the valley for a detailed damage analysis by external experts. As of the reporting date, the final evaluation had not yet been completed. An impairment loss of \u20ac6.0m was recognised for the defective transformer in financial year 2025.
As at the 31 December 2025 reporting date, uncertainties remained regarding the still-ongoing damage analysis and the examination of claims against both the manufacturer and the insurance company. The negative impact on Group earnings from the temporary shutdown of Limberg I and the delayed commissioning of Limberg III is currently estimated at between \u20ac40m and \u20ac60m; this includes both the costs of damage analysis and repair as well as lost profits resulting from production downtimes. The vast majority of these negative impacts will be felt in the 2026 financial year. The impact on Group earnings as of the reporting date was mainly due to the full write-off of the transformer.
Effect of taxing windfall profits
The Federal Act on the Energy Crisis Contribution for Electricity (Bundesgesetz \u00fcber den Energiekrisenbeitrag-Strom, EKB-S) has been extended until 31 March 2030 in Austria. In addition to the time extension (originally limited until the end of 2024), the cap on market revenues was also lowered to either \u20ac90 or \u20ac100 per MWh.
The significant increase in Austria\u2019s energy crisis contribution compared with 2024 is mainly due to the tightening of legal regulations in connection with prolonging the EKB-S. In particular, restricting options for receiving credit for investment projects has led to a significant increase in taxes on windfall profits.
Tax on windfall profits is reported in the income statement under Fuel and other usage-/revenue-dependent expenses.
Austrian Electricity Industry Act (Affordable Electricity Act)
The Electricity Industry Act (ElWG) adopted in December 2025 has replaced the previous 2010 Electricity Industry and Organisation Act (ElWOG). The Electricity Industry Act transposes key European legislative requirements \u2013 in particular the EU Electricity Market Directive and the Renewable Energy Directive \u2013 into national law and provides a regulatory framework for a 100% renewable power system. At the same time, it is intended to ensure sustainable and equitable financing of grid expansion while maintaining a consistently high level of energy security. One of the Electricity Industry Act\u2019s provisions affecting end customers is the introduction of a \u201csocial tariff\u201d, which will provide relief to around 300,000 low-income households by capping the price of electricity at 6 cents/kWh (net). The new legislation had no material impact on the 2025 annual financial statements.
2.
Judgements and forward-looking assumptions
Preparers of financial statements are granted various options in connection with the application of IFRS. For this reason, management must make judgements as well as estimates and assumptions regarding future trends that may have a significant influence on the amounts shown in these consolidated financial statements. The amounts actually realised may differ from the amounts recognised based on the decisions and assumptions made. Estimates and underlying assumptions are regularly reviewed and adjusted if necessary.
The following judgements and forward-looking assumptions are among those that significantly impact the financial statements:
Discretionary decisions and assumptions regarding the future
\u00a0
Assessing whether a purchase transaction constitutes an acquisition of a business or an acquisition of assets or a group of assets
Section 1.2
Estimation of the terms of leases
Section 4.3
Determination of the discount rate for impairment testing
Section 4.4
Determination of the estimated future cash flows for impairment testing of goodwill
Section 4.4.1
Determination of the estimated future cash flows for impairment testing of power plants and grid infrastructure
Section 4.4.2
Measurement parameters of financial instruments measured at fair value under Level 3
Section 5.5.1
Determination of the discount rate for the measurement of pensions and similar obligations as well as statutory termination benefits
Section 9.2
Determination of measurement parameters for other provisions
Section 9.3
Determination of the likelihood of contingent liabilities materialising
Section 13.1
Performance in the financial yearSegment reporting
In accordance with Section 11 of the Austrian Electricity Industry Act (Elektrizit\u00e4tswirtschaftsgesetz, ElWG), integrated electricity companies must publish separate balance sheets and income statements for activities involving the generation, trading, supply, transmission and distribution of electricity. However, pursuant to IFRS\u00a08, VERBUND\u2019s segment reporting should be based on internal management and reporting (management approach). Therefore, the structure of the operating segments and the contents of the reports correspond to the structure of the internal reports provided to the Executive Board as the primary decision-maker. This results in the following segmentation:
Definition of operating segments
\u00a0
Hydro
Generation from hydropower
New renewables
Generation from wind power, photovoltaic systems and flexible storage systems
Sales
Trading and sales activities as well as business activities related to battery storage systems in the core market
Grid
Regulated activities of Austrian Power Grid AG, Gas Connect Austria GmbH and Austrian Gas Grid Management AG
All other segments
\u00a0
Thermal generation
Electricity and thermal generation of VERBUND Thermal Power GmbH & Co KG
Services
Business activities of VERBUND Services GmbH and of VERBUND Business Solutions GmbH
Equity interests
Equity interest in KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
Segments that do not exceed the quantitative thresholds are combined in the \u201cAll other segments\u201d category. The reconciliation/consolidation column includes the activities of VERBUND AG, VERBUND Finanzierungsservice\u00a0GmbH, VERBUND Ventures\u00a0GmbH, VERBUND Green Hydrogen\u00a0GmbH and VERBUND Green Hydrogen Sales\u00a0GmbH as well as eliminations to be carried out at Group level.
The following key performance indicators are reported for the purpose of monitoring and managing the Group\u2019s operating segments:
Key performance indicators \u2013 segment reporting
\u00a0
EBITDA
Internal measure of performance for each operating segment. Transactions between operating segments are carried out at arm's length.
Result from interests accounted for using the equity method
Assessment of the Equity interest segment.
Capital employed
Total assets less those assets that do not (yet) contribute to the production and commercialisation process, less non-interest-bearing debt.
Other material non-cash items include measurement effects from energy derivatives, reversals of contributions to building costs, non-cash changes in provisions and write-downs of primary energy inventories, among other things.
All segment data is measured in accordance with IFRS.
Entity-wide disclosures
Under IFRS\u00a08, entity-wide disclosures include geographical segment reporting with respect to revenue (based on the point of delivery) and non-current assets. In addition, information on major customers must be disclosed. The disclosures are presented in section\u00a03.2.1 \u201cRevenue\u201d. VERBUND does not have any customers whose revenue equals or exceeds 10% of the Group\u2019s total revenue.
Measurement of contracts with customers in accordance with IFRS\u00a015\u00a0
Type of contract
Contracts with customers for the delivery of electricity and gas
Contracts with customers as a result of operating the Austrian electricity transmission network
Contracts with customers as a result of operating the Austrian gas transmission pipeline and distribution network
Performance/
consideration
The consideration received for contracts for the delivery of electricity and gas comprises a capacity price and an energy price. The capacity price is independent of volume, whereas the energy price depends on the volume of electricity and gas purchased.
Performance obligations mainly comprise system energy, control power and balancing energy as well as congestion management and redispatch services. The consideration received for these performance obligations depends largely on the electricity consumed by the customer and the costs incurred by VERBUND for the respective obligation.
Performance obligations comprise the marketing and provision of transportation capacities at border crossing points, i.e. entry and exit capacities, and the marketing and provision of transportation capacities for natural gas needed in Austria as well as dispatching and other services.
Revenue recognition
Revenue is recognised as soon as control over the goods or services has passed to the customer. Control is transferred over the period in which the performance obligation is fulfilled. Revenue is recognised in the amount in which VERBUND has fulfilled its obligations with respect to the delivery of electricity and gas (i.e. the customer could purchase electricity or gas at any given time) and there is a right to invoice for performance completed to date.
Revenue is recognised in the amount in which VERBUND has a right to invoice for performance completed to date. Control is transferred over the period in which the performance obligation is fulfilled.
Revenue is recognised in the amount in which VERBUND has a right to invoice for performance completed to date. Control is transferred over the period in which the performance obligation is fulfilled.
Special circumstances
Some contracts for the delivery of electricity or gas involve passing on grid costs to customers (without a surcharge). Since VERBUND does not have any control over grid services prior to transfer to the customer, VERBUND should be regarded as an agent with respect to these services. Therefore, no revenue is recognised for grid services.
None
None
Contracts for the purchase or sale of non-financial items that are not classified as own-use contracts under IFRS\u00a09 and are required to be accounted for as derivatives must be recognised in revenue or procurement costs in the amount of the market price applicable at the time of physical settlement. The difference between the contract price and the market price is recognised under Measurement and recognition of energy derivatives.
1 The profit participation right with respect to the material assets of Trans Austria Gasleitung GmbH. It is measured at fair value through profit or loss in accordance with IFRS\u00a09. //
2 The obligation to transfer the 50% interest in Donaukraftwerk Jochenstein AG to the Free State of Bavaria without exchange of consideration is measured at amortised cost. The expected fair value of the interest at the transfer date (31\u00a0December\u00a02050) is calculated for the respective period and discounted based on the original effective interest rate (corresponding to the weighted average cost of capital at the acquisition date). Changes in the expected fair value of the interest are recognised in the other financial result. See section 8.2 Other non-current liabilities.
Changes in the value of derivative financial instruments associated with closed items on the balance sheet and of liabilities measured at fair value through profit or loss are generally recognised under other financial result. However, the effects on profit or loss of these two line items essentially offset each other and were therefore not included in the above table.
The financial result includes impairment losses and reversals of impairment losses from other equity interests (see section 4.6.1 \u201cOther equity interests\u201d). No impairment losses were recognised on other equity interests at the reporting date (previous year: \u20ac0.0m), nor were any reversals of impairment losses recognised (previous year: \u20ac13.6m).
Taxes on income
The corporate income tax rate applicable to VERBUND\u00a0AG for the 2025 reporting year was 23.0% (previous year: 23.0%). The following income tax rates are applied by consolidated subsidiaries (depending on the country in which they are domiciled):
Income tax rates applicable to subsidiaries
\u00a0
in %
\u00a0
2024
2025
Austria
23.0
23.0
Germany \u2013 partnerships1
29.1
29.1\u2013\u00a030.2
Germany \u2013 limited companies1
24.2\u2013\u00a032.4
24.2\u2013\u00a032.6
Spain
25.0
25.0
Romania
16.0
16.0
Italy
24.0
24.0
1 The corporate income tax rate shown also includes the solidarity surcharge and municipal trade tax. The trade tax depends on the local multiplier, which varies from one municipiality to another.
Beginning with the 2005 reporting period, VERBUND took advantage of the option to form a consolidated tax group as permitted by legislation; VERBUND\u00a0AG is the tax group parent. The tax benefit resulting from the amortisation of goodwill (Section\u00a09(7) of the 1988 Corporate Income Tax Act (K\u00f6rperschaftsteuergesetz, KStG)) within the corporate group is treated as a temporary difference with respect to shares in subsidiaries (outside basis difference).
As a Group, VERBUND is subject to the Pillar Two model framework in various jurisdictions. VERBUND AG, as the ultimate parent entity (UPE) of the VERBUND Group, is primarily liable for the top-up tax under Pillar Two. The VERBUND Pillar Two Group comprises the Group\u2019s equity interests in the following jurisdictions: Austria, Germany, Romania, Italy, Spain, Albania and Israel. In addition to the aforementioned Pillar Two group, VERBUND has two Pillar Two joint ventures located in Spain and one in Germany. In Israel, a law was adopted on 31 December 2025 implementing parts of the OECD\u2019s Pillar Two recommendations, including the Qualified Domestic Minimum Top-up Tax. The legislation is applicable as of 1 January 2026. No draft Pillar\u00a0Two legislation had been issued for Albania at the time of preparation of these financial statements.
VERBUND has reviewed the use of the Transitional CbCR Safe Harbor framework for financial year 2025 with respect to all of the aforementioned legal entities. All entities were able to meet at least one of the three CbCR safe harbour tests in all jurisdictions in 2025. Hence no additional Pillar Two calculations were necessary, and no top-up tax had to be paid.
VERBUND has applied the mandatory exception for accounting for the deferred tax assets and liabilities arising from Pillar\u00a0Two income taxes.
Income taxes recognised in the income statement were as follows:
Taxes on income
\u00a0
\u20acm
\u00a0
2024
2025
Current tax expenses1
630.5
314.6
Current tax expenses2
8.0
108.1
Taxes on income
638.5
422.7
Notes to the cash flow statementThe indirect method has been used to prepare VERBUND\u2019s cash flow statement. The composition of cash and cash equivalents is set out in section\u00a06 \u201cWorking capital\u201d.Non-current assetsIntangible assets
Goodwill
Goodwill is not subject to amortisation but is tested for impairment at least once per year in accordance with IAS\u00a036 (see section\u00a04.4.1 \u201cImpairment testing of goodwill\u201d). In addition, a qualitative analysis of whether there is any indication of impairment is conducted at the reporting date for all consolidated interim financial statements.
Other intangible assets
In accordance with IAS\u00a038, purchased intangible assets are measured at cost less straight-line amortisation and any impairment losses, unless the assets have indefinite useful lives.Most of these assets have useful lives of between 10 and 20\u00a0years. Software is amortised over a period of four years.
Research and development costs
Development costs were capitalised in the amount of \u20ac7.0m (previous year: \u20ac2.4m) in accordance with IAS\u00a038. Expenses for research in a total amount of \u20ac15.1m were recognised in profit or loss in the 2025 reporting period (previous year: \u20ac12.3m).
Emission allowances
Emission rights are accounted for in accordance with the accounting policies set forth in IAS 38, IAS 20 and IAS 37 at fair value (rights allotted without exchange of consideration) or at cost (purchased rights). With respect to emission allowances allotted without an exchange of consideration, an item of deferred income is recognised for the grant received in the amount of the fair value of the allowances. The item of deferred income recognised is reversed to profit or loss (under fuel expenses) when the emission allowances are used, amortised or sold. The obligation to return the allowances is taken into account by means of an \u201cother\u201d liability. If cover is insufficient, VERBUND recognises an additional provision in the amount of the fair value of the emission allowances that are lacking.
Emission allowances held for trading by VERBUND are reported in profit or loss under other revenue. In accordance with the brokerage exemption for raw materials and commodity traders, the measurement benchmark is fair value less costs to sell.
4.2
Property, plant and equipment
Property, plant and equipment is measured at cost (including decommissioning and dismantling costs required to be capitalised) less straight-line depreciation and any impairment losses. The cost of internally manufactured plant and equipment includes the appropriate indirect material and production costs in addition to direct material and production costs. Borrowing costs are capitalised if there are qualifying assets. A qualifying asset exists at VERBUND if a period of at least twelve months is required until the asset is ready for use or sale. VERBUND\u2019s average monthly borrowing costs in the 2025 reporting period were approximately 2.0% (previous year: approx. 2.0%).
Depreciation charges on property, plant and equipment subject to wear and tear are based on the expected useful lives of the individual components of property, plant and equipment. Specifically, the following useful lives are applied:
Useful life
In years
Residential, office, plant and other plant facilities
10\u00a0\u2013\u00a050
Hydraulic structures
20\u00a0\u2013\u00a0100
Gas pipelines
30
Machinery
10\u00a0\u2013\u00a080
Electrical installations
3\u00a0\u2013\u00a050
Power lines
50
Operating and office equipment
4\u00a0\u2013\u00a010
The expected useful life of hydropower plants is determined independently of the duration of water rights permits because it is presumed that the permits will be reissued when they expire. Based on experience, this also applies to those Bavarian run-of-river power plants that have reversion rights for the benefit of the Free State of Bavaria. The expected useful life of Donaukraftwerk\u00a0Jochenstein was also determined independently of an existing obligation to return the power plant in 2050 (see section\u00a08.2 \u201cOther non-current liabilities\u201d), since it is expected that VERBUND will continue to own and operate Donaukraftwerk\u00a0Jochenstein even after the year 2050.
In accordance with IAS\u00a036, the recoverability of the carrying amounts of items of property, plant and equipment is tested whenever there is an indication that an asset may be impaired (see section\u00a04.4 \u201cRecoverability of non-financial assets\u201d).
Government grants
Government investment grants do not reduce the cost of the assets for which they were granted, but instead lead to the recognition of an item of deferred income in the amount of the fair value of the assets. The deferred income is reversed to profit or loss over the expected useful life of the respective asset.
Contributions to building costs
Contributions to building costs \u2013 which are made in particular by provincial energy companies authorised to purchase electricity, for example for power plant projects \u2013 lead to the recognition of a liability. Upon payment of the contribution to building costs, the entities authorised to purchase electricity are given the opportunity to purchase a volume of electricity equal to their share of the contribution made, in exchange for reimbursement of the production costs. The liability is therefore reversed to profit or loss and recognised in revenue, either over the contractual term or (for lack of such) over the useful life of the plant. The amount reversed to revenue in the reporting period was \u20ac29.5m (previous year: \u20ac27.9m).
4.3
Leases
VERBUND\u2019s leases mainly comprise agreements for the provision of power plants, buildings, land, power lines and vehicles.
Initial recognition of leases
At the inception of a contract, VERBUND assesses whether the contract is or contains a lease. If it is a lease, a right-of-use asset and a lease liability are recognised at the commencement date. The amount of the right-of-use asset when the contract is first recognised corresponds to the amount of the lease liability, adjusted, among other things, for any direct costs incurred by the lessee, prepayments, lease incentives or dismantling obligations. The carrying amount of the lease liability is derived by discounting the lease payments expected during the term of the lease, the expected cash flows from residual value guarantees, the exercise prices for purchase options (if it is reasonably likely that the option will be exercised) and payments of penalties for early termination of the lease (if it is likely that the lease will be terminated early). The carrying amount is discounted at the interest rate implicit in the lease if that rate can be readily determined. Otherwise, the carrying amount is discounted based on VERBUND\u2019s incremental borrowing rate.
Determination of the term of leases
Determining the term of a lease when no clear fixed term has been agreed in advance can be subject to judgement. All facts and circumstances that represent an economic incentive to exercise a renewal option or to refrain from exercising a termination option are taken into account when determining the lease term. For land leases in particular, contracts are frequently concluded either for as long as the leased power plant or line is expected to continue to function at its present level or for an indefinite period. In the latter case, the presumed duration of the lease is based on the expected useful life of the power plant or line.
Subsequent measurement of leases
Right-of-use assets are depreciated from the commencement date to the earlier of the end of the useful life of the respective right-of-use asset or the end of the lease term. The carrying amount of the lease liability increases as interest accrues and decreases as lease payments are made.
4.4
Recoverability of non-financial assets
Recoverability of intangible assets and property, plant and equipment
Under IAS\u00a036, the recoverability of carrying amounts is tested whenever there is an indication that an asset may be impaired, especially in the case of intangible assets and property, plant and equipment. An impairment test is required to be conducted at least once per year for goodwill, intangible assets with an indefinite useful life and intangible assets that are not yet available for use (see section\u00a04.4.1 \u201cImpairment testing of goodwill\u201d).
Determination of the discount rate
The discount rate is an after-tax interest rate that reflects current market estimates, the time value of money and the specific risks associated with an asset (or cash-generating unit). The corresponding pre-tax interest rate is calculated iteratively.
The weighted average cost of capital (WACC) is applied to determine recoverable amounts using net present value methods. The weighting of the return on equity and the cost of debt was derived from an adequate peer group. The return on equity is determined using a capital asset pricing model (CAPM) based on the reference rate, the market risk premium and a beta factor. The pre-tax cost of debt corresponds to the return on debt instruments traded on the market with an equivalent risk of default and matching terms. Corresponding premiums are taken into account in order to adequately depict country risks. In view of the volatile financial market environment, the WACC trend (and in particular country risk premiums) is under continuous observation.
Determination of fair value
Fair values are primarily calculated using a market-based approach in accordance with the measurement hierarchy of IFRS 13. Fair value may be based on, for example, binding purchase offers, observable inputs other than quoted prices in active markets (Level 2 inputs) or comparable recent transactions within the industry. If fair value cannot be determined based on market prices, valuation techniques based on a net present value method (discounted cash flow method) are used. Future growth CapEx and restructuring expenditure are taken into account when calculating fair value. If a liquid market exists, price listings for energy futures are used for pricing purposes. This involves taking the most recent price listings and applying them to the price forecast from a reputable information service provider operating in the energy market.
The financial surplus expected in the period after the end of applicability of the price forecasts for the energy market (= terminal value phase) is accounted for by means of a terminal value calculation, whereby the calculation is based on the assumption that the financial surplus will grow at a rate of 2%.
Determination of value in use
As a rule, value in use is determined using net present value methods (discounted cash flow method). Prices are calculated on the basis of price listings for energy futures and the VERBUND Outlook model. VERBUND Outlook is an energy simulation tool used to model medium and long-term electricity and natural gas price scenarios for energy markets. Cash flows are generally derived from the current medium-term forecasts approved by management.
The financial surplus expected in the period after the end of applicability of the price forecasts in the VERBUND Outlook model (= terminal value phase) is taken into account using a terminal value calculation, whereby the calculation is based on the assumption that the financial surplus will grow at a rate of 2%.
Recognition of impairment losses and reversals of impairment losses
If the reasons for impairment no longer apply in a subsequent period, an impairment loss reversal is recognised under profit or loss. Both impairment losses as well as reversals of impairment losses are recognised in profit or loss and presented in the income statement as well as in the segment report as either impairment losses or reversals of impairment losses and explained in the notes.
4.4.1 Impairment testing of goodwill
For the purpose of impairment testing, VERBUND\u2019s goodwill was allocated to the following cash-generating units or groups of cash-generating units:
Goodwill
\u00a0
\u20acm
\u00a0
2024
2025
Hydro segment
287.0
287.0
Sales segment
13.0
13.0
Inn River power plant group
126.6
126.6
Grenzkraftwerke power plant group
161.1
161.1
SMATRICS GmbH & Co KG
40.5
40.5
Solar power
6.4
6.4
Goodwill
634.6
634.6
Impairment testing of goodwill for the Hydro segment
\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
All hydraulic generation plants of VERBUND plus goodwill and deferred tax items
All hydraulic generation plants of VERBUND plus goodwill and deferred tax items
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Average expected generation of the respective power plants
Average expected generation of the respective power plants
Pricing
Internal price forecasts and power plant-specific premiums or discounts (for example, the sale of guarantees of origin)
Internal price forecasts and power plant-specific premiums or discounts (for example, the sale of guarantees of origin)
Planning period
Detailed planning phase: up to a maximum of 6 years depending on the specific power plant; rough planning phase: up to a maximum of 30 years depending on the specific power plant; subsequent terminal value phase following rough planning phase depending on the specific power plant
Detailed planning phase: up to a maximum of 6 years depending on the specific power plant; rough planning phase: up to a maximum of 29 years depending on the specific power plant; subsequent terminal value phase following rough planning phase depending on the specific power plant
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00%\u2013\u00a09.50% depending on the location
WACC: 5.50%\u2013\u00a09.25% depending on the location
Impairment loss during the period2
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 6.59%\u2013\u00a010.52% (previous year: 6.15%\u2013\u00a010.75%). // 2 In the opinion of Management, the carrying amount of the Hydro segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Sales segment
\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
All of VERBUND\u2019s sales activities plus goodwill
All of VERBUND\u2019s sales activities plus goodwill
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Expected trading and distribution volumes
Expected trading and distribution volumes
Pricing
Expected trading and distribution volumes
Expected trading and distribution volumes
Planning period
Detailed planning phase of 6 years followed by a terminal value phase
Detailed planning phase of 6 years followed by a terminal value phase
Key valuation assumptions
Expected trading and distribution volumes as well as trading and sales margins
Expected trading and distribution volumes as well as trading and sales margins
After-tax discount rate1
WACC after taxes: 5.00%\u2013\u00a011.75%
WACC after taxes: 5.50%\u2013\u00a09.25%
Impairment loss during the period2
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.31%\u2013\u00a011.04% (previous year: 7.10%\u2013\u00a012.89%) // 2 In the opinion of Management, the carrying amount of the Sales segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Inn River run-of-river power plant group\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Run-of-river power plants of the Inn River power plant group1, each of which also represents a cash-generating unit, plus goodwill and deferred tax accruals
Run-of-river power plants of the Inn River power plant group1, each of which also represents a cash-generating unit, plus goodwill and deferred tax accruals
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND Innkraftwerke GmbH budgets (based primarily on market data)
VERBUND Innkraftwerke GmbH budgets (based primarily on market data)
Volume
Annual output corresponding to the mean energy capability of 1,983\u00a0GWh
Annual output corresponding to the mean energy capability of 1,983\u00a0GWh
Pricing
Internal price forecasts; discounts for generation characteristics and hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted price); consideration of water charges based on official notices; estimate of maintenance costs by the managers responsible
External price forecasts; discounts for generation characteristics and the hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices); consideration of the water charges based on official notices; estimate of the maintenance costs by the managers responsible
Planning period
Detailed planning phase: 6 years; rough planning phase: 30 years followed by a terminal value phase
Detailed planning phase: 6 years; rough planning phase: 29 years followed by a terminal value phase
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate2
WACC: 5.00%
WACC: 5.50%
Impairment loss during the period3
\u2013
\u2013
1 The Inn River power plant group comprises the following run-of-river power plants: Aubach, Feldkirchen, Gars, Jettenbach II, Neu\u00f6tting, Perach, Rosenheim, Stammham, Teufelsbruck, T\u00f6ging, Wasserburg. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 6.53% (previous year: 6.15%). // 3 In the opinion of Management, the carrying amount of Kraftwerksgruppe Inn assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Grenzkraftwerke run-of river power plant group1\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Run-of-river power plants of the Grenzkraftwerke power plant group2, each of which represents a cash-generating unit, plus goodwill and deferred tax accruals
Run-of-river power plants of the Grenzkraftwerke power plant group2, each of which represents a cash-generating unit, plus goodwill and deferred tax accruals
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
Grenzkraftwerke GmbH\u2019s budgets (based primarily on market data)
Grenzkraftwerke GmbH\u2019s budgets (based primarily on market data)
Volume
Annual output corresponding to the mean energy capability of 3,957\u00a0GWh
Annual output corresponding to the mean energy capability of 3,999\u00a0GWh
Pricing
Internal price forecasts; discounts for generation characteristics and hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted price); consideration of water charges based on official notices; estimate of maintenance costs by the managers responsible
External price forecasts; discounts for generation characteristics and the hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices); consideration of the water charges based on official notices; estimate of the maintenance costs by the managers responsible
Planning period
Detailed planning phase: 6 years; rough planning phase: 30 years followed by a terminal value phase
Detailed planning phase: 6 years; rough planning phase: 29 years followed by a terminal value phase
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate3
WACC: 5.25%
WACC: 5.75%
Impairment loss during the period4
\u2013
\u2013
1 The following information relates to the second step of the two-step impairment test of the Grenzkraftwerke power plant group. The recoverability of the individual run-of-river power plant assets was tested in the first step. // 2 The Grenzkraftwerke power plant group comprises the following power plants: Braunau-Simbach, Egglfing-Obernberg, Ering-Frauenstein, Jochenstein, Nu\u00dfdorf, Oberaudorf-Ebbs, Passau-Ingling and Sch\u00e4rding-Neuhaus. // 3 The implicit input tax interest rate determined through a process of iteration amounted to 6.81%\u2013\u00a06.87% (previous year: 6.35%\u2013\u00a06.43%). // 4 In the opinion of Management, the carrying amount of the Grenzkraftwerke power plant group's assets (less deferred tax liabilities) including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for SMATRICS GmbH & Co KG\u00a0
\u00a0
31/12/2024
31/12/2025
Cash-generating unit
SMATRICS GmbH & Co KG, full-service provider for electromobility charging solutions
SMATRICS GmbH & Co KG, full-service provider for electromobility charging solutions
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
SMATRICS GmbH & Co KG budgets (based primarily on market data)
SMATRICS GmbH & Co KG budgets (based primarily on market data)
Volume
Electric vehicle charging points
Electric vehicle charging points
Pricing
Electric vehicle charging rates
Electric vehicle charging rates
Planning period
Detailed planning phase: 11 years plus subsequent terminal value phase
Detailed planning phase: 11 years plus subsequent terminal value phase
Key valuation assumptions
Electric vehicle charging points, discount rate
Electric vehicle charging points, discount rate
After-tax discount rate1
WACC: 11.75%
WACC: 9.25%
Impairment loss during the period
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 11.04% (previous year: 12.89%).
Sensitivity analysis for SMATRICS GmbH & Co KG as at 31/12/2025\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
9.25%
\u00b1 0.25 PP
\u20ac\u2013\u00a06.1m
\u20ac+\u00a06.5m
1 A change in the after-tax discount rate of +\u00a03.39 PP or more would mean that the carrying amount exceeds the recoverable amount.
Sensitivity analysis for SMATRICS GmbH & Co KG as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
11.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a04.2m
\u20ac+\u00a04.4m
Impairment testing of goodwill from Solarpower\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Solarpower (VERBUND Engineers4Energy GmbH/Electriply GmbH): construction of photovoltaic systems and distribution of components
Solarpower (VERBUND Engineers4Energy GmbH/Electriply GmbH): construction of photovoltaic systems and distribution of components
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
MWp plant engineering, sales volumes of Photovoltaik components
MWp plant engineering, sales volumes of Photovoltaik components
Pricing
Purchase prices for photovoltaic modules, inverters and mounting structures; purchased installation services; internal forecasts for project costs and own work
Purchase prices for photovoltaic modules, inverters and mounting structures; purchased installation services; internal forecasts for project costs and own work
Planning period
Detailed planning phase: 6 years plus subsequent terminal value phase
Detailed planning phase: 6 years plus subsequent terminal value phase
Key valuation assumptions
Price assumptions (\u20ac/MWp), discount rate
Price assumptions (\u20ac/MWp), discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Impairment loss during the period
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.31% (previous year: 7.12%)
Sensitivity analysis for Solarpower as at 31/12/2025\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.7m
\u20ac+\u00a01.9m
1 A change in the after-tax discount rate of +\u00a05.81 PP or more would mean that the carrying amount exceeds the recoverable amount.
Sensitivity analysis for Solarpower as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.8m
\u20ac+\u00a02.0m
Impairment testing of power plants and grid infrastructure
Due to the large number of cash-generating units in our Spanish portfolio, we have combined the following notes disclosures pursuant to IAS 36.130 to improve readability and comprehensibility. In so doing, we have presented cash-generating units with similar input parameters in a single table solely for the purpose of presentation in the consolidated financial statements. However, each cash-generating unit was tested separately \u2013 independent of the other CGUs \u2013 for impairment in accordance with IAS 36.
The renewable generation facilities in Spain were classified as follows:
\u25cf
Spain renewables portfolio \u2013 existing projects (wind and PV)
\u25cf
Spain renewables portfolio \u2013 development projects (PV)
\u25cf
Spain PV portfolio
\u25cf
Spain wind portfolio
The table below contains information on existing projects in our Spain renewable portfolio. Existing projects are divided among the following sub-portfolios: Anselma Issuer, S.A.U. with 17 CGUs; Topacio Energy, S.L.U. with 19 CGUs; and VERBUND Green Power Renewable Projects, S.L.U. with three CGUs.
Impairment testing of existing projects in the Spain renewables portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Wind/photovoltaic portfolios with a capacity of 174.1\u00a0MWp in operation (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U. and VERBUND Green Power Renewable Projects, S.L.U.)
Wind/photovoltaic portfolios with a capacity of 174.7\u00a0MWp in operation (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U. and VERBUND Green Power Renewable Projects, S.L.U.)
Basis for recoverable amount
Value in use
Value in use and fair value (level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Tariffs for the next 13\u201316 years, followed by internal price forecasts (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U.) or internal price forecasts only (VERBUND Green Power Renewable Projects, S.L.U.)
Tariffs for the next 12\u201315 years, followed by internal price forecasts (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U.) or internal price forecasts only (VERBUND Green Power Renewable Projects, S.L.U.)
Planning period
Detailed planning phase: 6 years; rough planning phase: 12\u201313 years for the Anselma Issuer, S.A.U. portfolio, 12\u2013\u00a015 years for the Topacio Energy, S.L.U. portfolio and 29 years for the VERBUND Green Power Renewable Projects, S.L.U. portfolio.
Detailed planning phase: 6 years; rough planning phase: 11\u201312 years for the Anselma Issuer, S.A.U. portfolio, 11\u201314 years for the Topacio Energy, S.L.U. portfolio and 24\u201329 years for the VERBUND Green Power Renewable Projects, S.L.U. portfolio.
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00% / 5.50%
WACC: 5.25%/5.75%
Recoverable amount
\u20ac438.9m
\u20ac396.0m
Change in value during the period2
\u20ac\u2013\u00a07.2m
\u20ac\u2013\u00a017.3m
1 Since the return on the Anselma Issuer, S.A.U. and Topacio Energy, S.L.U. portfolios is protected by tariff rate quotas for the next 12 to 15 years, followed by a period of merchant marketing, two different WACCs were used for the valuation. Merchant marketing is used exclusively with respect to the VERBUND Green Power Renewable Projects, S.L.U. portfolio. The implicit input tax interest rate determined through a process of iteration amounted to 6.68%\u2013\u00a08.48% (previous year 6.79%\u2013\u00a08.69% ). // 2 The impairment loss as at 31\u00a0December\u00a02025 comprised reversals of impairment losses at four CGUs from the Anselma Issuer, S.A.U. portfolio in a total amount of \u20ac\u20130.5m (previous year reversals of impairment losses in a total amount of \u20ac+7.7m); reversals of impairment losses at three CGUs from the Topacio Energy, S.L.U. portfolio in a total amount of \u20ac\u20130.1m (previous year: reversals of impairment losses in a total amount of \u20ac+7.3m) and impairment losses at three CGUs in the VERBUND Green Power Renewable Projects, S.L.U. portfolio in a total amount of \u20ac\u201316.7m (previous year: \u20ac22.3m).
Sensitivity analysis for existing projects in the Spain renewables portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in the key valuation assumption
Effects on the recoverable amount of the Anselma Issuer, S.A.U. portfolio
Effects on the recoverable amount of the Topacio Energy, S.L.U. portfolio
Effects on the recoverable amount of the VERBUND Green Power Renewable Projects, S.L.U. portfolio
After-tax discount rate
5.25% / 5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.9m
\u20ac+\u00a01.9m
\u20ac\u2013\u00a02.7m
\u20ac+\u00a02.8m
\u20ac\u2013\u00a02.8m
\u20ac+\u00a03.0m
Electricity price
\u20ac26.50/\u20ac33.88 per MWh (PV)/\u20ac71.45 per MWh (wind)
\u00b1 5%
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a05.6m
\u20ac\u2013\u00a05.6m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact.
Sensitivity analysis for existing projects in the Spain renewables portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, Anselma Issuer, S.A.U. portfolio
Effects on the recoverable amount, Topacio Energy, S.L.U. portfolio
Effects on the recoverable amount of the VERBUND Green Power Renewable Projects, S.L.U. portfolio
After-tax discount rate
5.00% / 5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a02.3m
\u20ac+\u00a02.3m
\u20ac\u2013\u00a03.1m
\u20ac+\u00a03.2m
\u20ac\u2013\u00a01.3m
\u20ac+\u00a01.4m
Electricity price
\u20ac37.0 per MWh (PV)/\u20ac76.4 per MWh (wind)
\u00b1 5%
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a00.1m
\u20ac\u2013\u00a00.1m
\u20ac+\u00a02.4m
\u20ac\u2013\u00a02.4m
The table of development projects in the Spain renewables portfolio includes 18 CGUs from the Tejo Solar, S.L.U. portfolio.
Impairment testing of development projects in Spain renewables portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Photovoltaic portfolios with a capacity of 1,576.7 MW under development (Tejo Solar, S.L.U.)
Photovoltaic portfolios with a capacity of 1,548.4 MW under development (Tejo Solar, S.L.U.)
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts, updated discount rate, increase in CapEx and postponement of commissioning
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Internal price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 29 years (PV)
Detailed planning phase: 6 years; rough planning phase: 29 years (PV)
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Recoverable amount
\u20ac222.4m
\u20ac407.3m
Change in value during the period2
\u20ac+64.5m
\u20ac+47.5m
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.03% (previous year: 6.79%) // 2 The impairment loss as at 31 December 2025 consisted of impairment losses and reversals of impairment losses at 15\u00a0CGUs in the Tejo Solar, S.L.U. portfolio totalling \u20ac+47.5m (previous year: \u20ac+64.5m for 19 CGUs in the Tejo Solar, S.L.U. portfolio
Sensitivity analysis for development projects in the Spain renewables portfolio
as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, portfolio Tejo Solar, S.L.U.2
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a042.5m
\u20ac+\u00a045.0m
Electricity price3
\u20ac26.5 per MWh
\u00b1 5%
\u20ac+\u00a069.2m
\u20ac\u2013\u00a068.7m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact. //2 The sensitivities shown only relate to the 17\u00a0projects affected by impairment (previous year: 19 projects). // 3 The electricity price shown relates to the year 2030. The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon.
Sensitivity analysis for development projects in the Spain renewables portfolio
as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, portfolio Tejo Solar, S.L.U.
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a034.3m
\u20ac+\u00a036.4m
Electricity price
\u20ac37.0 per MWh
\u00b1 5%
\u20ac+\u00a061.7m
\u20ac\u2013\u00a058.9m
Impairment testing of the Spain photovoltaic portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
148\u00a0MWp photovoltaic portfolio in Spain (Watt Development 5 S.L.U., Watt Development 6 S.L.U., Watt Development 7 S.L.U.)
148\u00a0MWp photovoltaic portfolio in Spain (Watt Development 5 S.L.U., Watt Development 6 S.L.U., Watt Development 7 S.L.U.)
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Internal price forecast, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 28 years
Detailed planning phase: 6 years; rough planning phase: 27 years
Key valuation assumptions
Discount rate
Discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Recoverable amount
\u20ac95.7m
\u20ac79.4m
Change in value during the period
\u20ac\u20138.3m
\u20ac\u2013\u00a012.7m
1 The implicit input tax interest rate determined through a process of iteration amounted to 6.71% (previous year: 6.51%).
Sensitivity analysis for the Spain photovoltaic portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a03.0m
\u20ac+\u00a03.1m
Electricity price2
\u20ac26.5 per MWh
\u00b1 5%
\u20ac+\u00a05.7m
\u20ac\u2013\u00a05.7m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact. // 2 The electricity price shown relates to the year 2030. The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon.
Sensitivity analysis for the Spain photovoltaic portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a03.2m
\u20ac+\u00a03.3m
Electricity price
\u20ac37.0 per MWh
\u00b1 5%
\u20ac+\u00a06.1m
\u20ac\u2013\u00a0\u00a06.1m
Impairment testing of the Spain wind portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
256\u00a0MWp wind portfolio with nine operating wind farms in Spain (Green Power Wind Spain 1, S.L.U., Green Power Wind Marquesado, S.L.U.)
256\u00a0MWp wind portfolio with nine operating wind farms in Spain (Green Power Wind Spain 1, S.L.U., Green Power Wind Marquesado, S.L.U.)
Basis for recoverable amount
Fair value (Level 3) less costs of disposal
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 49 years
Detailed planning phase: 6 years; rough planning phase: 48 years
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00% / 5.50%
WACC: 5.25% / 5.75%
Recoverable amount
\u20ac431.2m
\u20ac367.4m
Change in value during the period
\u20ac+11.6m
\u20ac\u2013\u00a06.8m
1 Since the return is protected by tariff rate quotas for up to 19 years, followed by a period of merchant marketing, two WACCs were used for the valuation.
Sensitivity analysis for the Spain wind portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.25% / 5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a015.3m
\u20ac+\u00a016.3m
Electricity price
\u20ac63.9 per MWh
n/a
\u20ac+\u00a029.0m
\u20ac\u2013\u00a029.0m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact.
Sensitivity analysis for the Spain wind portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.00% / 5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a018.8m
\u20ac+\u00a020.2m
Electricity price2
\u20ac69.7 per MWh
\u00b1 5%
\u20ac+\u00a035.4m
\u20ac\u2013\u00a035.4m
Interests accounted for using the equity methodThe carrying amounts of interests accounted for using the equity method are adjusted to reflect changes in the investee\u2019s net assets in accordance with IAS 28. The adjustment is made no later than one quarter following the underlying changes. If VERBUND\u2019s share of losses from an interest accounted for using the equity method corresponds to or exceeds the carrying amount of the equity interest, additional losses are only taken into account and recognised as a liability to the extent that legal or constructive obligations have been entered into or payments have been made for the equity-accounted interest. The carrying amount of the equity interest includes the share accounted for using the equity method plus all non-current interests that are to be allocated to the net investment in the interest accounted for using the equity method based on their economic substance.
Net investments in associated companies and joint ventures are reviewed for objective indications of impairment at the reporting date. If there are any such indications, interests accounted for using the equity method must be tested for impairment in accordance with IAS\u00a036.
4.6
Other equity interests
Interests in unconsolidated (for lack of materiality) subsidiaries, associates and joint ventures not accounted for using the equity method and other equity interests are accounted for in accordance with IFRS\u00a09. If these equity interests are held for the long term based on strategic considerations, they are classified as measured at fair value through other comprehensive income (FVOCI). Otherwise, they are classified as measured at fair value through profit or loss (FVPL). Depending on the situation, the fair value of equity interests is derived from market quotations, comparable recent transactions, valuations based on discounted cash flow or market multiples methods or from the cost of the equity interest.
4.7
Investments and other non-current receivables
Investments and loans are classified pursuant to the provisions of IFRS\u00a09. Acquisitions and disposals of investments are recognised as at the trading date. The carrying amount of financial assets measured at amortised cost is determined using the effective interest method in consideration of any impairment losses. The carrying amount of financial assets measured at fair value in the balance sheet is derived pursuant to the IFRS\u00a013 fair value hierarchy (see section\u00a05 \u201cFinancial instruments\u201d). The notes regarding closed items on the balance sheet can be found in section\u00a08.1 \u201cFinancial liabilities\u201d as well as in section\u00a011.1 \u201cRisk management in the finance area\u201d.
5.1
Accounting treatment of financial instruments
Primary financial instruments
For information regarding accounting policies for primary financial instruments see:
\u25cf
Interests accounted for using the equity method \u2013 section\u00a04.5
\u25cf
Other equity interests \u2013 section\u00a04.6
\u25cf
Investments and other non-current receivables \u2013 section\u00a04.7
\u25cf
Working capital \u2013 section\u00a06
\u25cf
Liabilities \u2013 section\u00a08
Derivative financial instruments
Derivative financial instruments are recognised at fair value when the contract is entered into and are subsequently measured at fair value. As a rule, unrealised remeasurement gains or losses are recognised in the income statement if the requirements for recognition of hedging relationships (hedge accounting) in accordance with IFRS\u00a09 are not met (see section\u00a05.2 \u201cAccounting treatment of hedging relationships\u201d).
Derivative financial instruments with positive fair values are recognised under Receivables from derivative financial instruments, while those with negative fair values are recognised under Liabilities from derivative financial instruments. If a framework agreement including a netting arrangement has been entered into with a counterparty, the positive and negative fair values of the transactions entered into with the counterparty are offset over the corresponding periods for accounting purposes as the aim is to settle on a net basis.
So-called own-use contracts are not accounted for as derivative financial instruments, but instead as executory contracts (own-use exemption). If supplier contracts that previously represented own-use contracts lead to a net settlement within the meaning of IFRS\u00a09, they must be classified as freestanding derivatives and recognised at fair value through profit or loss.Additional disclosures regarding financial instruments in accordance with IFRS 7
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Interests in unconsolidated subsidiaries
FVOCI
2
44.9
44.9
Interests in unconsolidated subsidiaries
FVOCI
AC
28.9
28.9
Other equity interests
FVOCI
1
22.1
22.1
Other equity interests
FVOCI
2
158.3
158.3
Other equity interests
FVOCI
AC
42.3
42.3
Other equity interests and
unconsolidated subsidiaries
\u00a0
\u00a0
296.5
\u00a0
Derivatives in the energy area
FVPL
2
33.2
33.2
Derivatives in the energy area
FVPL
3
24.5
24.5
Derivatives in the finance area
FVPL
2
24.0
24.0
Receivables from derivative financial instruments
\u00a0
\u00a0
81.6
\u00a0
Securities
FVPL
1
161.7
161.7
Securities
FVOCI
3
10.1
10.1
Securities
FVOCI
AC
1.9
1.9
Securities \u2013 closed items on the balance sheet
AC
2
74.1
73.3
Loans \u2013 closed items on the balance sheet
AC
2
49.5
52.9
Loans
AC
2
64.4
65.3
Other
FVPL
3
44.2
44.2
Other
AC
\u2013
169.2
\u2013
Other
\u2013
\u2013
40.3
\u2013
Other investments and non-current other receivables
\u00a0
\u00a0
615.3
\u00a0
Current tax receivables
\u2013
\u2013
113.0
\u2013
Derivatives in the energy area
FVPL
1
0.2
0.2
Derivatives in the energy area
FVPL
2
103.4
103.4
Derivatives in the energy area
FVPL
3
5.5
5.5
Derivatives in the finance area
FVPL
2
1.8
1.8
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
7.0
7.0
Receivables from derivative financial instruments
\u00a0
\u00a0
117.9
\u00a0
Trade receivables
AC
\u2013
758.3
\u2013
Receivables from investees
AC
\u2013
35.0
\u2013
Loans to investees
AC
2
5.1
5.0
Other loans
AC
2
0.1
0.1
Loans \u2013 closed items on the balance sheet
AC
2
202.2
196.1
Securities
FVPL
1
1.1
1.1
Emission rights
\u2013
\u2013
70.9
\u2013
Other
AC
\u2013
95.5
\u2013
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Other
\u2013
\u2013
173.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,341.6
\u00a0
Cash and cash equivalents
AC
\u2013
72.8
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
1,526.1
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
406.5
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
308.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value
as at 31/12
Bonds
AC
2
1,126.7
1,028.9
Financial liabilities to banks and to others
AC
2
799.8
779.6
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
126.3
129.6
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
206.5
206.5
Capital shares attributable to limited partners
\u2013
\u2013
13.4
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,272.8
\u00a0
Derivatives in the energy area
FVPL
2
36.7
36.7
Liabilities from derivative financial instruments
\u00a0
\u00a0
36.7
\u00a0
Electricity supply commitment
\u2013
\u2013
62.4
\u2013
Obligation to return an interest
AC
3
227.1
227.1
Trade payables
AC
\u2013
2.6
\u2013
Lease liabilities
\u2013
\u2013
171.0
\u00a0
Other
AC
\u2013
541.1
\u2013
Other non-current liabilities
\u00a0
\u00a0
1,004.2
\u00a0
Derivatives in the energy area
FVPL
2
152.4
152.4
Liabilities from derivative financial instruments
\u00a0
\u00a0
152.4
\u00a0
Trade payables
AC
\u2013
241.1
\u2013
Lease liabilities
\u2013
\u2013
15.9
\u00a0
Other
AC
\u2013
573.1
\u2013
Other
\u2013
\u2013
175.6
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,005.6
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,637.8
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
189.1
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
206.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Interests in unconsolidated subsidiaries
FVOCI
2
40.9
40.9
Interests in unconsolidated subsidiaries
FVOCI
AC
13.0
13.0
Interests in unconsolidated subsidiaries
FVPL
3
10.4
10.4
Other equity interests
FVOCI
1
21.1
21.1
Other equity interests
FVOCI
2
153.5
153.5
Other equity interests
FVOCI
AC
33.2
33.2
Other equity interests and unconsolidated subsidiaries
\u00a0
\u00a0
272.1
\u00a0
Derivatives in the energy area
FVPL
2
37.0
37.0
Derivatives in the energy area
FVPL
3
12.0
12.0
Derivatives in the finance area
FVPL
2
22.2
22.2
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
11.6
11.6
Receivables from derivative financial instruments
\u00a0
\u00a0
82.8
\u00a0
Securities
FVPL
1
164.1
164.1
Securities
FVOCI
3
9.1
9.1
Securities
FVOCI
AC
1.6
1.6
Securities \u2013 closed items on the balance sheet
AC
2
77.9
78.1
Loans \u2013 closed items on the balance sheet
AC
2
269.7
270.5
Loans
AC
2
62.3
63.4
Other
FVPL
3
42.8
42.8
Other
AC
\u2013
143.9
\u2013
Other
\u2013
\u2013
31.5
\u2013
Investments and other receivables
\u00a0
\u00a0
803.0
\u00a0
Current tax receivables
\u2013
\u2013
16.8
\u2013
Derivatives in the energy area
FVPL
1
0.1
0.1
Derivatives in the energy area
FVPL
2
329.7
329.7
Derivatives in the finance area
FVPL
2
3.0
3.0
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
4.3
4.3
Receivables from derivative financial instruments
\u00a0
\u00a0
337.1
\u00a0
Trade receivables
AC
\u2013
865.9
\u2013
Receivables from investees
AC
\u2013
39.6
\u2013
Loans to investees
AC
2
4.0
3.9
Loans \u2013 closed items on the balance sheet
AC
2
94.7
90.5
Securities
FVPL
1
2.5
2.5
Money market transactions
AC
2
30.0
30.0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Emission rights
\u2013
\u2013
48.9
\u2013
Other
AC
\u2013
120.9
\u2013
Other
\u2013
\u2013
48.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,255.1
\u00a0
Cash and cash equivalents
AC
\u2013
795.1
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
2,504.0
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
639.7
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
272.4
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Bonds
AC
2
1,135.4
1,094.1
Financial liabilities to banks and to others
AC
2
670.9
671.9
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
137.8
144.1
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
320.4
320.4
Capital shares attributable to limited partners
\u2013
\u2013
10.7
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,275.2
\u00a0
Derivatives in the energy area
FVPL
2
138.1
138.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
138.1
\u00a0
Electricity supply commitment
\u2013
\u2013
81.2
\u2013
Obligation to return an interest
AC
3
184.7
236.0
Trade payables
AC
\u2013
9.9
\u2013
Lease liabilities
\u2013
\u2013
168.1
\u00a0
Other
AC
\u2013
508.3
\u2013
Other non-current liabilities
\u00a0
\u00a0
952.4
\u00a0
Derivatives in the energy area
FVPL
2
101.2
101.2
Derivatives in the energy area
FVPL
3
1.8
1.8
Derivatives in the finance area
FVPL
2
0.1
\u2013\u00a00.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
103.0
\u00a0
Trade payables
AC
\u2013
370.8
\u2013
Lease liabilities
\u2013
\u2013
10.9
\u00a0
Other
AC
\u2013
572.5
\u2013
Other
\u2013
\u2013
130.2
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,084.4
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,590.4
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
241.2
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
320.4
\u00a0
In the event of insolvency, derivative financial instruments in the finance area (under closed items on the balance sheet) can be netted against financial liabilities classified as FVPL (under closed items on the balance sheet) (see section\u00a011.1 \u201cRisk management in the finance area\u201d).
Valuation techniques and input factors for determining fair values
\u00a0
Level
Financial instruments
Valuation technique
Input factor
1
Energy forwards
Market approach
Settlement price published by the stock exchange
1
Securities, other equity interest in Burgenland Holding AG
Market approach
Stock exchange price
2
Securities and other loans under closed items on the balance sheet, long-term loans, liabilities to banks, bonds and other financial liabilities
Net present value approach
Payments associated with financial instruments, yield curves and counterparties\u2019 credit risk (credit default swaps or credit spread curves)
2
Interests in unconsolidated subsidiaries and other equity interests in Energie AG Ober\u00f6sterreich, among other interests
Market approach
Trading multiple, transaction price
2
Non-listed energy forwards
Net present value approach
Forward price curve derived from market prices, yield curves and counterparties\u2019 credit risk
2
Other assets and liabilities measured at fair value in the finance area
Net present value approach
Cash flows already fixed or calculated from forward rates, yield curves or counterparties\u2019 credit risk
3
Return obligation (obligation to transfer back the 50% interest acquired in Donaukraftwerk Jochenstein AG)
Net present value approach
Price forecasts for electricity, weighted average cost of capital after taxes
3
Securities (shares in Wiener B\u00f6rse AG)
Net present value approach
Expected profit distributions, cost of equity
3
Other non-current receivables (profit participation right with respect to material assets of TAG)
Net present value approach
Expected profit distributions, cost of equity
AC
Other interests in unconsolidated subsidiaries, other equity interests and securities
\u2013
Cost as a best estimate of fair value
\u2013
Cash and cash equivalents, trade receivables and payables, other current receivables, other borrowings within current credit lines as well as other current liabilities
\u2013
Carrying amounts as a best estimate of fair value
Net gains or losses by measurement category
Net gains or net losses in accordance with IFRS\u00a07 mainly comprise impairment losses and reversals of impairment losses, foreign exchange gains and losses and the cumulative gain or loss realised on disposal.
Components of net gains or losses
\u00a0
Measurement category
Remark
Financial assets and liabilities measured at fair value through profit or loss
The net gains or losses arose from the measurement of derivative financial instruments in the energy area (wholesale and trading) in the operating result, as well as from the measurement of (other) derivative and non-derivative financial instruments in the finance area in the other financial result
Financial assets and liabilities measured at fair value through profit or loss \u2013 designated
The net gains or losses arose from the measurement of financial liabilities to banks (closed items on the balance sheet). These gains and losses are offset by net gains and losses from financial assets and liabilities measured at fair value through profit or loss and net gains and losses from financial assets and liabilities measured at cost in the corresponding amounts.
Financial assets and liabilities measured at amortised cost
The net gains and losses relate primarily to financial instruments associated with closed items on the balance sheet in the other financial result as well as to valuation allowances on trade receivables in the operating result.
All interest expenses were recognised under interest expenses; interest income was recognised partly under interest income and partly under the other financial result.
5.2
Accounting treatment of hedging relationships
VERBUND applies special accounting policies to hedging relationships in the energy area as well as in the finance area.
5.2.1 Hedging relationships in the energy area
VERBUND employs electricity forward contracts and electricity futures contracts as derivatives within the meaning of IFRS\u00a09 as part of cash flow hedges in the energy area. The objective of hedging relationships is to reduce the cash flow volatility resulting from market price fluctuations by hedging prices for the following transactions:
\u25cf
sale of own generation and marketing of electricity from renewable energy plants not owned by VERBUND;
\u25cf
reinsurance for electricity deliveries to customers; and
\u25cf
reinsurance for gas deliveries to customers.
The timing and amount of the hedging of future electricity deliveries depends in each case on the current price trend. Hedges are generally entered into successively. A portion of the entire volume anticipated is hedged in accordance with the risk management strategy. As a rule, once the relevant contractual terms of the electricity futures and forwards entered into coincide with those of the hedged items, a qualitative measurement of hedge effectiveness is carried out. It can generally be assumed that changes in the value of the hedging instruments will entirely offset the changes in future cash flows.
The exception to this rule involves hedges of electricity deliveries on a market differing from the place of delivery. Such hedges have been used since 1\u00a0October 2018 as a consequence of the restriction on unlimited trading on the German-Austrian electricity market. Due to the higher liquidity, the majority of Austrian electricity deliveries are hedged with German futures market products. The Austrian price is derived from the German price plus a DE/AT spread. Hence German forward products are used to hedge Austrian electricity deliveries, whereby the terms of the hedging instruments and those of the projected cash flows largely also match in these cases.
Accounting treatment of hedging relationships in the energy area
In the case of derivative financial instruments that are designated as cash flow hedges in accordance with IFRS\u00a09, the portion of the unrealised gains or losses that is determined to be an effective hedge is recognised under other comprehensive income. In contrast, the ineffective portions of the hedge are recognised in profit or loss.
Unrealised gains or losses are only reclassified (\u201crecycled\u201d) to the income statement when the hedged item affects profit or loss.
Electricity, gas and CO2 derivatives for future delivery periods that are not designated as hedging instruments are allocated to the wholesale portfolio. Fair value changes in (freestanding) electricity and gas derivatives in the wholesale portfolio that have not been designated as hedging instruments are recognised in profit or loss net of previously realised futures after netting the positive and negative fair values.
5.2.2 Hedging relationships in the finance area
Apart from derivative financial instruments associated with closed items on the balance sheet, interest rate swaps are used to hedge future payments of financial liabilities bearing interest at variable rates in order to reduce the cash flow risk associated with an increase in market interest rates. The hedging instruments\u2019 contract terms are almost identical to those of the hedged items (\u201ccritical terms match\u201d). The qualitative basis of the economic relationship is regularly reviewed by VERBUND. As a general rule, it can be assumed that changes in the value of the hedging instruments will entirely offset changes in future cash flows. The entire risk of an increase in market interest rates for variable-interest-bearing financial liabilities is not always hedged, i.e. the hedge ratio does not always amount to 100%. Hedge ineffectiveness can only result from changes in the credit risk of the counterparty or of VERBUND.
Payments are made on interest rate swaps every six months. The underlying variable market interest rate is the 6-month EURIBOR. The future interest payments hedged by the interest rate swaps will arise over the next 11\u00a0years (2026 to 2036) and will be recognised in profit or loss accordingly.
Accounting treatment of hedging relationships in the finance area
Some of the interest rate swaps are designated as cash flow hedges in accordance with IFRS\u00a09. The investments associated with certain closed items on the balance sheet (see section\u00a08.1 \u201cFinancial liabilities\u201d and section\u00a011.1 \u201cRisk management in the finance area\u201d) generate variable income and fixed expenses. To mitigate risk, interest rate swaps were entered into for the corresponding financial liabilities. These interest rate swaps exhibit a risk profile that mirrors that of the associated balance sheet items. Therefore, the carrying amount of the associated financial liabilities is adjusted to reflect the hedged risk to compensate for the fair value measurement of the interest rate swaps.
The fair value of interest rate swaps is the amount that VERBUND would receive or have to pay if the transaction were settled on the reporting date. When calculating that amount, current market conditions\u00a0\u2013 particularly current interest rates, yield curves and counterparty credit risk\u00a0\u2013 are taken into account (see section\u00a05.1 \u201cAccounting treatment of financial instruments\u201d).
5.3
Recoverability of financial assets
Valuation allowances are recognised at every reporting date for expected credit losses relating to financial assets classified as measured at amortised cost (AC) and debt instruments classified as measured at fair value through other comprehensive income (FVOCI), receivables under leases, contract assets and financial guarantee contracts.
Expected credit losses are taken into account in the following stages (for quantitative disclosures see section\u00a011.1 \u201cRisk management in the finance area\u201d):
Impairment of assets
\u00a0
\u00a0
\u00a0
\u00a0
Stage 1
Stage 2
Stage 3
Credit risk
Low credit risk \u2013 (credit risk has not increased significantly since initial recognition)
Elevated credit risk \u2013 (credit risk has increased significantly since initial recognition)
Significant financial difficulties on the part of the borrower or the issuer (breach of contract)
Recognition of loss allowance
Impairment in the amount of the 12-month expected losses
Impairment in the amount of expected lifetime losses
Impairment in the amount of expected lifetime losses
Calculation of interest income
Based on the effective interest rate on the gross carrying amount
Based on the effective interest rate on the gross carrying amount
Based on the effective interest rate on the net carrying amount
\u25cf
Credit risk is presumed to be low if the internal rating corresponds to an external investment grade rating (Standard & Poor\u2019s: > BBB\u2013; Moody\u2019s: > Baa3).
\u25cf
Credit risk is presumed to have increased significantly if a financial asset is more than 30\u00a0days overdue. Financial assets are reclassified to Stage 3 as soon as the asset has become credit impaired or is more than 90\u00a0days overdue, or if a breach of contract has been ascertained.
\u25cf
Probabilities of default depending on the rating category and collection rates serve to determine the amount of impairment losses to be recognised. The valuation allowance is recognised in the amount of the present value of the expected credit losses.
For trade receivables, contract assets and lease receivables, a simplified method is applied to measure the valuation allowance. For these receivables and assets, a valuation allowance derived from a valuation allowance table is recognised in the amount of the lifetime expected credit loss.
The lock-in period for all current financial investments reported in cash and cash equivalents was less than three months at the time of investment. The cash and cash equivalents reported in the balance sheet correspond to the cash and cash equivalents in the cash flow statement and qualify as cash and cash equivalents as defined in IAS\u00a07.
6.
Working capital
Working capital includes the following balance sheet items:
\u25cf
Inventories
\u25cf
Trade receivables, other current receivables and securities
\u25cf
Receivables and liabilities from derivative financial instruments
\u25cf
Trade payables and other current liabilities
6.1
Inventories and guarantees of origin/green electricity certificates
Inventories of primary energy sources as well as additives and consumables inventories are measured at the lower of cost or net realisable value at the reporting date. The use of primary energy sources and raw materials, additives and consumables is determined using the moving average price method.
Inventories of natural gas held for trading by VERBUND are recognised in profit or loss under other revenue. According to the brokerage exemption for raw materials and commodity traders, the measurement benchmark is fair value (Level 1) less costs to sell. The fair value corresponds to the quoted price for front-month gas forwards on the Central European Gas Hub (CEGH).
Guarantees of origin and green electricity certificates that are held for sale in the normal course of business are recognised in accordance with IAS\u00a02 and IAS\u00a020. Guarantees of origin and green electricity certificates are recognised as inventories when the legally enforceable rights are acquired (as a rule, generation of electricity in certified power plants). Both the income from the allocation of certificates and the change in inventories from the disposal of certificates are presented under other operating income. Whenever necessary, subsequent measurement is carried out and the guarantees/certificates are written down to the lower net realisable value. Proceeds from the sale of guarantees of origin or green electricity certificates are recognised under other revenue.
6.2
Receivables from derivative financial instruments
Receivables from derivative financial instruments include derivatives and hedging instruments from both the financial and the energy areas.
Receivables from derivative financial instruments
6.3
Trade receivables, other receivables and securities
Trade receivables and receivables from investees are classified as \u201cmeasured at amortised cost\u201d (AC) and thus accounted for at cost less any impairment losses (see section\u00a05 \u201cFinancial instruments\u201d).
Other receivables with a maturity of more than one year are reported under Investments and other non-current receivables.
8.
Liabilities
The explanatory notes relate to non-current and current financial liabilities as well as other non-current liabilities. See section\u00a06 \u201cWorking capital\u201d for details regarding trade payables and other current liabilities.
8.1
Financial liabilities
Financial liabilities are recognised at fair value upon addition. As a rule, the fair value recognised corresponds to the amount actually received. Any premiums or discounts are allocated over the financing term by applying the effective interest method and are presented on an accrual basis in interest expenses.
Individual financial liabilities originally incurred in connection with cross-border leasing transactions are classified at fair value through profit or loss upon initial recognition using the fair value option. This enables measurement inconsistencies that would have otherwise arisen to be eliminated.
The closed items on the balance sheet reported under financial liabilities as well as under investments relate to cross-border leasing transactions that were terminated early. Some of the transactions were terminated in their entirety, i.e. all investments and all liabilities (A-loans and B-loans) were repaid. Some of the transactions were only partially terminated, whereby the existing B-loans and the corresponding investments were continued. Therefore, accounting coverage continues to be ensured. Accounting balances denominated in foreign currency (US dollars) are measured at the exchange rate prevailing on the reporting date. The expenses and income arising from the measurement of these positions are equal in amount and denominated in the same currency, and are offset against each other. Investments and liabilities resulting from cross-border leasing transactions that were terminated early are presented separately; all items are closed on the balance sheet with the exception of valuation allowances recognised for expected credit losses (see section\u00a011.1 \u201cRisk management in the finance area\u201d).
8.2
Other non-current liabilities
Other non-current liabilities are accounted for at amortised cost and relate primarily to the following transactions:
\u25cf
an obligation to supply electricity under a 20-year electricity supply agreement that was incurred in connection with the acquisition of Kraftwerksgruppe Inn\u00a0GmbH (now VERBUND Innkraftwerke\u00a0GmbH) in the 2009 reporting period;
\u25cf
an obligation to transfer 50% of the shares in Donaukraftwerk Jochenstein\u00a0AG to the Free State of Bavaria without exchange of consideration, assumed as part of the acquisition of (additional) Bavarian hydropower plant capacities; and
\u25cf
recognition of lease liabilities in accordance with IFRS\u00a016 (see section\u00a04.3 \u201cLeases\u201d).
9.
Provisions
9.1
Provisions in the Group
In accordance with IAS\u00a037, provisions are recognised for legal and constructive obligations to external third parties resulting from past events, the settlement of which is expected to result in an outflow of resources embodying economic benefits. It must be possible to reliably estimate the amount of the obligation. Provisions are measured at the expected settlement amount.
Non-current provisions recognised for the purpose of settling claims more than twelve months into the future are discounted if the present value of the expected settlement amount differs significantly from the undiscounted settlement amount. The discount rate is a pre-tax interest rate adjusted to reflect risk specific to the liability. Accrued interest amounts are presented as interest expenses; any effects from changes in the interest rate are recognised in the operating result.
Personnel provisions
Provisions for current pensions, vested pensions and similar obligations are determined in accordance with IAS\u00a019 using the projected unit credit method (PUC method), whereby remeasurements of the net liability are recognised in other comprehensive income in the year in which the liability is incurred. With the exception of net interest expense, all expenses (and income) related to these obligations are recognised under personnel expenses. The net interest expense is reported under interest expenses.
These defined benefit pension plan obligations are partially covered by pension plan assets at APK\u00a0Pensionskasse\u00a0AG earmarked for this purpose. Contractual trust arrangements (CTAs) were set up in order to secure the entitlements from the company pension plan for employees of VERBUND Innkraftwerke\u00a0GmbH, Innwerk\u00a0AG and Grenzkraftwerke\u00a0GmbH. VERBUND is obligated to provide additional funding to the extent that the obligations are required to be fulfilled through the pension fund; there is no such obligation to provide additional funding for the CTA. Both the pension plan assets and the contractual trust arrangements are recognised as plan assets as defined in IAS\u00a019 and offset against provisions for current pensions and vested pension benefits.
Pension plan assets are invested in compliance with the provisions of the Austrian Pension Fund Act (Pensionskassengesetz) and the corresponding directives from the Financial Market Authority.
Similar obligations relate to employer contributions for supplementary health insurance premiums to be paid after retirement. The provisions are calculated in the same manner as provisions for pension obligations.
Measurement of pensions and similar obligations as well as statutory termination benefitsExisting provisions for pensions and similar obligations as well as obligations for termination benefits (carrying amount as at 31\u00a0December 2025: \u20ac467.5m; previous year: \u20ac529.1m) were measured based on assumptions and estimates as at the reporting date. The key factors of influence included the discount rate, the estimated retirement age and estimated life expectancy as well as future increases in salaries and pension benefits:
Actuarial assumptions for pension obligations
\u00a0
\u00a0
2024
2025
Discount rate or expected rate of return from plan assets
3.25%
3.75%
Pension increases
2.00%\u2013\u00a04.25%
2.00%\u2013\u00a03.50%
Salary increases
2.50%\u2013\u00a04.25%
2.50%\u2013\u00a03.25%
Employee turnover
None
none
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Actuarial assumptions for obligations similar to pensions
\u00a0
\u00a0
2024
2025
Discount rate
3.25%
4.00%
Employee turnover (depending on duration of employment)
0.00%\u2013\u00a05.80%
0.0%\u2013\u00a06.20%
Change in contributions based on hospital cost index for
new contracts
2.50%\u2013\u00a06.00%
2.50%\u2013\u00a06.00%
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Actuarial assumptions for termination benefit obligations
\u00a0
\u00a0
2024
2025
Discount rate
3.00%
3.50%
Salary increases
2.50%\u2013\u00a04.25%
2.50%\u2013\u00a03.25%
Employee turnover (depending on duration of employment)
0.00%\u2013\u00a00.60%
0.00%\u2013\u00a00.60%
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
VERBUND is exposed to investment risk, interest rate risk, life expectancy risk, salary risk, price risk and employee turnover risk based on its existing pensions and similar obligations as well as its obligations for statutory termination benefits. The following sensitivity analyses show the effects on these obligations of changes in significant actuarial assumptions. Changes in obligations were determined in a manner comparable with the determination of the actual obligation based on the PUC method in accordance with IAS\u00a019.
Sensitivity analysis for net pension liability 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in net liability of
If assumption decreases, change in net liability of
Discount rate
0.25%
\u2013\u00a02.37%
2.48%
Pension increases
0.50%
5.13%
\u2013\u00a04.72%
Longevity based on mortality table
1 year
5.23%
\u2013\u00a05.16%
Sensitivity analysis for obligations similar to pensions 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a03.11%
3.28%
Change in contributions based on
hospital cost index (new contracts)
0.50%
6.62%
\u2013\u00a06.02%
Longevity based on mortality table
1 year
6.09%
\u2013\u00a05.88%
Sensitivity analysis for termination benefit obligations 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a01.36%
1.59%
Salary increases
0.50%
3.37%
\u2013\u00a03.23%
Longevity based on mortality table
1 year
\u2013\u00a00.01%
0.01%
Sensitivity analysis for net pension liability 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in net liability of
If assumption decreases, change in net liability of
Discount rate
0.25%
\u2013\u00a02.48%
2.60%
Pension increases
0.50%
5.35%
\u2013\u00a04.91%
Longevity based on mortality table
1 year
5.27%
\u2013\u00a05.20%
Sensitivity analysis for obligations similar to pensions 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a03.33%
3.52%
Change in contributions based on
hospital cost index (new contracts)
0.50%
7.09%
\u2013\u00a06.41%
Longevity based on mortality table
1 year
6.26%
\u2013\u00a06.03%
Sensitivity analysis for termination benefit obligations 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a01.69%
1.73%
Salary increases
0.50%
3.65%
\u2013\u00a03.48%
Longevity based on mortality table
1 year
0.00%
0.00%
On 31\u00a0December 2025, the weighted average term of pension obligations was 10 years (previous year: 10 years) and that of obligations similar to pensions was 13\u00a0years (previous year: 14\u00a0years).
VERBUND regularly coordinates its general investment guidelines with APK\u00a0Pensionskasse\u00a0AG. Risk management at APK\u00a0Pensionskasse\u00a0AG is guided by the provisions of the Austrian Pension Fund Act and the corresponding directives from the Financial Market Authority.
Provisions for termination benefits
Employees whose employment relationship began on or before 31\u00a0December 2002 are entitled to receive a one-time payment based on statutory provisions, in particular when they retire. This obligation is measured in accordance with IAS\u00a019 based on the PUC method with an accumulation period of 25\u00a0years, whereby remeasurements of the net liability are recognised immediately in other comprehensive income.
The employer is only obligated to make regular contributions for employees in Austria whose period of employment began after 31\u00a0December 2002. Such contributions are therefore accounted for as defined contribution plans in accordance with IAS\u00a019. For these employment contracts, the employer pays 1.53% of the gross monthly salary into an employee pension fund.
The weighted average term of the obligations from termination benefits was seven years as at 31\u00a0December 2025 (previous year: seven years).
Partial retirement obligations are measured in accordance with IAS\u00a019 based on the PUC method, whereby remeasurements of the net liability are recognised immediately through profit or loss. The resulting expenses to be recognised are presented under pension expenses.
Other provisions
Dismantling and decommissioning obligations
For obligations resulting from the dismantling or decommissioning of power plants, provisions are recognised at the discounted settlement amounts in the reporting period in which the obligations are incurred; the carrying amounts of the power plants increase concurrently (see section\u00a04.2 \u201cProperty, plant and equipment\u201d). In subsequent periods, the capitalised costs for dismantling or decommissioning are depreciated over the (remaining) useful life of the plants; interest is accrued on the provisions annually.
The provisions were measured at the reporting date on the basis of assumptions and estimates,with the main influencing factors being the expected dismantling dates, any expert reports commissioned to ascertain the costs of dismantling and decontamination or the proceeds from the sale of scrap, the indexing of these costs and the discount rate of 4.00%\u20137.42% (previous year: 3.25%\u20137.18%).
Miscellaneous other provisions mainly consist of provisions for legal and consultancy services and for damage caused by natural hazards as well as damage compensation payments.
13.1
Other obligations/entitlements and risks
Contingent liabilities
Contingent liabilities not recognised in VERBUND\u2019s balance sheet are assessed quarterly with respect to their probability of occurrence. The assessment is carried out by the managers responsible, taking account of market-related inputs (to the extent possible) and expert opinions (in individual cases).
13.3
Transactions with related parties
VERBUND\u2019s related parties include:
\u25cf
all subsidiaries, associates and joint ventures;
\u25cf
the members of VERBUND\u2019s Executive Board and Supervisory Board as well as companies controlled or significantly influenced by them or their close family members;
\u25cf
the Republic of Austria due to its position as the majority shareholder; and
\u25cf
companies controlled or significantly influenced by the Republic of Austria.
Transactions with subsidiaries, joint ventures or associates that are not included in the scope of consolidation due to immateriality have not been presented owing to their lack of significance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-23": { "value": "
VERBUND prepares its consolidated financial statements in accordance with Section\u00a0245a(1) of the Austrian Commercial Code (Unternehmensgesetzbuch, UGB) in compliance with International Financial Reporting Standards (IFRSs) as endorsed by the European Union. The additional requirements of Section 245a(1) of the Austrian Commercial Code (UGB) have also been satisfied. The separate financial statements of the subsidiaries included in the consolidated financial statements are based on uniform accounting policies. The reporting date is 31\u00a0December 2025 for all consolidated subsidiaries.
The consolidated financial statements are prepared in thousands of euros (\u20ack), with the exception of the notes to the annual financial statements, in which amounts are generally indicated in millions of euros (\u20acm). Rounding differences may arise when adding rounded amounts or when calculating percentages.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-24": { "value": "
Consolidation methods
All material companies directly or indirectly controlled by VERBUND\u00a0AG (subsidiaries) are included in the consolidated financial statements of VERBUND. Inclusion in the consolidated financial statements begins when control is achieved and ends when it ceases.
Joint ventures and associates over which VERBUND\u00a0AG has significant influence, either directly or indirectly, are accounted for using the equity method. Investees accounted for using the equity method are recognised at their proportional IFRS equity taken from (consolidated) interim or annual financial statements. The reporting date of the investee is no more than three months prior to VERBUND\u2019s reporting date.
Intra-Group transactions, receivables, liabilities and intercompany profits are eliminated taking account of deferred taxes.
If VERBUND has rights to the assets attributable to an investee as well as obligations for its liabilities as a result of a joint operation with another party, VERBUND recognises its share of the assets and liabilities or revenue and expenses.
Whenever an acquisition is made, VERBUND examines whether it is an acquisition of a business within the scope of IFRS 3 or an acquisition of assets. According to IFRS 3.3, an acquisition is only treated as a business combination if the assets and liabilities acquired constitute a business and not merely a group of assets. If the asset or group of assets acquired do not constitute a business, the cost of the asset group is allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of purchase (IFRS 3.2(b)). Such a transaction does not give rise to goodwill, and no deferred taxes are recognised. As a rule, the main criterion in assessing whether an asset or group of assets constitute a business is whether substantive processes have been acquired. In making that assessment, VERBUND looks at whether the acquisition includes an organised workforce with the necessary skills, knowledge and experience to execute such processes as well as at the quality of any contracts acquired. The assessment is subject to individual discretion.
Scope of consolidation
A list of all of VERBUND\u2019s subsidiaries, joint ventures and associates is presented in the section entitled List of Group companies. The group of subsidiaries, joint ventures and associates included in the consolidated financial statements changed as follows in the 2025 reporting period:
Scope of consolidation
\u00a0
\u00a0
\u00a0
\u00a0
Consolidated
Accounted for using the equity method
Accounted for as a joint operation
As at 31/12/2024
63
9
1
Additions from newly formed entities
0
1
0
Change in consolidation method
9
0
0
Other additions
1
0
0
Disposals by means of merger
\u2013\u00a02
0
0
As at 31/12/2025
71
10
1
of which domestic companies
22
6
1
of which foreign companies
49
4
0
As of May 2025, Tenuta del Campo S.r.l. was merged into ICA One S.r.l.
A new company, Batteriespeicher M\u00fcnster GmbH, was established as a joint venture in June 2025. The interest in that company is accounted for using the equity method.
The following companies were included in the basis of consolidation in August 2025: Camareta Solar, S.L.U., Cornamusa Solar, S.L.U., Cruceta Solar, S.L.U., Obenque Solar, S.L.U., Pa\u00f1ol Solar, S.L.U., Natera Solar, S.L.U., and Orla Solar, S.L.U.
In September 2025, VERBUND acquired ENOVA Windpark Beringhausen West Betriebs Gmbh & Co. KG and ENOVA Windpark Hillekopf-Hildfeld GmbH & Co. KG. Due to the fact that the former general partner left without a new general partner being appointed, the assets of those entities passed directly to VERBUND and the entities ceased to exist. Therefore, no addition of subsidiaries resulted from the transaction.
In addition, PV Novoli S.R.L. was merged into VERBUND Green Power Italia S.R.L. in November 2025.
As the last of a total of seven wind farm companies in Germany, MSH B\u00fcrger-Windpark-Feldatal GmbH & Co KG was included in the consolidated financial statements for the first time in November 2025 as part of an acquisition of assets. The other six wind farm companies had already been acquired in the previous year.

In addition, the Spanish companies Rehala Solar, S.L.U. and Reclamo Solar, S.L.U. were included in the basis of consolidation in December 2025.
Details on the acquisitions of groups of assets are presented in the following tables:
Acquisitions of groups of assets 2025
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Cash purchase price
Cash and cash equivalents acquired
Assets acquired
Financial liabilities acquired
Wind parks acquired in Germany
2.1
3.7
37.8
21.3
Wind projects under construction in Germany
22.0
0.0
21.0
0.0
Acquisition of groups of assets 2024\u00a0
\u00a0
in Mio.\u00a0\u20ac
\u00a0
Cash purchase price
Cash and cash equivalents acquired
Assets acquired
Financial liabilities acquired
Wind parks acquired in Austria
22,9
0,8
28,8
0,0
Wind parks acquired in Germany
21,1
5,4
72,5
43,8
Photovoltaic projects under construction in Italy
10,0
0,0
15,5
0,0
Cash payments for acquisitions of subsidiaries classified as acquisitions of assets are included in the cash flow statement under cash flow from investing activities in the line item \u201cCash outflow for capital expenditure for intangible assets and property, plant and equipment\u201d after deducting the cash and cash equivalents acquired in the transaction.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-25": { "value": "
All material companies directly or indirectly controlled by VERBUND\u00a0AG (subsidiaries) are included in the consolidated financial statements of VERBUND. Inclusion in the consolidated financial statements begins when control is achieved and ends when it ceases.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-26": { "value": "
All material companies directly or indirectly controlled by VERBUND\u00a0AG (subsidiaries) are included in the consolidated financial statements of VERBUND. Inclusion in the consolidated financial statements begins when control is achieved and ends when it ceases.
Whenever an acquisition is made, VERBUND examines whether it is an acquisition of a business within the scope of IFRS 3 or an acquisition of assets. According to IFRS 3.3, an acquisition is only treated as a business combination if the assets and liabilities acquired constitute a business and not merely a group of assets. If the asset or group of assets acquired do not constitute a business, the cost of the asset group is allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of purchase (IFRS 3.2(b)). Such a transaction does not give rise to goodwill, and no deferred taxes are recognised. As a rule, the main criterion in assessing whether an asset or group of assets constitute a business is whether substantive processes have been acquired. In making that assessment, VERBUND looks at whether the acquisition includes an organised workforce with the necessary skills, knowledge and experience to execute such processes as well as at the quality of any contracts acquired. The assessment is subject to individual discretion.
4.
Non-current assets
Goodwill
Goodwill is not subject to amortisation but is tested for impairment at least once per year in accordance with IAS\u00a036 (see section\u00a04.4.1 \u201cImpairment testing of goodwill\u201d). In addition, a qualitative analysis of whether there is any indication of impairment is conducted at the reporting date for all consolidated interim financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-27": { "value": "
All material companies directly or indirectly controlled by VERBUND\u00a0AG (subsidiaries) are included in the consolidated financial statements of VERBUND. Inclusion in the consolidated financial statements begins when control is achieved and ends when it ceases.
Whenever an acquisition is made, VERBUND examines whether it is an acquisition of a business within the scope of IFRS 3 or an acquisition of assets. According to IFRS 3.3, an acquisition is only treated as a business combination if the assets and liabilities acquired constitute a business and not merely a group of assets. If the asset or group of assets acquired do not constitute a business, the cost of the asset group is allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of purchase (IFRS 3.2(b)). Such a transaction does not give rise to goodwill, and no deferred taxes are recognised. As a rule, the main criterion in assessing whether an asset or group of assets constitute a business is whether substantive processes have been acquired. In making that assessment, VERBUND looks at whether the acquisition includes an organised workforce with the necessary skills, knowledge and experience to execute such processes as well as at the quality of any contracts acquired. The assessment is subject to individual discretion.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-28": { "value": "
Joint ventures and associates over which VERBUND\u00a0AG has significant influence, either directly or indirectly, are accounted for using the equity method. Investees accounted for using the equity method are recognised at their proportional IFRS equity taken from (consolidated) interim or annual financial statements. The reporting date of the investee is no more than three months prior to VERBUND\u2019s reporting date.
The carrying amounts of interests accounted for using the equity method are adjusted to reflect changes in the investee\u2019s net assets in accordance with IAS 28. The adjustment is made no later than one quarter following the underlying changes. If VERBUND\u2019s share of losses from an interest accounted for using the equity method corresponds to or exceeds the carrying amount of the equity interest, additional losses are only taken into account and recognised as a liability to the extent that legal or constructive obligations have been entered into or payments have been made for the equity-accounted interest. The carrying amount of the equity interest includes the share accounted for using the equity method plus all non-current interests that are to be allocated to the net investment in the interest accounted for using the equity method based on their economic substance.
Net investments in associated companies and joint ventures are reviewed for objective indications of impairment at the reporting date. If there are any such indications, interests accounted for using the equity method must be tested for impairment in accordance with IAS\u00a036.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-29": { "value": "
Joint ventures and associates over which VERBUND\u00a0AG has significant influence, either directly or indirectly, are accounted for using the equity method. Investees accounted for using the equity method are recognised at their proportional IFRS equity taken from (consolidated) interim or annual financial statements. The reporting date of the investee is no more than three months prior to VERBUND\u2019s reporting date.
The carrying amounts of interests accounted for using the equity method are adjusted to reflect changes in the investee\u2019s net assets in accordance with IAS 28. The adjustment is made no later than one quarter following the underlying changes. If VERBUND\u2019s share of losses from an interest accounted for using the equity method corresponds to or exceeds the carrying amount of the equity interest, additional losses are only taken into account and recognised as a liability to the extent that legal or constructive obligations have been entered into or payments have been made for the equity-accounted interest. The carrying amount of the equity interest includes the share accounted for using the equity method plus all non-current interests that are to be allocated to the net investment in the interest accounted for using the equity method based on their economic substance.
Net investments in associated companies and joint ventures are reviewed for objective indications of impairment at the reporting date. If there are any such indications, interests accounted for using the equity method must be tested for impairment in accordance with IAS\u00a036.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-30": { "value": "
Joint ventures and associates over which VERBUND\u00a0AG has significant influence, either directly or indirectly, are accounted for using the equity method. Investees accounted for using the equity method are recognised at their proportional IFRS equity taken from (consolidated) interim or annual financial statements. The reporting date of the investee is no more than three months prior to VERBUND\u2019s reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-31": { "value": "
Scope of consolidation
A list of all of VERBUND\u2019s subsidiaries, joint ventures and associates is presented in the section entitled List of Group companies. The group of subsidiaries, joint ventures and associates included in the consolidated financial statements changed as follows in the 2025 reporting period
Scope of consolidation
\u00a0
\u00a0
\u00a0
\u00a0
Consolidated
Accounted for using the equity method
Accounted for as a joint operation
As at 31/12/2024
63
9
1
Additions from newly formed entities
0
1
0
Change in consolidation method
9
0
0
Other additions
1
0
0
Disposals by means of merger
\u2013\u00a02
0
0
As at 31/12/2025
71
10
1
of which domestic companies
22
6
1
of which foreign companies
49
4
0
As of May 2025, Tenuta del Campo S.r.l. was merged into ICA One S.r.l.
A new company, Batteriespeicher M\u00fcnster GmbH, was established as a joint venture in June 2025. The interest in that company is accounted for using the equity method.
The following companies were included in the basis of consolidation in August 2025: Camareta Solar, S.L.U., Cornamusa Solar, S.L.U., Cruceta Solar, S.L.U., Obenque Solar, S.L.U., Pa\u00f1ol Solar, S.L.U., Natera Solar, S.L.U., and Orla Solar, S.L.U.
In September 2025, VERBUND acquired ENOVA Windpark Beringhausen West Betriebs Gmbh & Co. KG and ENOVA Windpark Hillekopf-Hildfeld GmbH & Co. KG. Due to the fact that the former general partner left without a new general partner being appointed, the assets of those entities passed directly to VERBUND and the entities ceased to exist. Therefore, no addition of subsidiaries resulted from the transaction.
In addition, PV Novoli S.R.L. was merged into VERBUND Green Power Italia S.R.L. in November 2025.
As the last of a total of seven wind farm companies in Germany, MSH B\u00fcrger-Windpark-Feldatal GmbH & Co KG was included in the consolidated financial statements for the first time in November 2025 as part of an acquisition of assets. The other six wind farm companies had already been acquired in the previous year.

In addition, the Spanish companies Rehala Solar, S.L.U. and Reclamo Solar, S.L.U. were included in the basis of consolidation in December 2025.
Details on the acquisitions of groups of assets are presented in the following tables:
Acquisitions of groups of assets 2025
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Cash purchase price
Cash and cash equivalents acquired
Assets acquired
Financial liabilities acquired
Wind parks acquired in Germany
2.1
3.7
37.8
21.3
Wind projects under construction in Germany
22.0
0.0
21.0
0.0
Acquisition of groups of assets 2024\u00a0
\u00a0
in Mio.\u00a0\u20ac
\u00a0
Cash purchase price
Cash and cash equivalents acquired
Assets acquired
Financial liabilities acquired
Wind parks acquired in Austria
22,9
0,8
28,8
0,0
Wind parks acquired in Germany
21,1
5,4
72,5
43,8
Photovoltaic projects under construction in Italy
10,0
0,0
15,5
0,0
Cash payments for acquisitions of subsidiaries classified as acquisitions of assets are included in the cash flow statement under cash flow from investing activities in the line item \u201cCash outflow for capital expenditure for intangible assets and property, plant and equipment\u201d after deducting the cash and cash equivalents acquired in the transaction.
Result from interests accounted for using the equity method
The result from interests accounted for using the equity method can be attributed mainly to KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft (KELAG), which operates lines of business providing electricity, gas and heat. See section\u00a04.5 \u201cInterests accounted for using the equity method\u201d for the relevant details.
Other result from equity interests
Other result from equity interests
\u00a0
\u20acm
\u00a0
2024
2025
Income from equity interests and unconsolidated subsidiaries
10.9
11.5
Miscellaneous
0.0
\u2013\u00a04.0
Other result from equity interests
10.9
7.5
Impairment losses and reversals of impairment lossesThe financial result includes impairment losses and reversals of impairment losses from other equity interests (see section 4.6.1 \u201cOther equity interests\u201d).Interests accounted for using the equity method
The carrying amounts of interests accounted for using the equity method are adjusted to reflect changes in the investee\u2019s net assets in accordance with IAS 28. The adjustment is made no later than one quarter following the underlying changes. If VERBUND\u2019s share of losses from an interest accounted for using the equity method corresponds to or exceeds the carrying amount of the equity interest, additional losses are only taken into account and recognised as a liability to the extent that legal or constructive obligations have been entered into or payments have been made for the equity-accounted interest. The carrying amount of the equity interest includes the share accounted for using the equity method plus all non-current interests that are to be allocated to the net investment in the interest accounted for using the equity method based on their economic substance.
Net investments in associated companies and joint ventures are reviewed for objective indications of impairment at the reporting date. If there are any such indications, interests accounted for using the equity method must be tested for impairment in accordance with IAS\u00a036.
Interests accounted for using the equity method
Interests accounted for using the equity method
\u20acm
\u00a0
2024
2025
(Amortised) cost as at 1/1
549.9
652.6
Additions1
17.7
7.8
Dividends2
\u2013\u00a015.6
\u2013\u00a023.3
Result from equity accounting
101.3
85.1
Other comprehensive income from equity accounting
1.4
\u2013\u00a010.8
Change in consolidation method
\u2013\u00a02.7
0.0
Other changes
0.8
\u2013\u00a02.0
(Amortised) cost as at 31/12
652.6
709.4
Accumulated value adjustments as at 1/1
\u2013\u00a033.1
\u2013\u00a019.7
Reversals of impairment losses
13.5
0.0
Accumulated value adjustments as at 31/12
\u2013\u00a019.7
\u2013\u00a019.7
Net carrying amount as at 31/12
633.0
689.7
Net carrying amount as at 1/1
516.7
633.0
1 Of which additions from acquisitions of shares in the amount of \u20ac1.2m (previous year: \u20ac8.3m)// 2 Of which distributions from KELAG in the amount of \u20ac75.6m (previous year: \u20ac80.9m), less the prorated dividend from VERBUND Hydro Power GmbH (VHP) to KELAG in the amount of \u20ac52.9m (previous year: \u20ac67.0m)A summary of aggregated financial information for material interests accounted for using the equity method is presented in section\u00a013.4 \u201cSubsidiaries, joint ventures and associates of VERBUND\u201d.
4.6
Other equity interests
Interests in unconsolidated (for lack of materiality) subsidiaries, associates and joint ventures not accounted for using the equity method and other equity interests are accounted for in accordance with IFRS\u00a09. If these equity interests are held for the long term based on strategic considerations, they are classified as measured at fair value through other comprehensive income (FVOCI). Otherwise, they are classified as measured at fair value through profit or loss (FVPL). Depending on the situation, the fair value of equity interests is derived from market quotations, comparable recent transactions, valuations based on discounted cash flow or market multiples methods or from the cost of the equity interest.
Other equity interests
Other equity interests
\u00a0
\u00a0
\u20acm
\u00a0
Interests in unconsolidated subsidiaries
Other equity interests
Total
2025
\u00a0
\u00a0
\u00a0
(Amortised) cost as at 1/1
53.8
159.9
213.7
Additions from acquisitions of interests and capital increases
14.1
3.9
18.0
Disposals
\u2013\u00a010.3
0.0
\u2013\u00a010.3
Reclassifications
0.6
\u2013\u00a00.5
0.1
(Amortised) cost as at 31/12
58.2
163.3
221.5
Accumulated value adjustments as at 1/1
11.6
46.7
58.3
Fair value measurement in OCI
4.1
12.6
16.7
Accumulated value adjustments as at 31/12
15.7
59.3
75.0
Net carrying amount as at 31/12
73.9
222.6
296.5
Net carrying amount as at 1/1
65.4
206.6
272.0
Other equity interests
\u00a0
\u00a0
\u20acm
\u00a0
Interests in unconsolidated subsidiaries
Other equity interests
Total
2024
\u00a0
\u00a0
\u00a0
(Amortised) cost as at 1/1
35.6
144.1
179.7
Additions from acquisitions of interests and capital increases
44.3
15.8
60.1
Disposals
\u2013\u00a026.1
0.0
\u2013\u00a026.1
(Amortised) cost as at 31/12
53.8
159.9
213.7
Accumulated value adjustments as at 1/1
\u2013\u00a05.2
53.0
47.8
Fair value measurement in OCI
1.0
\u2013\u00a06.3
\u2013\u00a05.3
Reversals of impairment losses
0.1
0.0
0.1
Disposals
15.7
0.0
15.7
Accumulated value adjustments as at 31/12
11.6
46.7
58.3
Net carrying amount as at 31/12
65.4
206.6
272.0
Net carrying amount as at 1/1
30.4
197.1
227.5
13.4
Subsidiaries, joint ventures and associates of VERBUND
Joint operation: Ennskraftwerke Aktiengesellschaft
The equity interest in Ennskraftwerke\u00a0Aktiengesellschaft (with VERBUND and Energie\u00a0AG Ober\u00f6sterreich each holding 50% of the interest) is classified as a joint operation in accordance with the provisions of IFRS\u00a011. As a result, Ennskraftwerke\u00a0Aktiengesellschaft is included in the consolidated financial statements with the share of assets and liabilities or revenue and expenses attributable to VERBUND. The size of the share is determined based on the ratio of electricity deliveries to both parties. From a cost-benefit perspective, the assets and liabilities as well as the revenue and expenses of Ennskraftwerke\u00a0Aktiengesellschaft are included in VERBUND\u2019s consolidated financial statements based on the average ratio of total electricity deliveries (VERBUND: 62%; Energie\u00a0AG\u00a0Ober\u00f6sterreich: 38%).
Associates
The tables below show a summary of aggregated financial information for KELAG, a material associate accounted for by VERBUND using the equity method. The reference date for financial information is 30\u00a0September 2025 (see section\u00a01.2 \u201cFinancial reporting principles\u201d); the financial information is based on data updated to the best of VERBUND\u2019s knowledge.
Material associates: statement of comprehensive income
\u00a0
\u20acm
\u00a0
2024
2025
\u00a0
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
Revenue
1,928.9
1,938.0
Profit after tax
456.3
367.7
Ownership interest of VERBUND
35.17%
35.17%
Profit or loss for the period attributable to VERBUND
160.4
129.3
Differences due to the application of the equity method of accounting
\u2013\u00a060.0
\u2013\u00a045.1
Share of profit or loss from associates accounted for
using the equity method
100.5
84.2
\u00a0
\u00a0
\u00a0
Profit after tax
456.3
367.7
Other comprehensive income
4.0
\u2013\u00a036.3
Total comprehensive income for the period
460.2
331.4
Ownership interest of VERBUND
35.17%
35.17%
Total comprehensive income for the period attributable to VERBUND
161.8
116.5
Differences due to the application of the equity method of accounting
\u2013\u00a060.0
\u2013\u00a045.1
Total comprehensive income for the period from
associates accounted for using the equity method
101.9
71.4
Dividends received from associates
80.9
75.6
At KELAG, resolutions on the distribution of dividends can be adopted by simple majority. K\u00e4rntner Energieholding Beteiligungs\u00a0GmbH holds 51% of the shares in KELAG and therefore determines its distribution policy.
Material associates: balance sheet
\u00a0
\u20acm
\u00a0
31/12/2024
31/12/2025
\u00a0
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
Non-current assets
2,428.1
2,616.2
Current assets
1,032.1
776.3
Non-current liabilities
\u2013\u00a01,102.2
\u2013\u00a0957.6
Current liabilities
\u2013\u00a0586.5
\u2013\u00a0542.9
Equity attributable to non-controlling interests
\u2013\u00a018.7
\u2013\u00a022.9
Net assets
1,752.8
1,869.2
Ownership interest of VERBUND
35.17%
35.17%
Net assets attributable to VERBUND
616.4
657.3
Differences due to the application of the equity method of accounting
\u2013\u00a0120.0
\u2013\u00a0112.3
Carrying amount of associates accounted for using the equity method
496.3
545.0
List of Group companies
The following list of Group companies shows VERBUND\u2019s subsidiaries, joint ventures and associates in accordance with Section\u00a0245a(1) in conjunction with Section\u00a0265(2) of the Austrian Commercial Code (UGB). The list also includes unconsolidated subsidiaries and other joint ventures, associates and equity interests in which VERBUND\u2019s interest is \u2265 20% and which are not accounted for using the equity method.
Segment: Hydro
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH \u2013 Hydro
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
Innwerk AG (VHP-IW)
Stammham
CS
VH
100.00%
Stammham
CS
VH
100.00%
VERBUND Hydro Power GmbH (VHP)
Vienna
CS
VH
80.54%
Vienna
CS
VH
80.54%
VERBUND Innkraftwerke GmbH
T\u00f6ging
CS
VH
70.27%
T\u00f6ging
CS
VH
70.27%
Donaukraftwerk Jochenstein Aktiengesellschaft
Passau
CS
VH
VHP-IW
50.00%
50.00%
Passau
CS
VH
VHP-IW
50.00%
50.00%
Grenzkraftwerke GmbH
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Simbach
CS
VH
VHP-IW
50.00%
50.00%
\u00d6sterreichisch-Bayerische Kraftwerke Aktiengesellschaft
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Ennskraftwerke Aktiengesellschaft
Steyr
JO
VH
50.00%
Steyr
JO
VH
50.00%
Kraftwerk Nu\u00dfdorf Errichtungs- und Betriebs GmbH & Co KG
Vienna
EM1
VHP
33.33%
Vienna
EM1
VHP
33.33%
Kraftwerk Nu\u00dfdorf Errichtungs- und Betriebs GmbH
Vienna
EM1
VHP
33.33%
Vienna
EM1
VHP
33.33%
Ashta Beteiligungsverwaltung GmbH (VHP-AL-HII)
Vienna
EM1
VHP
50.01%
Vienna
EM1
VHP
50.01%
Energji Ashta Shpk
Bushat
EM1
VHP-AL-HII
100.00%
Bushat
EM1
VHP-AL-HII
100.00%
Lestin Tauch- und Bergungsunternehmen GmbH (LESTIN)
Vienna
UC
VHP
100.00%
Vienna
UC
VHP
100.00%
Murkraftwerk Graz Errichtungs- und BetriebsgmbH
Graz
UC
VHP
25.10%
Graz
UC
VHP
25.10%
VERBUND Tourismus GmbH
Vienna
UC
VHP
LESTIN
99.90%
0.10%
Vienna
UC
VHP
LESTIN
99.90%
0.10%
Manara HPP Operation Ltd.
Tel Aviv
UC
VHP
80.00%
Tel Aviv
UC
VHP
80.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Green Power GmbH (VGP)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Wind Power Austria GmbH (VRP-AT)
Vienna
CS
VHP
100.00%
Vienna
CS
VHP
100.00%
VERBUND Green Power Deutschland GmbH (VGP-DE)
Berlin
CS
VGP
100.00%
Berlin
CS
VGP
100.00%
VERBUND Green Power \u00d6sterreich GmbH (VGP-AT)
Vienna
CS
VGP
100.00%
Vienna
CS
VGP
100.00%
VERBUND Green Power Iberia, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
VERBUND Wind Power Romania SRL (VRP-RO)
Bucha-
rest
CS
VGP
100.00%
Bucha-
rest
CS
VGP
100.00%
Infrastrukturgesellschaft Bischheim GmbH & Co. KG
W\u00f6rr-
stadt
CS
VGP
80.60%
W\u00f6rrstadt
CS
VGP
80.60%
VERBUND Green Power Deutschland Photovoltaik GmbH
Berlin
CS
VGP
100.00%
Berlin
CS
VGP
100.00%
VERBUND Green Power Italia S.R.L. (VGP-IT)
Milan
CS
VGP
100.00%
Milan
CS
VGP
100.00%
ICA One S.R.L.
Milan
CS
VGP-IT
100.00%
Milan
CS
VGP-IT
100.00%
PV Novoli S.R.L.
Milan
CS
VGP-IT
100.00%
\u2013
\u2013
\u2013
\u2013
Tenuta del Campo S.R.L.
Milan
CS
VGP-IT
100.00%
\u2013
\u2013
\u2013
\u2013
Watt Development SPV 5 S.L.U. (VGP-IB-IL1)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Watt Development SPV 6 S.L.U. (VGP-IB-IL2)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Watt Development SPV 7 S.L.U. (VGP-IB-IL3)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Ayamonte S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Buseco S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Parque E\u00f3lico El Barroso S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Loma de los Pinos S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Lusitania Renovables S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Anselma Issuer, S.A.U. (VGP-IB-ANI)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Topacio Energy, S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Tejo Solar, S.L.U. (VGP-IB-TES)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
VERBUND Green Power Renewable Projects, S.L.U. (VGP-IB-GRP)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Sica Desarrollos Cuerva, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Los Navalmorales, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Albarreal, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Totan\u00e9s, S.L.U. (VGP-IB-SDT)
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
VERBUND Windpark M\u00fcnster GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Quelkhorn GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Mariengarten GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Oedelum GmbH
Schellerten
CS
VGP-DE
100.00%
Schellerten
CS
VGP-DE
100.00%
VERBUND Windpark Frielendorf GmbH & Co. KG (VGP-DE-FS)
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
MSH B\u00fcrger-Windpark-Feldatal GmbH & Co. KG
\u2013
\u2013
\u2013
\u2013
Feldatal
CS
VGP-DE-PV
100.00%
Cyopsa-El Molino Energia E\u00f3lica, S.A.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Energias Renovables de Musas, S.L.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Energias Renovables de Ofion, S.L.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Green Power Wind Spain 1, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
Green Power Wind Marquesado, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
Camareta Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Cornamusa Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Cruceta Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Natera Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Panol Solar, S.L.
Madrid
UC
VGP-IB-TES
51.00%
Madrid
CS
VGP-IB-TES
100.00%
Obenque Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Orla Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Reclamo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Rehala Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
PH Tambre Energy, s.l.
Madrid
EM1
VGP
50.00%
Madrid
EM1
VGP
50.00%
Amaranta Energy, s.l.
Madrid
EM1
VGP
50.00%
Madrid
EM1
VGP
50.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Infraestructuras de Illora S.L.
Madrid
UC
VGP-IB-IL1
VGP-IB-IL2
VGP-IB-IL3
20.00%
20.00%
20.00%
Madrid
UC
VGP-IB-IL1
VGP-IB-IL2
VGP-IB-IL3
20.00%
20.00%
20.00%
Windpark Frielendorf GmbH & Co. KG
Gilserberg
UC
VGP-DE-FS
32.50%
Gilserberg
UC
VGP-DE-FS
32.50%
cos phi gmbh
Vienna
UC
VGP-AT
100.00%
Vienna
UC
VGP-AT
100.00%
DA1 S.R.L.
Milan
UC
VGP-IT
100.00%
Milan
UC
VGP-IT
100.00%
SY05 S.R.L.
\u2013
\u2013
\u2013
\u2013
Milan
UC
VGP-IT
100.00%
Corleto S.r.l.
\u2013
\u2013
\u2013
\u2013
Faenza
UC
VGP-IT
100.00%
Totan\u00e9s Infraestructuras Comunes, S.L.
Madrid
UC
VGP-IB-SDT
38.89%
Madrid
UC
VGP-IB-SDT
38.89%
Murcia Solar Park GmbH (VGP-IB-MUR)
Berlin
UC
VGP-IB-ANI
100.00%
Berlin
UC
VGP-IB-ANI
100.00%
Baluma Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Baviera Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Bolardo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Boyante Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Braganza Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Cairo Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Carmesi Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Cenida Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Comunidad de Bienes del Huerto Solar del Hinojar, C.B.
Lorca
UC
VGP-IB-SVL
92.72%
Lorca
UC
VGP-IB-SVL
92.72%
Faballones Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Feanor Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Galadriel Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Helice Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Imai Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Koe Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Lima Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Miriel Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Mosqueton Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Nairobi Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Orion Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Penalara Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Perdiguero Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Peregrino Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Posets Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Radar Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Rotor Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Sentina Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Sextante Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Stopper Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Stein Von Liebig Balears I, S.L.U. (VGP-IB-SVL)
Madrid
UC
VGP-IB-MUR
100.00%
Madrid
UC
VGP-IB-MUR
100.00%
Trufa Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Volateo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Zelanda Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Zuncho Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
TOPWIND Energy S.R.L.
\u2013
\u2013
\u2013
\u2013
Bucharest
UC
VRP-RO
51.00%
Wind Energy Green Park S.R.L.
\u2013
\u2013
\u2013
\u2013
Bucharest
UC
VRP-RO
51.00%
VERBUND Green Power Albania Sh.p.k.
Tirana
UC
VGP
100.00%
Tirana
UC
VGP
100.00%
VERBUND Green Power Albania Wind Sh.p.k.
Tirana
UC
VGP
100.00%
Tirana
UC
VGP
100.00%
Segment: Sales
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH) \u2013 Sales activities
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
VERBUND Energy4Business GmbH (VEB)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Energy4Business Germany GmbH
Munich
CS
VEB
100.00%
Munich
CS
VEB
100.00%
VERBUND Energy4Customers GmbH (VEC)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Energy4Flex GmbH
Vienna
CS
VEB
100.00%
Vienna
CS
VEB
100.00%
VERBUND Energy4Future GmbH
Vienna
CS
VEB
100.00%
Vienna
CS
VEB
100.00%
VERBUND Engineers4Energy GmbH (was: MSP Solarpower GmbH)
Feldkirchen an der Donau
CS
VEB
100.00%
Feldkirchen an der Donau
CS
VEB
100.00%
Electriply GmbH
(vormals: iFix Solar
GmbH)
Feldkirchen an der Donau
CS
VEB
100.00%
Feldkirchen an der Donau
CS
VEB
100.00%
SMATRICS GmbH & Co KG (SMATRICS)
Vienna
CS
VEB
74.90%
Vienna
CS
VEB
74.90%
SMATRICS EnBW GmbH
Vienna
EM
00.01.1900
49.00%
Vienna
EM
00.01.1900
49.00%
Batteriespeicher M\u00fcnster GmbH
\u2013
\u2013
\u2013
\u2013
M\u00fcnster
EM
VEB
51.00%
E-Mobility Provider Austria GmbH
Vienna
UC
VEB
74.90%
Vienna
UC
VEB
74.90%
smart Energy Services GmbH
Vienna
UC
VEC
50.00%
Vienna
UC
VEC
50.00%
SOLAVOLTA Energie- und Umwelttechnik GmbH
Sankt Margarethen im Bgld.
UC
VEC
100.00%
Sankt Margarethen im Bgld.
UC
VEC
100.00%
Segment: Grid
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Austrian Power Grid AG (APG)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
Gas Connect Austria GmbH (GCA)
Vienna
CS
VH
51.00%
Vienna
CS
VH
51.00%
Austrian Gas Grid Management AG (AGGM)
Vienna
CS
GCA
51.00%
Vienna
CS
GCA
51.00%
Trans Austria Gasleitung GmbH (TAG)
Vienna
EM
GCA
15.53%
Vienna
EM
GCA
15.53%
OeMAG Abwicklungsstelle f\u00fcr \u00d6kostrom AG
Vienna
EM
APG
24.40%
Vienna
EM
APG
24.40%
AGCS Gas Clearing and Settlement AG
Vienna
UC
GCA
23.13%
Vienna
UC
GCA
23.13%
ASGM Austrian Strategic Gas Storage Management GmbH
Vienna
UC
AGGM
100.00%
Vienna
UC
AGGM
100.00%
VUM Verfahren Umwelt Management GmbH
Klagenfurt
UC
APG
100.00%
Klagenfurt
UC
APG
100.00%
Equigy B.V.
Arnheim
UC
APG
20.00%
Arnheim
UC
APG
20.00%
All other segments: Thermal generation
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Thermal Power GmbH (VTP GmbH)
Fernitz-Mellach
CS
VH
100.00%
Fernitz-Mellach
CS
VH
100.00%
VERBUND Thermal Power GmbH & Co KG
Fernitz-Mellach
CS
VH
VTP GmbH
100.00%
0.00%2
Fernitz-Mellach
CS
VH
VTP GmbH
100.00%
0.00%2
All other segments: Services
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Digital Power GmbH (was: VERBUND Services GmbH)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Business Solutions GmbH
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
All other segments: Equity interests
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH) \u2013 Equity interests
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
Klagenfurt
EM
VH
35.17%
Klagenfurt
EM
VH
35.17%
C2PAT GmbH
Vienna
UC
VH
25.00%
\u2013
\u2013
\u2013
\u2013
Other Group companies
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND AG (VH)
\u2013 All other activities
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
VERBUND Finanzierungsservice GmbH
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Ventures GmbH (VVE)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Green Hydrogen GmbH (VGH)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Green Hydrogen Sales GmbH
Vienna
CS
VGH
100.00%
Vienna
CS
VGH
100.00%
HalloSonne GmbH (HAS)
Vienna
UC
VEC
100.00%
\u2013
\u2013
\u2013
\u2013
TTTech Zyne GmbH
Vienna
UC
VVE
49.90%
Vienna
UC
VVE
49.90%
CS = consolidated subsidiary / EM = investee accounted for using the equity method / JO = joint operation, proportionate inclusion of assets and liabilities as well as income and expenses / UC = unconsolidated entities due to immateriality or lack of significant influence1 Joint ventures // 2 VERBUND Thermal Power GmbH holds an interest of < 0.01% in VERBUND Thermal Power GmbH & Co KG as a limited partner.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-32": { "value": "
As of May 2025, Tenuta del Campo S.r.l. was merged into ICA One S.r.l.
A new company, Batteriespeicher M\u00fcnster GmbH, was established as a joint venture in June 2025. The interest in that company is accounted for using the equity method.
The following companies were included in the basis of consolidation in August 2025: Camareta Solar, S.L.U., Cornamusa Solar, S.L.U., Cruceta Solar, S.L.U., Obenque Solar, S.L.U., Pa\u00f1ol Solar, S.L.U., Natera Solar, S.L.U., and Orla Solar, S.L.U.
In September 2025, VERBUND acquired ENOVA Windpark Beringhausen West Betriebs Gmbh & Co. KG and ENOVA Windpark Hillekopf-Hildfeld GmbH & Co. KG. Due to the fact that the former general partner left without a new general partner being appointed, the assets of those entities passed directly to VERBUND and the entities ceased to exist. Therefore, no addition of subsidiaries resulted from the transaction.
In addition, PV Novoli S.R.L. was merged into VERBUND Green Power Italia S.R.L. in November 2025.
As the last of a total of seven wind farm companies in Germany, MSH B\u00fcrger-Windpark-Feldatal GmbH & Co KG was included in the consolidated financial statements for the first time in November 2025 as part of an acquisition of assets. The other six wind farm companies had already been acquired in the previous year.

In addition, the Spanish companies Rehala Solar, S.L.U. and Reclamo Solar, S.L.U. were included in the basis of consolidation in December 2025.
Details on the acquisitions of groups of assets are presented in the following tables:
Acquisitions of groups of assets 2025
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Cash purchase price
Cash and cash equivalents acquired
Assets acquired
Financial liabilities acquired
Wind parks acquired in Germany
2.1
3.7
37.8
21.3
Wind projects under construction in Germany
22.0
0.0
21.0
0.0
Acquisition of groups of assets 2024\u00a0
\u00a0
in Mio.\u00a0\u20ac
\u00a0
Cash purchase price
Cash and cash equivalents acquired
Assets acquired
Financial liabilities acquired
Wind parks acquired in Austria
22,9
0,8
28,8
0,0
Wind parks acquired in Germany
21,1
5,4
72,5
43,8
Photovoltaic projects under construction in Italy
10,0
0,0
15,5
0,0
Cash payments for acquisitions of subsidiaries classified as acquisitions of assets are included in the cash flow statement under cash flow from investing activities in the line item \u201cCash outflow for capital expenditure for intangible assets and property, plant and equipment\u201d after deducting the cash and cash equivalents acquired in the transaction.
2.
Judgements and forward-looking assumptions
Preparers of financial statements are granted various options in connection with the application of IFRS. For this reason, management must make judgements as well as estimates and assumptions regarding future trends that may have a significant influence on the amounts shown in these consolidated financial statements. The amounts actually realised may differ from the amounts recognised based on the decisions and assumptions made. Estimates and underlying assumptions are regularly reviewed and adjusted if necessary.
The following judgements and forward-looking assumptions are among those that significantly impact the financial statements:
Discretionary decisions and assumptions regarding the future
\u00a0
Assessing whether a purchase transaction constitutes an acquisition of a business or an acquisition of assets or a group of assets
Section 1.2
Estimation of the terms of leases
Section 4.3
Determination of the discount rate for impairment testing
Section 4.4
Determination of the estimated future cash flows for impairment testing of goodwill
Section 4.4.1
Determination of the estimated future cash flows for impairment testing of power plants and grid infrastructure
Section 4.4.2
Measurement parameters of financial instruments measured at fair value under Level 3
Section 5.5.1
Determination of the discount rate for the measurement of pensions and similar obligations as well as statutory termination benefits
Section 9.2
Determination of measurement parameters for other provisions
Section 9.3
Determination of the likelihood of contingent liabilities materialising
Section 13.1
Determination of the term of leases
Determining the term of a lease when no clear fixed term has been agreed in advance can be subject to judgement. All facts and circumstances that represent an economic incentive to exercise a renewal option or to refrain from exercising a termination option are taken into account when determining the lease term. For land leases in particular, contracts are frequently concluded either for as long as the leased power plant or line is expected to continue to function at its present level or for an indefinite period. In the latter case, the presumed duration of the lease is based on the expected useful life of the power plant or line.
Determination of the discount rate
The discount rate is an after-tax interest rate that reflects current market estimates, the time value of money and the specific risks associated with an asset (or cash-generating unit). The corresponding pre-tax interest rate is calculated iteratively.
The weighted average cost of capital (WACC) is applied to determine recoverable amounts using net present value methods. The weighting of the return on equity and the cost of debt was derived from an adequate peer group. The return on equity is determined using a capital asset pricing model (CAPM) based on the reference rate, the market risk premium and a beta factor. The pre-tax cost of debt corresponds to the return on debt instruments traded on the market with an equivalent risk of default and matching terms. Corresponding premiums are taken into account in order to adequately depict country risks. In view of the volatile financial market environment, the WACC trend (and in particular country risk premiums) is under continuous observation.
4.4.1 Impairment testing of goodwill
Impairment testing of goodwill for the Hydro segment
\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
All hydraulic generation plants of VERBUND plus goodwill and deferred tax items
All hydraulic generation plants of VERBUND plus goodwill and deferred tax items
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Average expected generation of the respective power plants
Average expected generation of the respective power plants
Pricing
Internal price forecasts and power plant-specific premiums or discounts (for example, the sale of guarantees of origin)
Internal price forecasts and power plant-specific premiums or discounts (for example, the sale of guarantees of origin)
Planning period
Detailed planning phase: up to a maximum of 6 years depending on the specific power plant; rough planning phase: up to a maximum of 30 years depending on the specific power plant; subsequent terminal value phase following rough planning phase depending on the specific power plant
Detailed planning phase: up to a maximum of 6 years depending on the specific power plant; rough planning phase: up to a maximum of 29 years depending on the specific power plant; subsequent terminal value phase following rough planning phase depending on the specific power plant
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00%\u2013\u00a09.50% depending on the location
WACC: 5.50%\u2013\u00a09.25% depending on the location
Impairment loss during the period2
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 6.59%\u2013\u00a010.52% (previous year: 6.15%\u2013\u00a010.75%). // 2 In the opinion of Management, the carrying amount of the Hydro segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Sales segment
\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
All of VERBUND\u2019s sales activities plus goodwill
All of VERBUND\u2019s sales activities plus goodwill
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Expected trading and distribution volumes
Expected trading and distribution volumes
Pricing
Expected trading and distribution volumes
Expected trading and distribution volumes
Planning period
Detailed planning phase of 6 years followed by a terminal value phase
Detailed planning phase of 6 years followed by a terminal value phase
Key valuation assumptions
Expected trading and distribution volumes as well as trading and sales margins
Expected trading and distribution volumes as well as trading and sales margins
After-tax discount rate1
WACC after taxes: 5.00%\u2013\u00a011.75%
WACC after taxes: 5.50%\u2013\u00a09.25%
Impairment loss during the period2
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.31%\u2013\u00a011.04% (previous year: 7.10%\u2013\u00a012.89%) // 2 In the opinion of Management, the carrying amount of the Sales segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Inn River run-of-river power plant group\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Run-of-river power plants of the Inn River power plant group1, each of which also represents a cash-generating unit, plus goodwill and deferred tax accruals
Run-of-river power plants of the Inn River power plant group1, each of which also represents a cash-generating unit, plus goodwill and deferred tax accruals
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND Innkraftwerke GmbH budgets (based primarily on market data)
VERBUND Innkraftwerke GmbH budgets (based primarily on market data)
Volume
Annual output corresponding to the mean energy capability of 1,983\u00a0GWh
Annual output corresponding to the mean energy capability of 1,983\u00a0GWh
Pricing
Internal price forecasts; discounts for generation characteristics and hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted price); consideration of water charges based on official notices; estimate of maintenance costs by the managers responsible
External price forecasts; discounts for generation characteristics and the hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices); consideration of the water charges based on official notices; estimate of the maintenance costs by the managers responsible
Planning period
Detailed planning phase: 6 years; rough planning phase: 30 years followed by a terminal value phase
Detailed planning phase: 6 years; rough planning phase: 29 years followed by a terminal value phase
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate2
WACC: 5.00%
WACC: 5.50%
Impairment loss during the period3
\u2013
\u2013
1 The Inn River power plant group comprises the following run-of-river power plants: Aubach, Feldkirchen, Gars, Jettenbach II, Neu\u00f6tting, Perach, Rosenheim, Stammham, Teufelsbruck, T\u00f6ging, Wasserburg. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 6.53% (previous year: 6.15%). // 3 In the opinion of Management, the carrying amount of Kraftwerksgruppe Inn assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Grenzkraftwerke run-of river power plant group1\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Run-of-river power plants of the Grenzkraftwerke power plant group2, each of which represents a cash-generating unit, plus goodwill and deferred tax accruals
Run-of-river power plants of the Grenzkraftwerke power plant group2, each of which represents a cash-generating unit, plus goodwill and deferred tax accruals
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
Grenzkraftwerke GmbH\u2019s budgets (based primarily on market data)
Grenzkraftwerke GmbH\u2019s budgets (based primarily on market data)
Volume
Annual output corresponding to the mean energy capability of 3,957\u00a0GWh
Annual output corresponding to the mean energy capability of 3,999\u00a0GWh
Pricing
Internal price forecasts; discounts for generation characteristics and hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted price); consideration of water charges based on official notices; estimate of maintenance costs by the managers responsible
External price forecasts; discounts for generation characteristics and the hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices); consideration of the water charges based on official notices; estimate of the maintenance costs by the managers responsible
Planning period
Detailed planning phase: 6 years; rough planning phase: 30 years followed by a terminal value phase
Detailed planning phase: 6 years; rough planning phase: 29 years followed by a terminal value phase
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate3
WACC: 5.25%
WACC: 5.75%
Impairment loss during the period4
\u2013
\u2013
1 The following information relates to the second step of the two-step impairment test of the Grenzkraftwerke power plant group. The recoverability of the individual run-of-river power plant assets was tested in the first step. // 2 The Grenzkraftwerke power plant group comprises the following power plants: Braunau-Simbach, Egglfing-Obernberg, Ering-Frauenstein, Jochenstein, Nu\u00dfdorf, Oberaudorf-Ebbs, Passau-Ingling and Sch\u00e4rding-Neuhaus. // 3 The implicit input tax interest rate determined through a process of iteration amounted to 6.81%\u2013\u00a06.87% (previous year: 6.35%\u2013\u00a06.43%). // 4 In the opinion of Management, the carrying amount of the Grenzkraftwerke power plant group's assets (less deferred tax liabilities) including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for SMATRICS GmbH & Co KG\u00a0
\u00a0
31/12/2024
31/12/2025
Cash-generating unit
SMATRICS GmbH & Co KG, full-service provider for electromobility charging solutions
SMATRICS GmbH & Co KG, full-service provider for electromobility charging solutions
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
SMATRICS GmbH & Co KG budgets (based primarily on market data)
SMATRICS GmbH & Co KG budgets (based primarily on market data)
Volume
Electric vehicle charging points
Electric vehicle charging points
Pricing
Electric vehicle charging rates
Electric vehicle charging rates
Planning period
Detailed planning phase: 11 years plus subsequent terminal value phase
Detailed planning phase: 11 years plus subsequent terminal value phase
Key valuation assumptions
Electric vehicle charging points, discount rate
Electric vehicle charging points, discount rate
After-tax discount rate1
WACC: 11.75%
WACC: 9.25%
Impairment loss during the period
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 11.04% (previous year: 12.89%).
Sensitivity analysis for SMATRICS GmbH & Co KG as at 31/12/2025\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
9.25%
\u00b1 0.25 PP
\u20ac\u2013\u00a06.1m
\u20ac+\u00a06.5m
1 A change in the after-tax discount rate of +\u00a03.39 PP or more would mean that the carrying amount exceeds the recoverable amount.
Sensitivity analysis for SMATRICS GmbH & Co KG as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
11.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a04.2m
\u20ac+\u00a04.4m
Impairment testing of goodwill from Solarpower\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Solarpower (VERBUND Engineers4Energy GmbH/Electriply GmbH): construction of photovoltaic systems and distribution of components
Solarpower (VERBUND Engineers4Energy GmbH/Electriply GmbH): construction of photovoltaic systems and distribution of components
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
MWp plant engineering, sales volumes of Photovoltaik components
MWp plant engineering, sales volumes of Photovoltaik components
Pricing
Purchase prices for photovoltaic modules, inverters and mounting structures; purchased installation services; internal forecasts for project costs and own work
Purchase prices for photovoltaic modules, inverters and mounting structures; purchased installation services; internal forecasts for project costs and own work
Planning period
Detailed planning phase: 6 years plus subsequent terminal value phase
Detailed planning phase: 6 years plus subsequent terminal value phase
Key valuation assumptions
Price assumptions (\u20ac/MWp), discount rate
Price assumptions (\u20ac/MWp), discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Impairment loss during the period
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.31% (previous year: 7.12%)
Sensitivity analysis for Solarpower as at 31/12/2025\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.7m
\u20ac+\u00a01.9m
1 A change in the after-tax discount rate of +\u00a05.81 PP or more would mean that the carrying amount exceeds the recoverable amount.
Sensitivity analysis for Solarpower as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.8m
\u20ac+\u00a02.0m
Impairment testing of power plants and grid infrastructure
Due to the large number of cash-generating units in our Spanish portfolio, we have combined the following notes disclosures pursuant to IAS 36.130 to improve readability and comprehensibility. In so doing, we have presented cash-generating units with similar input parameters in a single table solely for the purpose of presentation in the consolidated financial statements. However, each cash-generating unit was tested separately \u2013 independent of the other CGUs \u2013 for impairment in accordance with IAS 36.
The renewable generation facilities in Spain were classified as follows:
\u25cf
Spain renewables portfolio \u2013 existing projects (wind and PV)
\u25cf
Spain renewables portfolio \u2013 development projects (PV)
\u25cf
Spain PV portfolio
\u25cf
Spain wind portfolio
The table below contains information on existing projects in our Spain renewable portfolio. Existing projects are divided among the following sub-portfolios: Anselma Issuer, S.A.U. with 17 CGUs; Topacio Energy, S.L.U. with 19 CGUs; and VERBUND Green Power Renewable Projects, S.L.U. with three CGUs.
Impairment testing of existing projects in the Spain renewables portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Wind/photovoltaic portfolios with a capacity of 174.1\u00a0MWp in operation (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U. and VERBUND Green Power Renewable Projects, S.L.U.)
Wind/photovoltaic portfolios with a capacity of 174.7\u00a0MWp in operation (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U. and VERBUND Green Power Renewable Projects, S.L.U.)
Basis for recoverable amount
Value in use
Value in use and fair value (level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Tariffs for the next 13\u201316 years, followed by internal price forecasts (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U.) or internal price forecasts only (VERBUND Green Power Renewable Projects, S.L.U.)
Tariffs for the next 12\u201315 years, followed by internal price forecasts (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U.) or internal price forecasts only (VERBUND Green Power Renewable Projects, S.L.U.)
Planning period
Detailed planning phase: 6 years; rough planning phase: 12\u201313 years for the Anselma Issuer, S.A.U. portfolio, 12\u2013\u00a015 years for the Topacio Energy, S.L.U. portfolio and 29 years for the VERBUND Green Power Renewable Projects, S.L.U. portfolio.
Detailed planning phase: 6 years; rough planning phase: 11\u201312 years for the Anselma Issuer, S.A.U. portfolio, 11\u201314 years for the Topacio Energy, S.L.U. portfolio and 24\u201329 years for the VERBUND Green Power Renewable Projects, S.L.U. portfolio.
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00% / 5.50%
WACC: 5.25%/5.75%
Recoverable amount
\u20ac438.9m
\u20ac396.0m
Change in value during the period2
\u20ac\u2013\u00a07.2m
\u20ac\u2013\u00a017.3m
1 Since the return on the Anselma Issuer, S.A.U. and Topacio Energy, S.L.U. portfolios is protected by tariff rate quotas for the next 12 to 15 years, followed by a period of merchant marketing, two different WACCs were used for the valuation. Merchant marketing is used exclusively with respect to the VERBUND Green Power Renewable Projects, S.L.U. portfolio. The implicit input tax interest rate determined through a process of iteration amounted to 6.68%\u2013\u00a08.48% (previous year 6.79%\u2013\u00a08.69% ). // 2 The impairment loss as at 31\u00a0December\u00a02025 comprised reversals of impairment losses at four CGUs from the Anselma Issuer, S.A.U. portfolio in a total amount of \u20ac\u20130.5m (previous year reversals of impairment losses in a total amount of \u20ac+7.7m); reversals of impairment losses at three CGUs from the Topacio Energy, S.L.U. portfolio in a total amount of \u20ac\u20130.1m (previous year: reversals of impairment losses in a total amount of \u20ac+7.3m) and impairment losses at three CGUs in the VERBUND Green Power Renewable Projects, S.L.U. portfolio in a total amount of \u20ac\u201316.7m (previous year: \u20ac22.3m).
Sensitivity analysis for existing projects in the Spain renewables portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in the key valuation assumption
Effects on the recoverable amount of the Anselma Issuer, S.A.U. portfolio
Effects on the recoverable amount of the Topacio Energy, S.L.U. portfolio
Effects on the recoverable amount of the VERBUND Green Power Renewable Projects, S.L.U. portfolio
After-tax discount rate
5.25% / 5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.9m
\u20ac+\u00a01.9m
\u20ac\u2013\u00a02.7m
\u20ac+\u00a02.8m
\u20ac\u2013\u00a02.8m
\u20ac+\u00a03.0m
Electricity price
\u20ac26.50/\u20ac33.88 per MWh (PV)/\u20ac71.45 per MWh (wind)
\u00b1 5%
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a05.6m
\u20ac\u2013\u00a05.6m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact.
Sensitivity analysis for existing projects in the Spain renewables portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, Anselma Issuer, S.A.U. portfolio
Effects on the recoverable amount, Topacio Energy, S.L.U. portfolio
Effects on the recoverable amount of the VERBUND Green Power Renewable Projects, S.L.U. portfolio
After-tax discount rate
5.00% / 5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a02.3m
\u20ac+\u00a02.3m
\u20ac\u2013\u00a03.1m
\u20ac+\u00a03.2m
\u20ac\u2013\u00a01.3m
\u20ac+\u00a01.4m
Electricity price
\u20ac37.0 per MWh (PV)/\u20ac76.4 per MWh (wind)
\u00b1 5%
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a00.1m
\u20ac\u2013\u00a00.1m
\u20ac+\u00a02.4m
\u20ac\u2013\u00a02.4m
The table of development projects in the Spain renewables portfolio includes 18 CGUs from the Tejo Solar, S.L.U. portfolio.
Impairment testing of development projects in Spain renewables portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Photovoltaic portfolios with a capacity of 1,576.7 MW under development (Tejo Solar, S.L.U.)
Photovoltaic portfolios with a capacity of 1,548.4 MW under development (Tejo Solar, S.L.U.)
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts, updated discount rate, increase in CapEx and postponement of commissioning
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Internal price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 29 years (PV)
Detailed planning phase: 6 years; rough planning phase: 29 years (PV)
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Recoverable amount
\u20ac222.4m
\u20ac407.3m
Change in value during the period2
\u20ac+64.5m
\u20ac+47.5m
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.03% (previous year: 6.79%) // 2 The impairment loss as at 31 December 2025 consisted of impairment losses and reversals of impairment losses at 15\u00a0CGUs in the Tejo Solar, S.L.U. portfolio totalling \u20ac+47.5m (previous year: \u20ac+64.5m for 19 CGUs in the Tejo Solar, S.L.U. portfolio
Sensitivity analysis for development projects in the Spain renewables portfolio
as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, portfolio Tejo Solar, S.L.U.2
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a042.5m
\u20ac+\u00a045.0m
Electricity price3
\u20ac26.5 per MWh
\u00b1 5%
\u20ac+\u00a069.2m
\u20ac\u2013\u00a068.7m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact. //2 The sensitivities shown only relate to the 17\u00a0projects affected by impairment (previous year: 19 projects). // 3 The electricity price shown relates to the year 2030. The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon.
Sensitivity analysis for development projects in the Spain renewables portfolio
as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, portfolio Tejo Solar, S.L.U.
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a034.3m
\u20ac+\u00a036.4m
Electricity price
\u20ac37.0 per MWh
\u00b1 5%
\u20ac+\u00a061.7m
\u20ac\u2013\u00a058.9m
Impairment testing of the Spain photovoltaic portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
148\u00a0MWp photovoltaic portfolio in Spain (Watt Development 5 S.L.U., Watt Development 6 S.L.U., Watt Development 7 S.L.U.)
148\u00a0MWp photovoltaic portfolio in Spain (Watt Development 5 S.L.U., Watt Development 6 S.L.U., Watt Development 7 S.L.U.)
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Internal price forecast, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 28 years
Detailed planning phase: 6 years; rough planning phase: 27 years
Key valuation assumptions
Discount rate
Discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Recoverable amount
\u20ac95.7m
\u20ac79.4m
Change in value during the period
\u20ac\u20138.3m
\u20ac\u2013\u00a012.7m
1 The implicit input tax interest rate determined through a process of iteration amounted to 6.71% (previous year: 6.51%).
Sensitivity analysis for the Spain photovoltaic portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a03.0m
\u20ac+\u00a03.1m
Electricity price2
\u20ac26.5 per MWh
\u00b1 5%
\u20ac+\u00a05.7m
\u20ac\u2013\u00a05.7m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact. // 2 The electricity price shown relates to the year 2030. The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon.
Sensitivity analysis for the Spain photovoltaic portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a03.2m
\u20ac+\u00a03.3m
Electricity price
\u20ac37.0 per MWh
\u00b1 5%
\u20ac+\u00a06.1m
\u20ac\u2013\u00a0\u00a06.1m
Impairment testing of the Spain wind portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
256\u00a0MWp wind portfolio with nine operating wind farms in Spain (Green Power Wind Spain 1, S.L.U., Green Power Wind Marquesado, S.L.U.)
256\u00a0MWp wind portfolio with nine operating wind farms in Spain (Green Power Wind Spain 1, S.L.U., Green Power Wind Marquesado, S.L.U.)
Basis for recoverable amount
Fair value (Level 3) less costs of disposal
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 49 years
Detailed planning phase: 6 years; rough planning phase: 48 years
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00% / 5.50%
WACC: 5.25% / 5.75%
Recoverable amount
\u20ac431.2m
\u20ac367.4m
Change in value during the period
\u20ac+11.6m
\u20ac\u2013\u00a06.8m
1 Since the return is protected by tariff rate quotas for up to 19 years, followed by a period of merchant marketing, two WACCs were used for the valuation.
Sensitivity analysis for the Spain wind portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.25% / 5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a015.3m
\u20ac+\u00a016.3m
Electricity price
\u20ac63.9 per MWh
n/a
\u20ac+\u00a029.0m
\u20ac\u2013\u00a029.0m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact.
Sensitivity analysis for the Spain wind portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.00% / 5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a018.8m
\u20ac+\u00a020.2m
Electricity price2
\u20ac69.7 per MWh
\u00b1 5%
\u20ac+\u00a035.4m
\u20ac\u2013\u00a035.4m
Additional disclosures regarding financial instruments in accordance with IFRS 7
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Interests in unconsolidated subsidiaries
FVOCI
2
44.9
44.9
Interests in unconsolidated subsidiaries
FVOCI
AC
28.9
28.9
Other equity interests
FVOCI
1
22.1
22.1
Other equity interests
FVOCI
2
158.3
158.3
Other equity interests
FVOCI
AC
42.3
42.3
Other equity interests and
unconsolidated subsidiaries
\u00a0
\u00a0
296.5
\u00a0
Derivatives in the energy area
FVPL
2
33.2
33.2
Derivatives in the energy area
FVPL
3
24.5
24.5
Derivatives in the finance area
FVPL
2
24.0
24.0
Receivables from derivative financial instruments
\u00a0
\u00a0
81.6
\u00a0
Securities
FVPL
1
161.7
161.7
Securities
FVOCI
3
10.1
10.1
Securities
FVOCI
AC
1.9
1.9
Securities \u2013 closed items on the balance sheet
AC
2
74.1
73.3
Loans \u2013 closed items on the balance sheet
AC
2
49.5
52.9
Loans
AC
2
64.4
65.3
Other
FVPL
3
44.2
44.2
Other
AC
\u2013
169.2
\u2013
Other
\u2013
\u2013
40.3
\u2013
Other investments and non-current other receivables
\u00a0
\u00a0
615.3
\u00a0
Current tax receivables
\u2013
\u2013
113.0
\u2013
Derivatives in the energy area
FVPL
1
0.2
0.2
Derivatives in the energy area
FVPL
2
103.4
103.4
Derivatives in the energy area
FVPL
3
5.5
5.5
Derivatives in the finance area
FVPL
2
1.8
1.8
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
7.0
7.0
Receivables from derivative financial instruments
\u00a0
\u00a0
117.9
\u00a0
Trade receivables
AC
\u2013
758.3
\u2013
Receivables from investees
AC
\u2013
35.0
\u2013
Loans to investees
AC
2
5.1
5.0
Other loans
AC
2
0.1
0.1
Loans \u2013 closed items on the balance sheet
AC
2
202.2
196.1
Securities
FVPL
1
1.1
1.1
Emission rights
\u2013
\u2013
70.9
\u2013
Other
AC
\u2013
95.5
\u2013
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Other
\u2013
\u2013
173.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,341.6
\u00a0
Cash and cash equivalents
AC
\u2013
72.8
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
1,526.1
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
406.5
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
308.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value
as at 31/12
Bonds
AC
2
1,126.7
1,028.9
Financial liabilities to banks and to others
AC
2
799.8
779.6
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
126.3
129.6
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
206.5
206.5
Capital shares attributable to limited partners
\u2013
\u2013
13.4
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,272.8
\u00a0
Derivatives in the energy area
FVPL
2
36.7
36.7
Liabilities from derivative financial instruments
\u00a0
\u00a0
36.7
\u00a0
Electricity supply commitment
\u2013
\u2013
62.4
\u2013
Obligation to return an interest
AC
3
227.1
227.1
Trade payables
AC
\u2013
2.6
\u2013
Lease liabilities
\u2013
\u2013
171.0
\u00a0
Other
AC
\u2013
541.1
\u2013
Other non-current liabilities
\u00a0
\u00a0
1,004.2
\u00a0
Derivatives in the energy area
FVPL
2
152.4
152.4
Liabilities from derivative financial instruments
\u00a0
\u00a0
152.4
\u00a0
Trade payables
AC
\u2013
241.1
\u2013
Lease liabilities
\u2013
\u2013
15.9
\u00a0
Other
AC
\u2013
573.1
\u2013
Other
\u2013
\u2013
175.6
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,005.6
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,637.8
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
189.1
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
206.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Interests in unconsolidated subsidiaries
FVOCI
2
40.9
40.9
Interests in unconsolidated subsidiaries
FVOCI
AC
13.0
13.0
Interests in unconsolidated subsidiaries
FVPL
3
10.4
10.4
Other equity interests
FVOCI
1
21.1
21.1
Other equity interests
FVOCI
2
153.5
153.5
Other equity interests
FVOCI
AC
33.2
33.2
Other equity interests and unconsolidated subsidiaries
\u00a0
\u00a0
272.1
\u00a0
Derivatives in the energy area
FVPL
2
37.0
37.0
Derivatives in the energy area
FVPL
3
12.0
12.0
Derivatives in the finance area
FVPL
2
22.2
22.2
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
11.6
11.6
Receivables from derivative financial instruments
\u00a0
\u00a0
82.8
\u00a0
Securities
FVPL
1
164.1
164.1
Securities
FVOCI
3
9.1
9.1
Securities
FVOCI
AC
1.6
1.6
Securities \u2013 closed items on the balance sheet
AC
2
77.9
78.1
Loans \u2013 closed items on the balance sheet
AC
2
269.7
270.5
Loans
AC
2
62.3
63.4
Other
FVPL
3
42.8
42.8
Other
AC
\u2013
143.9
\u2013
Other
\u2013
\u2013
31.5
\u2013
Investments and other receivables
\u00a0
\u00a0
803.0
\u00a0
Current tax receivables
\u2013
\u2013
16.8
\u2013
Derivatives in the energy area
FVPL
1
0.1
0.1
Derivatives in the energy area
FVPL
2
329.7
329.7
Derivatives in the finance area
FVPL
2
3.0
3.0
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
4.3
4.3
Receivables from derivative financial instruments
\u00a0
\u00a0
337.1
\u00a0
Trade receivables
AC
\u2013
865.9
\u2013
Receivables from investees
AC
\u2013
39.6
\u2013
Loans to investees
AC
2
4.0
3.9
Loans \u2013 closed items on the balance sheet
AC
2
94.7
90.5
Securities
FVPL
1
2.5
2.5
Money market transactions
AC
2
30.0
30.0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Emission rights
\u2013
\u2013
48.9
\u2013
Other
AC
\u2013
120.9
\u2013
Other
\u2013
\u2013
48.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,255.1
\u00a0
Cash and cash equivalents
AC
\u2013
795.1
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
2,504.0
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
639.7
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
272.4
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Bonds
AC
2
1,135.4
1,094.1
Financial liabilities to banks and to others
AC
2
670.9
671.9
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
137.8
144.1
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
320.4
320.4
Capital shares attributable to limited partners
\u2013
\u2013
10.7
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,275.2
\u00a0
Derivatives in the energy area
FVPL
2
138.1
138.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
138.1
\u00a0
Electricity supply commitment
\u2013
\u2013
81.2
\u2013
Obligation to return an interest
AC
3
184.7
236.0
Trade payables
AC
\u2013
9.9
\u2013
Lease liabilities
\u2013
\u2013
168.1
\u00a0
Other
AC
\u2013
508.3
\u2013
Other non-current liabilities
\u00a0
\u00a0
952.4
\u00a0
Derivatives in the energy area
FVPL
2
101.2
101.2
Derivatives in the energy area
FVPL
3
1.8
1.8
Derivatives in the finance area
FVPL
2
0.1
\u2013\u00a00.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
103.0
\u00a0
Trade payables
AC
\u2013
370.8
\u2013
Lease liabilities
\u2013
\u2013
10.9
\u00a0
Other
AC
\u2013
572.5
\u2013
Other
\u2013
\u2013
130.2
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,084.4
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,590.4
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
241.2
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
320.4
\u00a0
Valuation techniques and input factors for determining fair values
\u00a0
Level
Financial instruments
Valuation technique
Input factor
1
Energy forwards
Market approach
Settlement price published by the stock exchange
1
Securities, other equity interest in Burgenland Holding AG
Market approach
Stock exchange price
2
Securities and other loans under closed items on the balance sheet, long-term loans, liabilities to banks, bonds and other financial liabilities
Net present value approach
Payments associated with financial instruments, yield curves and counterparties\u2019 credit risk (credit default swaps or credit spread curves)
2
Interests in unconsolidated subsidiaries and other equity interests in Energie AG Ober\u00f6sterreich, among other interests
Market approach
Trading multiple, transaction price
2
Non-listed energy forwards
Net present value approach
Forward price curve derived from market prices, yield curves and counterparties\u2019 credit risk
2
Other assets and liabilities measured at fair value in the finance area
Net present value approach
Cash flows already fixed or calculated from forward rates, yield curves or counterparties\u2019 credit risk
3
Return obligation (obligation to transfer back the 50% interest acquired in Donaukraftwerk Jochenstein AG)
Net present value approach
Price forecasts for electricity, weighted average cost of capital after taxes
3
Securities (shares in Wiener B\u00f6rse AG)
Net present value approach
Expected profit distributions, cost of equity
3
Other non-current receivables (profit participation right with respect to material assets of TAG)
Net present value approach
Expected profit distributions, cost of equity
AC
Other interests in unconsolidated subsidiaries, other equity interests and securities
\u2013
Cost as a best estimate of fair value
\u2013
Cash and cash equivalents, trade receivables and payables, other current receivables, other borrowings within current credit lines as well as other current liabilities
\u2013
Carrying amounts as a best estimate of fair value
Components of net gains or losses
\u00a0
Measurement category
Remark
Financial assets and liabilities measured at fair value through profit or loss
The net gains or losses arose from the measurement of derivative financial instruments in the energy area (wholesale and trading) in the operating result, as well as from the measurement of (other) derivative and non-derivative financial instruments in the finance area in the other financial result
Financial assets and liabilities measured at fair value through profit or loss \u2013 designated
The net gains or losses arose from the measurement of financial liabilities to banks (closed items on the balance sheet). These gains and losses are offset by net gains and losses from financial assets and liabilities measured at fair value through profit or loss and net gains and losses from financial assets and liabilities measured at cost in the corresponding amounts.
Financial assets and liabilities measured at amortised cost
The net gains and losses relate primarily to financial instruments associated with closed items on the balance sheet in the other financial result as well as to valuation allowances on trade receivables in the operating result.
Personnel provisionsMeasurement of pensions and similar obligations as well as statutory termination benefits
Existing provisions for pensions and similar obligations as well as obligations for termination benefits (carrying amount as at 31\u00a0December 2025: \u20ac467.5m; previous year: \u20ac529.1m) were measured based on assumptions and estimates as at the reporting date. The key factors of influence included the discount rate, the estimated retirement age and estimated life expectancy as well as future increases in salaries and pension benefits:
Actuarial assumptions for pension obligations
\u00a0
\u00a0
2024
2025
Discount rate or expected rate of return from plan assets
3.25%
3.75%
Pension increases
2.00%\u2013\u00a04.25%
2.00%\u2013\u00a03.50%
Salary increases
2.50%\u2013\u00a04.25%
2.50%\u2013\u00a03.25%
Employee turnover
None
none
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Actuarial assumptions for obligations similar to pensions
\u00a0
\u00a0
2024
2025
Discount rate
3.25%
4.00%
Employee turnover (depending on duration of employment)
0.00%\u2013\u00a05.80%
0.0%\u2013\u00a06.20%
Change in contributions based on hospital cost index for
new contracts
2.50%\u2013\u00a06.00%
2.50%\u2013\u00a06.00%
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Actuarial assumptions for termination benefit obligations
\u00a0
\u00a0
2024
2025
Discount rate
3.00%
3.50%
Salary increases
2.50%\u2013\u00a04.25%
2.50%\u2013\u00a03.25%
Employee turnover (depending on duration of employment)
0.00%\u2013\u00a00.60%
0.00%\u2013\u00a00.60%
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Sensitivity analysis for net pension liability 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in net liability of
If assumption decreases, change in net liability of
Discount rate
0.25%
\u2013\u00a02.37%
2.48%
Pension increases
0.50%
5.13%
\u2013\u00a04.72%
Longevity based on mortality table
1 year
5.23%
\u2013\u00a05.16%
Sensitivity analysis for obligations similar to pensions 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a03.11%
3.28%
Change in contributions based on
hospital cost index (new contracts)
0.50%
6.62%
\u2013\u00a06.02%
Longevity based on mortality table
1 year
6.09%
\u2013\u00a05.88%
Sensitivity analysis for termination benefit obligations 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a01.36%
1.59%
Salary increases
0.50%
3.37%
\u2013\u00a03.23%
Longevity based on mortality table
1 year
\u2013\u00a00.01%
0.01%
Sensitivity analysis for net pension liability 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in net liability of
If assumption decreases, change in net liability of
Discount rate
0.25%
\u2013\u00a02.48%
2.60%
Pension increases
0.50%
5.35%
\u2013\u00a04.91%
Longevity based on mortality table
1 year
5.27%
\u2013\u00a05.20%
Sensitivity analysis for obligations similar to pensions 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a03.33%
3.52%
Change in contributions based on
hospital cost index (new contracts)
0.50%
7.09%
\u2013\u00a06.41%
Longevity based on mortality table
1 year
6.26%
\u2013\u00a06.03%
Sensitivity analysis for termination benefit obligations 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a01.69%
1.73%
Salary increases
0.50%
3.65%
\u2013\u00a03.48%
Longevity based on mortality table
1 year
0.00%
0.00%
Other provisions
Dismantling and decommissioning obligations
For obligations resulting from the dismantling or decommissioning of power plants, provisions are recognised at the discounted settlement amounts in the reporting period in which the obligations are incurred; the carrying amounts of the power plants increase concurrently (see section\u00a04.2 \u201cProperty, plant and equipment\u201d). In subsequent periods, the capitalised costs for dismantling or decommissioning are depreciated over the (remaining) useful life of the plants; interest is accrued on the provisions annually.
The provisions were measured at the reporting date on the basis of assumptions and estimates,with the main influencing factors being the expected dismantling dates, any expert reports commissioned to ascertain the costs of dismantling and decontamination or the proceeds from the sale of scrap, the indexing of these costs and the discount rate of 4.00%\u20137.42% (previous year: 3.25%\u20137.18%).
Miscellaneous other provisions mainly consist of provisions for legal and consultancy services and for damage caused by natural hazards as well as damage compensation payments.
13.1
Other obligations/entitlements and risks
Contingent liabilities
Contingent liabilities not recognised in VERBUND\u2019s balance sheet are assessed quarterly with respect to their probability of occurrence. The assessment is carried out by the managers responsible, taking account of market-related inputs (to the extent possible) and expert opinions (in individual cases).
List of Group companies
The following list of Group companies shows VERBUND\u2019s subsidiaries, joint ventures and associates in accordance with Section\u00a0245a(1) in conjunction with Section\u00a0265(2) of the Austrian Commercial Code (UGB). The list also includes unconsolidated subsidiaries and other joint ventures, associates and equity interests in which VERBUND\u2019s interest is \u2265 20% and which are not accounted for using the equity method.
Segment: Hydro
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH \u2013 Hydro
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
Innwerk AG (VHP-IW)
Stammham
CS
VH
100.00%
Stammham
CS
VH
100.00%
VERBUND Hydro Power GmbH (VHP)
Vienna
CS
VH
80.54%
Vienna
CS
VH
80.54%
VERBUND Innkraftwerke GmbH
T\u00f6ging
CS
VH
70.27%
T\u00f6ging
CS
VH
70.27%
Donaukraftwerk Jochenstein Aktiengesellschaft
Passau
CS
VH
VHP-IW
50.00%
50.00%
Passau
CS
VH
VHP-IW
50.00%
50.00%
Grenzkraftwerke GmbH
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Simbach
CS
VH
VHP-IW
50.00%
50.00%
\u00d6sterreichisch-Bayerische Kraftwerke Aktiengesellschaft
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Ennskraftwerke Aktiengesellschaft
Steyr
JO
VH
50.00%
Steyr
JO
VH
50.00%
Kraftwerk Nu\u00dfdorf Errichtungs- und Betriebs GmbH & Co KG
Vienna
EM1
VHP
33.33%
Vienna
EM1
VHP
33.33%
Kraftwerk Nu\u00dfdorf Errichtungs- und Betriebs GmbH
Vienna
EM1
VHP
33.33%
Vienna
EM1
VHP
33.33%
Ashta Beteiligungsverwaltung GmbH (VHP-AL-HII)
Vienna
EM1
VHP
50.01%
Vienna
EM1
VHP
50.01%
Energji Ashta Shpk
Bushat
EM1
VHP-AL-HII
100.00%
Bushat
EM1
VHP-AL-HII
100.00%
Lestin Tauch- und Bergungsunternehmen GmbH (LESTIN)
Vienna
UC
VHP
100.00%
Vienna
UC
VHP
100.00%
Murkraftwerk Graz Errichtungs- und BetriebsgmbH
Graz
UC
VHP
25.10%
Graz
UC
VHP
25.10%
VERBUND Tourismus GmbH
Vienna
UC
VHP
LESTIN
99.90%
0.10%
Vienna
UC
VHP
LESTIN
99.90%
0.10%
Manara HPP Operation Ltd.
Tel Aviv
UC
VHP
80.00%
Tel Aviv
UC
VHP
80.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Green Power GmbH (VGP)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Wind Power Austria GmbH (VRP-AT)
Vienna
CS
VHP
100.00%
Vienna
CS
VHP
100.00%
VERBUND Green Power Deutschland GmbH (VGP-DE)
Berlin
CS
VGP
100.00%
Berlin
CS
VGP
100.00%
VERBUND Green Power \u00d6sterreich GmbH (VGP-AT)
Vienna
CS
VGP
100.00%
Vienna
CS
VGP
100.00%
VERBUND Green Power Iberia, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
VERBUND Wind Power Romania SRL (VRP-RO)
Bucha-
rest
CS
VGP
100.00%
Bucha-
rest
CS
VGP
100.00%
Infrastrukturgesellschaft Bischheim GmbH & Co. KG
W\u00f6rr-
stadt
CS
VGP
80.60%
W\u00f6rrstadt
CS
VGP
80.60%
VERBUND Green Power Deutschland Photovoltaik GmbH
Berlin
CS
VGP
100.00%
Berlin
CS
VGP
100.00%
VERBUND Green Power Italia S.R.L. (VGP-IT)
Milan
CS
VGP
100.00%
Milan
CS
VGP
100.00%
ICA One S.R.L.
Milan
CS
VGP-IT
100.00%
Milan
CS
VGP-IT
100.00%
PV Novoli S.R.L.
Milan
CS
VGP-IT
100.00%
\u2013
\u2013
\u2013
\u2013
Tenuta del Campo S.R.L.
Milan
CS
VGP-IT
100.00%
\u2013
\u2013
\u2013
\u2013
Watt Development SPV 5 S.L.U. (VGP-IB-IL1)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Watt Development SPV 6 S.L.U. (VGP-IB-IL2)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Watt Development SPV 7 S.L.U. (VGP-IB-IL3)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Ayamonte S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Buseco S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Parque E\u00f3lico El Barroso S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Loma de los Pinos S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Lusitania Renovables S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Anselma Issuer, S.A.U. (VGP-IB-ANI)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Topacio Energy, S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Tejo Solar, S.L.U. (VGP-IB-TES)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
VERBUND Green Power Renewable Projects, S.L.U. (VGP-IB-GRP)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Sica Desarrollos Cuerva, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Los Navalmorales, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Albarreal, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Totan\u00e9s, S.L.U. (VGP-IB-SDT)
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
VERBUND Windpark M\u00fcnster GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Quelkhorn GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Mariengarten GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Oedelum GmbH
Schellerten
CS
VGP-DE
100.00%
Schellerten
CS
VGP-DE
100.00%
VERBUND Windpark Frielendorf GmbH & Co. KG (VGP-DE-FS)
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
MSH B\u00fcrger-Windpark-Feldatal GmbH & Co. KG
\u2013
\u2013
\u2013
\u2013
Feldatal
CS
VGP-DE-PV
100.00%
Cyopsa-El Molino Energia E\u00f3lica, S.A.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Energias Renovables de Musas, S.L.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Energias Renovables de Ofion, S.L.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Green Power Wind Spain 1, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
Green Power Wind Marquesado, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
Camareta Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Cornamusa Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Cruceta Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Natera Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Panol Solar, S.L.
Madrid
UC
VGP-IB-TES
51.00%
Madrid
CS
VGP-IB-TES
100.00%
Obenque Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Orla Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Reclamo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Rehala Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
PH Tambre Energy, s.l.
Madrid
EM1
VGP
50.00%
Madrid
EM1
VGP
50.00%
Amaranta Energy, s.l.
Madrid
EM1
VGP
50.00%
Madrid
EM1
VGP
50.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Infraestructuras de Illora S.L.
Madrid
UC
VGP-IB-IL1
VGP-IB-IL2
VGP-IB-IL3
20.00%
20.00%
20.00%
Madrid
UC
VGP-IB-IL1
VGP-IB-IL2
VGP-IB-IL3
20.00%
20.00%
20.00%
Windpark Frielendorf GmbH & Co. KG
Gilserberg
UC
VGP-DE-FS
32.50%
Gilserberg
UC
VGP-DE-FS
32.50%
cos phi gmbh
Vienna
UC
VGP-AT
100.00%
Vienna
UC
VGP-AT
100.00%
DA1 S.R.L.
Milan
UC
VGP-IT
100.00%
Milan
UC
VGP-IT
100.00%
SY05 S.R.L.
\u2013
\u2013
\u2013
\u2013
Milan
UC
VGP-IT
100.00%
Corleto S.r.l.
\u2013
\u2013
\u2013
\u2013
Faenza
UC
VGP-IT
100.00%
Totan\u00e9s Infraestructuras Comunes, S.L.
Madrid
UC
VGP-IB-SDT
38.89%
Madrid
UC
VGP-IB-SDT
38.89%
Murcia Solar Park GmbH (VGP-IB-MUR)
Berlin
UC
VGP-IB-ANI
100.00%
Berlin
UC
VGP-IB-ANI
100.00%
Baluma Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Baviera Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Bolardo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Boyante Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Braganza Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Cairo Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Carmesi Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Cenida Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Comunidad de Bienes del Huerto Solar del Hinojar, C.B.
Lorca
UC
VGP-IB-SVL
92.72%
Lorca
UC
VGP-IB-SVL
92.72%
Faballones Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Feanor Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Galadriel Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Helice Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Imai Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Koe Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Lima Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Miriel Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Mosqueton Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Nairobi Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Orion Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Penalara Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Perdiguero Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Peregrino Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Posets Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Radar Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Rotor Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Sentina Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Sextante Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Stopper Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Stein Von Liebig Balears I, S.L.U. (VGP-IB-SVL)
Madrid
UC
VGP-IB-MUR
100.00%
Madrid
UC
VGP-IB-MUR
100.00%
Trufa Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Volateo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Zelanda Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Zuncho Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
TOPWIND Energy S.R.L.
\u2013
\u2013
\u2013
\u2013
Bucharest
UC
VRP-RO
51.00%
Wind Energy Green Park S.R.L.
\u2013
\u2013
\u2013
\u2013
Bucharest
UC
VRP-RO
51.00%
VERBUND Green Power Albania Sh.p.k.
Tirana
UC
VGP
100.00%
Tirana
UC
VGP
100.00%
VERBUND Green Power Albania Wind Sh.p.k.
Tirana
UC
VGP
100.00%
Tirana
UC
VGP
100.00%
Segment: Sales
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH) \u2013 Sales activities
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
VERBUND Energy4Business GmbH (VEB)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Energy4Business Germany GmbH
Munich
CS
VEB
100.00%
Munich
CS
VEB
100.00%
VERBUND Energy4Customers GmbH (VEC)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Energy4Flex GmbH
Vienna
CS
VEB
100.00%
Vienna
CS
VEB
100.00%
VERBUND Energy4Future GmbH
Vienna
CS
VEB
100.00%
Vienna
CS
VEB
100.00%
VERBUND Engineers4Energy GmbH (was: MSP Solarpower GmbH)
Feldkirchen an der Donau
CS
VEB
100.00%
Feldkirchen an der Donau
CS
VEB
100.00%
Electriply GmbH
(vormals: iFix Solar
GmbH)
Feldkirchen an der Donau
CS
VEB
100.00%
Feldkirchen an der Donau
CS
VEB
100.00%
SMATRICS GmbH & Co KG (SMATRICS)
Vienna
CS
VEB
74.90%
Vienna
CS
VEB
74.90%
SMATRICS EnBW GmbH
Vienna
EM
00.01.1900
49.00%
Vienna
EM
00.01.1900
49.00%
Batteriespeicher M\u00fcnster GmbH
\u2013
\u2013
\u2013
\u2013
M\u00fcnster
EM
VEB
51.00%
E-Mobility Provider Austria GmbH
Vienna
UC
VEB
74.90%
Vienna
UC
VEB
74.90%
smart Energy Services GmbH
Vienna
UC
VEC
50.00%
Vienna
UC
VEC
50.00%
SOLAVOLTA Energie- und Umwelttechnik GmbH
Sankt Margarethen im Bgld.
UC
VEC
100.00%
Sankt Margarethen im Bgld.
UC
VEC
100.00%
Segment: Grid
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Austrian Power Grid AG (APG)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
Gas Connect Austria GmbH (GCA)
Vienna
CS
VH
51.00%
Vienna
CS
VH
51.00%
Austrian Gas Grid Management AG (AGGM)
Vienna
CS
GCA
51.00%
Vienna
CS
GCA
51.00%
Trans Austria Gasleitung GmbH (TAG)
Vienna
EM
GCA
15.53%
Vienna
EM
GCA
15.53%
OeMAG Abwicklungsstelle f\u00fcr \u00d6kostrom AG
Vienna
EM
APG
24.40%
Vienna
EM
APG
24.40%
AGCS Gas Clearing and Settlement AG
Vienna
UC
GCA
23.13%
Vienna
UC
GCA
23.13%
ASGM Austrian Strategic Gas Storage Management GmbH
Vienna
UC
AGGM
100.00%
Vienna
UC
AGGM
100.00%
VUM Verfahren Umwelt Management GmbH
Klagenfurt
UC
APG
100.00%
Klagenfurt
UC
APG
100.00%
Equigy B.V.
Arnheim
UC
APG
20.00%
Arnheim
UC
APG
20.00%
All other segments: Thermal generation
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Thermal Power GmbH (VTP GmbH)
Fernitz-Mellach
CS
VH
100.00%
Fernitz-Mellach
CS
VH
100.00%
VERBUND Thermal Power GmbH & Co KG
Fernitz-Mellach
CS
VH
VTP GmbH
100.00%
0.00%2
Fernitz-Mellach
CS
VH
VTP GmbH
100.00%
0.00%2
All other segments: Services
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Digital Power GmbH (was: VERBUND Services GmbH)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Business Solutions GmbH
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
All other segments: Equity interests
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH) \u2013 Equity interests
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
Klagenfurt
EM
VH
35.17%
Klagenfurt
EM
VH
35.17%
C2PAT GmbH
Vienna
UC
VH
25.00%
\u2013
\u2013
\u2013
\u2013
Other Group companies
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND AG (VH)
\u2013 All other activities
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
VERBUND Finanzierungsservice GmbH
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Ventures GmbH (VVE)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Green Hydrogen GmbH (VGH)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Green Hydrogen Sales GmbH
Vienna
CS
VGH
100.00%
Vienna
CS
VGH
100.00%
HalloSonne GmbH (HAS)
Vienna
UC
VEC
100.00%
\u2013
\u2013
\u2013
\u2013
TTTech Zyne GmbH
Vienna
UC
VVE
49.90%
Vienna
UC
VVE
49.90%
CS = consolidated subsidiary / EM = investee accounted for using the equity method / JO = joint operation, proportionate inclusion of assets and liabilities as well as income and expenses / UC = unconsolidated entities due to immateriality or lack of significant influence1 Joint ventures // 2 VERBUND Thermal Power GmbH holds an interest of < 0.01% in VERBUND Thermal Power GmbH & Co KG as a limited partner.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-33": { "value": "
As of May 2025, Tenuta del Campo S.r.l. was merged into ICA One S.r.l.
A new company, Batteriespeicher M\u00fcnster GmbH, was established as a joint venture in June 2025. The interest in that company is accounted for using the equity method.
The following companies were included in the basis of consolidation in August 2025: Camareta Solar, S.L.U., Cornamusa Solar, S.L.U., Cruceta Solar, S.L.U., Obenque Solar, S.L.U., Pa\u00f1ol Solar, S.L.U., Natera Solar, S.L.U., and Orla Solar, S.L.U.
In September 2025, VERBUND acquired ENOVA Windpark Beringhausen West Betriebs Gmbh & Co. KG and ENOVA Windpark Hillekopf-Hildfeld GmbH & Co. KG. Due to the fact that the former general partner left without a new general partner being appointed, the assets of those entities passed directly to VERBUND and the entities ceased to exist. Therefore, no addition of subsidiaries resulted from the transaction.
In addition, PV Novoli S.R.L. was merged into VERBUND Green Power Italia S.R.L. in November 2025.
As the last of a total of seven wind farm companies in Germany, MSH B\u00fcrger-Windpark-Feldatal GmbH & Co KG was included in the consolidated financial statements for the first time in November 2025 as part of an acquisition of assets. The other six wind farm companies had already been acquired in the previous year.

In addition, the Spanish companies Rehala Solar, S.L.U. and Reclamo Solar, S.L.U. were included in the basis of consolidation in December 2025.
Details on the acquisitions of groups of assets are presented in the following tables:
Acquisitions of groups of assets 2025
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Cash purchase price
Cash and cash equivalents acquired
Assets acquired
Financial liabilities acquired
Wind parks acquired in Germany
2.1
3.7
37.8
21.3
Wind projects under construction in Germany
22.0
0.0
21.0
0.0
Acquisition of groups of assets 2024\u00a0
\u00a0
in Mio.\u00a0\u20ac
\u00a0
Cash purchase price
Cash and cash equivalents acquired
Assets acquired
Financial liabilities acquired
Wind parks acquired in Austria
22,9
0,8
28,8
0,0
Wind parks acquired in Germany
21,1
5,4
72,5
43,8
Photovoltaic projects under construction in Italy
10,0
0,0
15,5
0,0
Cash payments for acquisitions of subsidiaries classified as acquisitions of assets are included in the cash flow statement under cash flow from investing activities in the line item \u201cCash outflow for capital expenditure for intangible assets and property, plant and equipment\u201d after deducting the cash and cash equivalents acquired in the transaction.
2.
Judgements and forward-looking assumptions
Preparers of financial statements are granted various options in connection with the application of IFRS. For this reason, management must make judgements as well as estimates and assumptions regarding future trends that may have a significant influence on the amounts shown in these consolidated financial statements. The amounts actually realised may differ from the amounts recognised based on the decisions and assumptions made. Estimates and underlying assumptions are regularly reviewed and adjusted if necessary.
The following judgements and forward-looking assumptions are among those that significantly impact the financial statements:
Discretionary decisions and assumptions regarding the future
\u00a0
Assessing whether a purchase transaction constitutes an acquisition of a business or an acquisition of assets or a group of assets
Section 1.2
Estimation of the terms of leases
Section 4.3
Determination of the discount rate for impairment testing
Section 4.4
Determination of the estimated future cash flows for impairment testing of goodwill
Section 4.4.1
Determination of the estimated future cash flows for impairment testing of power plants and grid infrastructure
Section 4.4.2
Measurement parameters of financial instruments measured at fair value under Level 3
Section 5.5.1
Determination of the discount rate for the measurement of pensions and similar obligations as well as statutory termination benefits
Section 9.2
Determination of measurement parameters for other provisions
Section 9.3
Determination of the likelihood of contingent liabilities materialising
Section 13.1
Determination of the term of leases
Determining the term of a lease when no clear fixed term has been agreed in advance can be subject to judgement. All facts and circumstances that represent an economic incentive to exercise a renewal option or to refrain from exercising a termination option are taken into account when determining the lease term. For land leases in particular, contracts are frequently concluded either for as long as the leased power plant or line is expected to continue to function at its present level or for an indefinite period. In the latter case, the presumed duration of the lease is based on the expected useful life of the power plant or line.
Determination of the discount rate
The discount rate is an after-tax interest rate that reflects current market estimates, the time value of money and the specific risks associated with an asset (or cash-generating unit). The corresponding pre-tax interest rate is calculated iteratively.
The weighted average cost of capital (WACC) is applied to determine recoverable amounts using net present value methods. The weighting of the return on equity and the cost of debt was derived from an adequate peer group. The return on equity is determined using a capital asset pricing model (CAPM) based on the reference rate, the market risk premium and a beta factor. The pre-tax cost of debt corresponds to the return on debt instruments traded on the market with an equivalent risk of default and matching terms. Corresponding premiums are taken into account in order to adequately depict country risks. In view of the volatile financial market environment, the WACC trend (and in particular country risk premiums) is under continuous observation.
4.4.1 Impairment testing of goodwill
Impairment testing of goodwill for the Hydro segment
\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
All hydraulic generation plants of VERBUND plus goodwill and deferred tax items
All hydraulic generation plants of VERBUND plus goodwill and deferred tax items
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Average expected generation of the respective power plants
Average expected generation of the respective power plants
Pricing
Internal price forecasts and power plant-specific premiums or discounts (for example, the sale of guarantees of origin)
Internal price forecasts and power plant-specific premiums or discounts (for example, the sale of guarantees of origin)
Planning period
Detailed planning phase: up to a maximum of 6 years depending on the specific power plant; rough planning phase: up to a maximum of 30 years depending on the specific power plant; subsequent terminal value phase following rough planning phase depending on the specific power plant
Detailed planning phase: up to a maximum of 6 years depending on the specific power plant; rough planning phase: up to a maximum of 29 years depending on the specific power plant; subsequent terminal value phase following rough planning phase depending on the specific power plant
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00%\u2013\u00a09.50% depending on the location
WACC: 5.50%\u2013\u00a09.25% depending on the location
Impairment loss during the period2
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 6.59%\u2013\u00a010.52% (previous year: 6.15%\u2013\u00a010.75%). // 2 In the opinion of Management, the carrying amount of the Hydro segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Sales segment
\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
All of VERBUND\u2019s sales activities plus goodwill
All of VERBUND\u2019s sales activities plus goodwill
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Expected trading and distribution volumes
Expected trading and distribution volumes
Pricing
Expected trading and distribution volumes
Expected trading and distribution volumes
Planning period
Detailed planning phase of 6 years followed by a terminal value phase
Detailed planning phase of 6 years followed by a terminal value phase
Key valuation assumptions
Expected trading and distribution volumes as well as trading and sales margins
Expected trading and distribution volumes as well as trading and sales margins
After-tax discount rate1
WACC after taxes: 5.00%\u2013\u00a011.75%
WACC after taxes: 5.50%\u2013\u00a09.25%
Impairment loss during the period2
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.31%\u2013\u00a011.04% (previous year: 7.10%\u2013\u00a012.89%) // 2 In the opinion of Management, the carrying amount of the Sales segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Inn River run-of-river power plant group\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Run-of-river power plants of the Inn River power plant group1, each of which also represents a cash-generating unit, plus goodwill and deferred tax accruals
Run-of-river power plants of the Inn River power plant group1, each of which also represents a cash-generating unit, plus goodwill and deferred tax accruals
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND Innkraftwerke GmbH budgets (based primarily on market data)
VERBUND Innkraftwerke GmbH budgets (based primarily on market data)
Volume
Annual output corresponding to the mean energy capability of 1,983\u00a0GWh
Annual output corresponding to the mean energy capability of 1,983\u00a0GWh
Pricing
Internal price forecasts; discounts for generation characteristics and hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted price); consideration of water charges based on official notices; estimate of maintenance costs by the managers responsible
External price forecasts; discounts for generation characteristics and the hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices); consideration of the water charges based on official notices; estimate of the maintenance costs by the managers responsible
Planning period
Detailed planning phase: 6 years; rough planning phase: 30 years followed by a terminal value phase
Detailed planning phase: 6 years; rough planning phase: 29 years followed by a terminal value phase
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate2
WACC: 5.00%
WACC: 5.50%
Impairment loss during the period3
\u2013
\u2013
1 The Inn River power plant group comprises the following run-of-river power plants: Aubach, Feldkirchen, Gars, Jettenbach II, Neu\u00f6tting, Perach, Rosenheim, Stammham, Teufelsbruck, T\u00f6ging, Wasserburg. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 6.53% (previous year: 6.15%). // 3 In the opinion of Management, the carrying amount of Kraftwerksgruppe Inn assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Grenzkraftwerke run-of river power plant group1\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Run-of-river power plants of the Grenzkraftwerke power plant group2, each of which represents a cash-generating unit, plus goodwill and deferred tax accruals
Run-of-river power plants of the Grenzkraftwerke power plant group2, each of which represents a cash-generating unit, plus goodwill and deferred tax accruals
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
Grenzkraftwerke GmbH\u2019s budgets (based primarily on market data)
Grenzkraftwerke GmbH\u2019s budgets (based primarily on market data)
Volume
Annual output corresponding to the mean energy capability of 3,957\u00a0GWh
Annual output corresponding to the mean energy capability of 3,999\u00a0GWh
Pricing
Internal price forecasts; discounts for generation characteristics and hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted price); consideration of water charges based on official notices; estimate of maintenance costs by the managers responsible
External price forecasts; discounts for generation characteristics and the hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices); consideration of the water charges based on official notices; estimate of the maintenance costs by the managers responsible
Planning period
Detailed planning phase: 6 years; rough planning phase: 30 years followed by a terminal value phase
Detailed planning phase: 6 years; rough planning phase: 29 years followed by a terminal value phase
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate3
WACC: 5.25%
WACC: 5.75%
Impairment loss during the period4
\u2013
\u2013
1 The following information relates to the second step of the two-step impairment test of the Grenzkraftwerke power plant group. The recoverability of the individual run-of-river power plant assets was tested in the first step. // 2 The Grenzkraftwerke power plant group comprises the following power plants: Braunau-Simbach, Egglfing-Obernberg, Ering-Frauenstein, Jochenstein, Nu\u00dfdorf, Oberaudorf-Ebbs, Passau-Ingling and Sch\u00e4rding-Neuhaus. // 3 The implicit input tax interest rate determined through a process of iteration amounted to 6.81%\u2013\u00a06.87% (previous year: 6.35%\u2013\u00a06.43%). // 4 In the opinion of Management, the carrying amount of the Grenzkraftwerke power plant group's assets (less deferred tax liabilities) including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for SMATRICS GmbH & Co KG\u00a0
\u00a0
31/12/2024
31/12/2025
Cash-generating unit
SMATRICS GmbH & Co KG, full-service provider for electromobility charging solutions
SMATRICS GmbH & Co KG, full-service provider for electromobility charging solutions
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
SMATRICS GmbH & Co KG budgets (based primarily on market data)
SMATRICS GmbH & Co KG budgets (based primarily on market data)
Volume
Electric vehicle charging points
Electric vehicle charging points
Pricing
Electric vehicle charging rates
Electric vehicle charging rates
Planning period
Detailed planning phase: 11 years plus subsequent terminal value phase
Detailed planning phase: 11 years plus subsequent terminal value phase
Key valuation assumptions
Electric vehicle charging points, discount rate
Electric vehicle charging points, discount rate
After-tax discount rate1
WACC: 11.75%
WACC: 9.25%
Impairment loss during the period
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 11.04% (previous year: 12.89%).
Sensitivity analysis for SMATRICS GmbH & Co KG as at 31/12/2025\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
9.25%
\u00b1 0.25 PP
\u20ac\u2013\u00a06.1m
\u20ac+\u00a06.5m
1 A change in the after-tax discount rate of +\u00a03.39 PP or more would mean that the carrying amount exceeds the recoverable amount.
Sensitivity analysis for SMATRICS GmbH & Co KG as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
11.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a04.2m
\u20ac+\u00a04.4m
Impairment testing of goodwill from Solarpower\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Solarpower (VERBUND Engineers4Energy GmbH/Electriply GmbH): construction of photovoltaic systems and distribution of components
Solarpower (VERBUND Engineers4Energy GmbH/Electriply GmbH): construction of photovoltaic systems and distribution of components
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
MWp plant engineering, sales volumes of Photovoltaik components
MWp plant engineering, sales volumes of Photovoltaik components
Pricing
Purchase prices for photovoltaic modules, inverters and mounting structures; purchased installation services; internal forecasts for project costs and own work
Purchase prices for photovoltaic modules, inverters and mounting structures; purchased installation services; internal forecasts for project costs and own work
Planning period
Detailed planning phase: 6 years plus subsequent terminal value phase
Detailed planning phase: 6 years plus subsequent terminal value phase
Key valuation assumptions
Price assumptions (\u20ac/MWp), discount rate
Price assumptions (\u20ac/MWp), discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Impairment loss during the period
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.31% (previous year: 7.12%)
Sensitivity analysis for Solarpower as at 31/12/2025\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.7m
\u20ac+\u00a01.9m
1 A change in the after-tax discount rate of +\u00a05.81 PP or more would mean that the carrying amount exceeds the recoverable amount.
Sensitivity analysis for Solarpower as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.8m
\u20ac+\u00a02.0m
Impairment testing of power plants and grid infrastructure
Due to the large number of cash-generating units in our Spanish portfolio, we have combined the following notes disclosures pursuant to IAS 36.130 to improve readability and comprehensibility. In so doing, we have presented cash-generating units with similar input parameters in a single table solely for the purpose of presentation in the consolidated financial statements. However, each cash-generating unit was tested separately \u2013 independent of the other CGUs \u2013 for impairment in accordance with IAS 36.
The renewable generation facilities in Spain were classified as follows:
\u25cf
Spain renewables portfolio \u2013 existing projects (wind and PV)
\u25cf
Spain renewables portfolio \u2013 development projects (PV)
\u25cf
Spain PV portfolio
\u25cf
Spain wind portfolio
The table below contains information on existing projects in our Spain renewable portfolio. Existing projects are divided among the following sub-portfolios: Anselma Issuer, S.A.U. with 17 CGUs; Topacio Energy, S.L.U. with 19 CGUs; and VERBUND Green Power Renewable Projects, S.L.U. with three CGUs.
Impairment testing of existing projects in the Spain renewables portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Wind/photovoltaic portfolios with a capacity of 174.1\u00a0MWp in operation (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U. and VERBUND Green Power Renewable Projects, S.L.U.)
Wind/photovoltaic portfolios with a capacity of 174.7\u00a0MWp in operation (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U. and VERBUND Green Power Renewable Projects, S.L.U.)
Basis for recoverable amount
Value in use
Value in use and fair value (level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Tariffs for the next 13\u201316 years, followed by internal price forecasts (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U.) or internal price forecasts only (VERBUND Green Power Renewable Projects, S.L.U.)
Tariffs for the next 12\u201315 years, followed by internal price forecasts (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U.) or internal price forecasts only (VERBUND Green Power Renewable Projects, S.L.U.)
Planning period
Detailed planning phase: 6 years; rough planning phase: 12\u201313 years for the Anselma Issuer, S.A.U. portfolio, 12\u2013\u00a015 years for the Topacio Energy, S.L.U. portfolio and 29 years for the VERBUND Green Power Renewable Projects, S.L.U. portfolio.
Detailed planning phase: 6 years; rough planning phase: 11\u201312 years for the Anselma Issuer, S.A.U. portfolio, 11\u201314 years for the Topacio Energy, S.L.U. portfolio and 24\u201329 years for the VERBUND Green Power Renewable Projects, S.L.U. portfolio.
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00% / 5.50%
WACC: 5.25%/5.75%
Recoverable amount
\u20ac438.9m
\u20ac396.0m
Change in value during the period2
\u20ac\u2013\u00a07.2m
\u20ac\u2013\u00a017.3m
1 Since the return on the Anselma Issuer, S.A.U. and Topacio Energy, S.L.U. portfolios is protected by tariff rate quotas for the next 12 to 15 years, followed by a period of merchant marketing, two different WACCs were used for the valuation. Merchant marketing is used exclusively with respect to the VERBUND Green Power Renewable Projects, S.L.U. portfolio. The implicit input tax interest rate determined through a process of iteration amounted to 6.68%\u2013\u00a08.48% (previous year 6.79%\u2013\u00a08.69% ). // 2 The impairment loss as at 31\u00a0December\u00a02025 comprised reversals of impairment losses at four CGUs from the Anselma Issuer, S.A.U. portfolio in a total amount of \u20ac\u20130.5m (previous year reversals of impairment losses in a total amount of \u20ac+7.7m); reversals of impairment losses at three CGUs from the Topacio Energy, S.L.U. portfolio in a total amount of \u20ac\u20130.1m (previous year: reversals of impairment losses in a total amount of \u20ac+7.3m) and impairment losses at three CGUs in the VERBUND Green Power Renewable Projects, S.L.U. portfolio in a total amount of \u20ac\u201316.7m (previous year: \u20ac22.3m).
Sensitivity analysis for existing projects in the Spain renewables portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in the key valuation assumption
Effects on the recoverable amount of the Anselma Issuer, S.A.U. portfolio
Effects on the recoverable amount of the Topacio Energy, S.L.U. portfolio
Effects on the recoverable amount of the VERBUND Green Power Renewable Projects, S.L.U. portfolio
After-tax discount rate
5.25% / 5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.9m
\u20ac+\u00a01.9m
\u20ac\u2013\u00a02.7m
\u20ac+\u00a02.8m
\u20ac\u2013\u00a02.8m
\u20ac+\u00a03.0m
Electricity price
\u20ac26.50/\u20ac33.88 per MWh (PV)/\u20ac71.45 per MWh (wind)
\u00b1 5%
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a05.6m
\u20ac\u2013\u00a05.6m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact.
Sensitivity analysis for existing projects in the Spain renewables portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, Anselma Issuer, S.A.U. portfolio
Effects on the recoverable amount, Topacio Energy, S.L.U. portfolio
Effects on the recoverable amount of the VERBUND Green Power Renewable Projects, S.L.U. portfolio
After-tax discount rate
5.00% / 5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a02.3m
\u20ac+\u00a02.3m
\u20ac\u2013\u00a03.1m
\u20ac+\u00a03.2m
\u20ac\u2013\u00a01.3m
\u20ac+\u00a01.4m
Electricity price
\u20ac37.0 per MWh (PV)/\u20ac76.4 per MWh (wind)
\u00b1 5%
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a00.1m
\u20ac\u2013\u00a00.1m
\u20ac+\u00a02.4m
\u20ac\u2013\u00a02.4m
The table of development projects in the Spain renewables portfolio includes 18 CGUs from the Tejo Solar, S.L.U. portfolio.
Impairment testing of development projects in Spain renewables portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Photovoltaic portfolios with a capacity of 1,576.7 MW under development (Tejo Solar, S.L.U.)
Photovoltaic portfolios with a capacity of 1,548.4 MW under development (Tejo Solar, S.L.U.)
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts, updated discount rate, increase in CapEx and postponement of commissioning
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Internal price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 29 years (PV)
Detailed planning phase: 6 years; rough planning phase: 29 years (PV)
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Recoverable amount
\u20ac222.4m
\u20ac407.3m
Change in value during the period2
\u20ac+64.5m
\u20ac+47.5m
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.03% (previous year: 6.79%) // 2 The impairment loss as at 31 December 2025 consisted of impairment losses and reversals of impairment losses at 15\u00a0CGUs in the Tejo Solar, S.L.U. portfolio totalling \u20ac+47.5m (previous year: \u20ac+64.5m for 19 CGUs in the Tejo Solar, S.L.U. portfolio
Sensitivity analysis for development projects in the Spain renewables portfolio
as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, portfolio Tejo Solar, S.L.U.2
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a042.5m
\u20ac+\u00a045.0m
Electricity price3
\u20ac26.5 per MWh
\u00b1 5%
\u20ac+\u00a069.2m
\u20ac\u2013\u00a068.7m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact. //2 The sensitivities shown only relate to the 17\u00a0projects affected by impairment (previous year: 19 projects). // 3 The electricity price shown relates to the year 2030. The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon.
Sensitivity analysis for development projects in the Spain renewables portfolio
as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, portfolio Tejo Solar, S.L.U.
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a034.3m
\u20ac+\u00a036.4m
Electricity price
\u20ac37.0 per MWh
\u00b1 5%
\u20ac+\u00a061.7m
\u20ac\u2013\u00a058.9m
Impairment testing of the Spain photovoltaic portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
148\u00a0MWp photovoltaic portfolio in Spain (Watt Development 5 S.L.U., Watt Development 6 S.L.U., Watt Development 7 S.L.U.)
148\u00a0MWp photovoltaic portfolio in Spain (Watt Development 5 S.L.U., Watt Development 6 S.L.U., Watt Development 7 S.L.U.)
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Internal price forecast, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 28 years
Detailed planning phase: 6 years; rough planning phase: 27 years
Key valuation assumptions
Discount rate
Discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Recoverable amount
\u20ac95.7m
\u20ac79.4m
Change in value during the period
\u20ac\u20138.3m
\u20ac\u2013\u00a012.7m
1 The implicit input tax interest rate determined through a process of iteration amounted to 6.71% (previous year: 6.51%).
Sensitivity analysis for the Spain photovoltaic portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a03.0m
\u20ac+\u00a03.1m
Electricity price2
\u20ac26.5 per MWh
\u00b1 5%
\u20ac+\u00a05.7m
\u20ac\u2013\u00a05.7m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact. // 2 The electricity price shown relates to the year 2030. The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon.
Sensitivity analysis for the Spain photovoltaic portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a03.2m
\u20ac+\u00a03.3m
Electricity price
\u20ac37.0 per MWh
\u00b1 5%
\u20ac+\u00a06.1m
\u20ac\u2013\u00a0\u00a06.1m
Impairment testing of the Spain wind portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
256\u00a0MWp wind portfolio with nine operating wind farms in Spain (Green Power Wind Spain 1, S.L.U., Green Power Wind Marquesado, S.L.U.)
256\u00a0MWp wind portfolio with nine operating wind farms in Spain (Green Power Wind Spain 1, S.L.U., Green Power Wind Marquesado, S.L.U.)
Basis for recoverable amount
Fair value (Level 3) less costs of disposal
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 49 years
Detailed planning phase: 6 years; rough planning phase: 48 years
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00% / 5.50%
WACC: 5.25% / 5.75%
Recoverable amount
\u20ac431.2m
\u20ac367.4m
Change in value during the period
\u20ac+11.6m
\u20ac\u2013\u00a06.8m
1 Since the return is protected by tariff rate quotas for up to 19 years, followed by a period of merchant marketing, two WACCs were used for the valuation.
Sensitivity analysis for the Spain wind portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.25% / 5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a015.3m
\u20ac+\u00a016.3m
Electricity price
\u20ac63.9 per MWh
n/a
\u20ac+\u00a029.0m
\u20ac\u2013\u00a029.0m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact.
Sensitivity analysis for the Spain wind portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.00% / 5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a018.8m
\u20ac+\u00a020.2m
Electricity price2
\u20ac69.7 per MWh
\u00b1 5%
\u20ac+\u00a035.4m
\u20ac\u2013\u00a035.4m
Additional disclosures regarding financial instruments in accordance with IFRS 7
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Interests in unconsolidated subsidiaries
FVOCI
2
44.9
44.9
Interests in unconsolidated subsidiaries
FVOCI
AC
28.9
28.9
Other equity interests
FVOCI
1
22.1
22.1
Other equity interests
FVOCI
2
158.3
158.3
Other equity interests
FVOCI
AC
42.3
42.3
Other equity interests and
unconsolidated subsidiaries
\u00a0
\u00a0
296.5
\u00a0
Derivatives in the energy area
FVPL
2
33.2
33.2
Derivatives in the energy area
FVPL
3
24.5
24.5
Derivatives in the finance area
FVPL
2
24.0
24.0
Receivables from derivative financial instruments
\u00a0
\u00a0
81.6
\u00a0
Securities
FVPL
1
161.7
161.7
Securities
FVOCI
3
10.1
10.1
Securities
FVOCI
AC
1.9
1.9
Securities \u2013 closed items on the balance sheet
AC
2
74.1
73.3
Loans \u2013 closed items on the balance sheet
AC
2
49.5
52.9
Loans
AC
2
64.4
65.3
Other
FVPL
3
44.2
44.2
Other
AC
\u2013
169.2
\u2013
Other
\u2013
\u2013
40.3
\u2013
Other investments and non-current other receivables
\u00a0
\u00a0
615.3
\u00a0
Current tax receivables
\u2013
\u2013
113.0
\u2013
Derivatives in the energy area
FVPL
1
0.2
0.2
Derivatives in the energy area
FVPL
2
103.4
103.4
Derivatives in the energy area
FVPL
3
5.5
5.5
Derivatives in the finance area
FVPL
2
1.8
1.8
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
7.0
7.0
Receivables from derivative financial instruments
\u00a0
\u00a0
117.9
\u00a0
Trade receivables
AC
\u2013
758.3
\u2013
Receivables from investees
AC
\u2013
35.0
\u2013
Loans to investees
AC
2
5.1
5.0
Other loans
AC
2
0.1
0.1
Loans \u2013 closed items on the balance sheet
AC
2
202.2
196.1
Securities
FVPL
1
1.1
1.1
Emission rights
\u2013
\u2013
70.9
\u2013
Other
AC
\u2013
95.5
\u2013
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Other
\u2013
\u2013
173.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,341.6
\u00a0
Cash and cash equivalents
AC
\u2013
72.8
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
1,526.1
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
406.5
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
308.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value
as at 31/12
Bonds
AC
2
1,126.7
1,028.9
Financial liabilities to banks and to others
AC
2
799.8
779.6
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
126.3
129.6
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
206.5
206.5
Capital shares attributable to limited partners
\u2013
\u2013
13.4
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,272.8
\u00a0
Derivatives in the energy area
FVPL
2
36.7
36.7
Liabilities from derivative financial instruments
\u00a0
\u00a0
36.7
\u00a0
Electricity supply commitment
\u2013
\u2013
62.4
\u2013
Obligation to return an interest
AC
3
227.1
227.1
Trade payables
AC
\u2013
2.6
\u2013
Lease liabilities
\u2013
\u2013
171.0
\u00a0
Other
AC
\u2013
541.1
\u2013
Other non-current liabilities
\u00a0
\u00a0
1,004.2
\u00a0
Derivatives in the energy area
FVPL
2
152.4
152.4
Liabilities from derivative financial instruments
\u00a0
\u00a0
152.4
\u00a0
Trade payables
AC
\u2013
241.1
\u2013
Lease liabilities
\u2013
\u2013
15.9
\u00a0
Other
AC
\u2013
573.1
\u2013
Other
\u2013
\u2013
175.6
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,005.6
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,637.8
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
189.1
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
206.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Interests in unconsolidated subsidiaries
FVOCI
2
40.9
40.9
Interests in unconsolidated subsidiaries
FVOCI
AC
13.0
13.0
Interests in unconsolidated subsidiaries
FVPL
3
10.4
10.4
Other equity interests
FVOCI
1
21.1
21.1
Other equity interests
FVOCI
2
153.5
153.5
Other equity interests
FVOCI
AC
33.2
33.2
Other equity interests and unconsolidated subsidiaries
\u00a0
\u00a0
272.1
\u00a0
Derivatives in the energy area
FVPL
2
37.0
37.0
Derivatives in the energy area
FVPL
3
12.0
12.0
Derivatives in the finance area
FVPL
2
22.2
22.2
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
11.6
11.6
Receivables from derivative financial instruments
\u00a0
\u00a0
82.8
\u00a0
Securities
FVPL
1
164.1
164.1
Securities
FVOCI
3
9.1
9.1
Securities
FVOCI
AC
1.6
1.6
Securities \u2013 closed items on the balance sheet
AC
2
77.9
78.1
Loans \u2013 closed items on the balance sheet
AC
2
269.7
270.5
Loans
AC
2
62.3
63.4
Other
FVPL
3
42.8
42.8
Other
AC
\u2013
143.9
\u2013
Other
\u2013
\u2013
31.5
\u2013
Investments and other receivables
\u00a0
\u00a0
803.0
\u00a0
Current tax receivables
\u2013
\u2013
16.8
\u2013
Derivatives in the energy area
FVPL
1
0.1
0.1
Derivatives in the energy area
FVPL
2
329.7
329.7
Derivatives in the finance area
FVPL
2
3.0
3.0
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
4.3
4.3
Receivables from derivative financial instruments
\u00a0
\u00a0
337.1
\u00a0
Trade receivables
AC
\u2013
865.9
\u2013
Receivables from investees
AC
\u2013
39.6
\u2013
Loans to investees
AC
2
4.0
3.9
Loans \u2013 closed items on the balance sheet
AC
2
94.7
90.5
Securities
FVPL
1
2.5
2.5
Money market transactions
AC
2
30.0
30.0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Emission rights
\u2013
\u2013
48.9
\u2013
Other
AC
\u2013
120.9
\u2013
Other
\u2013
\u2013
48.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,255.1
\u00a0
Cash and cash equivalents
AC
\u2013
795.1
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
2,504.0
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
639.7
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
272.4
\u00a0
Valuation techniques and input factors for determining fair values
\u00a0
Level
Financial instruments
Valuation technique
Input factor
1
Energy forwards
Market approach
Settlement price published by the stock exchange
1
Securities, other equity interest in Burgenland Holding AG
Market approach
Stock exchange price
2
Securities and other loans under closed items on the balance sheet, long-term loans, liabilities to banks, bonds and other financial liabilities
Net present value approach
Payments associated with financial instruments, yield curves and counterparties\u2019 credit risk (credit default swaps or credit spread curves)
2
Interests in unconsolidated subsidiaries and other equity interests in Energie AG Ober\u00f6sterreich, among other interests
Market approach
Trading multiple, transaction price
2
Non-listed energy forwards
Net present value approach
Forward price curve derived from market prices, yield curves and counterparties\u2019 credit risk
2
Other assets and liabilities measured at fair value in the finance area
Net present value approach
Cash flows already fixed or calculated from forward rates, yield curves or counterparties\u2019 credit risk
3
Return obligation (obligation to transfer back the 50% interest acquired in Donaukraftwerk Jochenstein AG)
Net present value approach
Price forecasts for electricity, weighted average cost of capital after taxes
3
Securities (shares in Wiener B\u00f6rse AG)
Net present value approach
Expected profit distributions, cost of equity
3
Other non-current receivables (profit participation right with respect to material assets of TAG)
Net present value approach
Expected profit distributions, cost of equity
AC
Other interests in unconsolidated subsidiaries, other equity interests and securities
\u2013
Cost as a best estimate of fair value
\u2013
Cash and cash equivalents, trade receivables and payables, other current receivables, other borrowings within current credit lines as well as other current liabilities
\u2013
Carrying amounts as a best estimate of fair value
Components of net gains or losses
\u00a0
Measurement category
Remark
Financial assets and liabilities measured at fair value through profit or loss
The net gains or losses arose from the measurement of derivative financial instruments in the energy area (wholesale and trading) in the operating result, as well as from the measurement of (other) derivative and non-derivative financial instruments in the finance area in the other financial result
Financial assets and liabilities measured at fair value through profit or loss \u2013 designated
The net gains or losses arose from the measurement of financial liabilities to banks (closed items on the balance sheet). These gains and losses are offset by net gains and losses from financial assets and liabilities measured at fair value through profit or loss and net gains and losses from financial assets and liabilities measured at cost in the corresponding amounts.
Financial assets and liabilities measured at amortised cost
The net gains and losses relate primarily to financial instruments associated with closed items on the balance sheet in the other financial result as well as to valuation allowances on trade receivables in the operating result.
Personnel provisionsMeasurement of pensions and similar obligations as well as statutory termination benefits
Existing provisions for pensions and similar obligations as well as obligations for termination benefits (carrying amount as at 31\u00a0December 2025: \u20ac467.5m; previous year: \u20ac529.1m) were measured based on assumptions and estimates as at the reporting date. The key factors of influence included the discount rate, the estimated retirement age and estimated life expectancy as well as future increases in salaries and pension benefits:
Actuarial assumptions for pension obligations
\u00a0
\u00a0
2024
2025
Discount rate or expected rate of return from plan assets
3.25%
3.75%
Pension increases
2.00%\u2013\u00a04.25%
2.00%\u2013\u00a03.50%
Salary increases
2.50%\u2013\u00a04.25%
2.50%\u2013\u00a03.25%
Employee turnover
None
none
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Actuarial assumptions for obligations similar to pensions
\u00a0
\u00a0
2024
2025
Discount rate
3.25%
4.00%
Employee turnover (depending on duration of employment)
0.00%\u2013\u00a05.80%
0.0%\u2013\u00a06.20%
Change in contributions based on hospital cost index for
new contracts
2.50%\u2013\u00a06.00%
2.50%\u2013\u00a06.00%
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Actuarial assumptions for termination benefit obligations
\u00a0
\u00a0
2024
2025
Discount rate
3.00%
3.50%
Salary increases
2.50%\u2013\u00a04.25%
2.50%\u2013\u00a03.25%
Employee turnover (depending on duration of employment)
0.00%\u2013\u00a00.60%
0.00%\u2013\u00a00.60%
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Sensitivity analysis for net pension liability 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in net liability of
If assumption decreases, change in net liability of
Discount rate
0.25%
\u2013\u00a02.37%
2.48%
Pension increases
0.50%
5.13%
\u2013\u00a04.72%
Longevity based on mortality table
1 year
5.23%
\u2013\u00a05.16%
Sensitivity analysis for obligations similar to pensions 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a03.11%
3.28%
Change in contributions based on
hospital cost index (new contracts)
0.50%
6.62%
\u2013\u00a06.02%
Longevity based on mortality table
1 year
6.09%
\u2013\u00a05.88%
Sensitivity analysis for termination benefit obligations 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a01.36%
1.59%
Salary increases
0.50%
3.37%
\u2013\u00a03.23%
Longevity based on mortality table
1 year
\u2013\u00a00.01%
0.01%
Sensitivity analysis for net pension liability 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in net liability of
If assumption decreases, change in net liability of
Discount rate
0.25%
\u2013\u00a02.48%
2.60%
Pension increases
0.50%
5.35%
\u2013\u00a04.91%
Longevity based on mortality table
1 year
5.27%
\u2013\u00a05.20%
Sensitivity analysis for obligations similar to pensions 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a03.33%
3.52%
Change in contributions based on
hospital cost index (new contracts)
0.50%
7.09%
\u2013\u00a06.41%
Longevity based on mortality table
1 year
6.26%
\u2013\u00a06.03%
Sensitivity analysis for termination benefit obligations 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a01.69%
1.73%
Salary increases
0.50%
3.65%
\u2013\u00a03.48%
Longevity based on mortality table
1 year
0.00%
0.00%
Other provisions
Dismantling and decommissioning obligations
For obligations resulting from the dismantling or decommissioning of power plants, provisions are recognised at the discounted settlement amounts in the reporting period in which the obligations are incurred; the carrying amounts of the power plants increase concurrently (see section\u00a04.2 \u201cProperty, plant and equipment\u201d). In subsequent periods, the capitalised costs for dismantling or decommissioning are depreciated over the (remaining) useful life of the plants; interest is accrued on the provisions annually.
The provisions were measured at the reporting date on the basis of assumptions and estimates,with the main influencing factors being the expected dismantling dates, any expert reports commissioned to ascertain the costs of dismantling and decontamination or the proceeds from the sale of scrap, the indexing of these costs and the discount rate of 4.00%\u20137.42% (previous year: 3.25%\u20137.18%).
Miscellaneous other provisions mainly consist of provisions for legal and consultancy services and for damage caused by natural hazards as well as damage compensation payments.
13.1
Other obligations/entitlements and risks
Contingent liabilities not recognised in VERBUND\u2019s balance sheet are assessed quarterly with respect to their probability of occurrence. The assessment is carried out by the managers responsible, taking account of market-related inputs (to the extent possible) and expert opinions (in individual cases).
The following list of Group companies shows VERBUND\u2019s subsidiaries, joint ventures and associates in accordance with Section\u00a0245a(1) in conjunction with Section\u00a0265(2) of the Austrian Commercial Code (UGB). The list also includes unconsolidated subsidiaries and other joint ventures, associates and equity interests in which VERBUND\u2019s interest is \u2265 20% and which are not accounted for using the equity method.
Segment: Hydro
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH \u2013 Hydro
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
Innwerk AG (VHP-IW)
Stammham
CS
VH
100.00%
Stammham
CS
VH
100.00%
VERBUND Hydro Power GmbH (VHP)
Vienna
CS
VH
80.54%
Vienna
CS
VH
80.54%
VERBUND Innkraftwerke GmbH
T\u00f6ging
CS
VH
70.27%
T\u00f6ging
CS
VH
70.27%
Donaukraftwerk Jochenstein Aktiengesellschaft
Passau
CS
VH
VHP-IW
50.00%
50.00%
Passau
CS
VH
VHP-IW
50.00%
50.00%
Grenzkraftwerke GmbH
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Simbach
CS
VH
VHP-IW
50.00%
50.00%
\u00d6sterreichisch-Bayerische Kraftwerke Aktiengesellschaft
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Ennskraftwerke Aktiengesellschaft
Steyr
JO
VH
50.00%
Steyr
JO
VH
50.00%
Kraftwerk Nu\u00dfdorf Errichtungs- und Betriebs GmbH & Co KG
Vienna
EM1
VHP
33.33%
Vienna
EM1
VHP
33.33%
Kraftwerk Nu\u00dfdorf Errichtungs- und Betriebs GmbH
Vienna
EM1
VHP
33.33%
Vienna
EM1
VHP
33.33%
Ashta Beteiligungsverwaltung GmbH (VHP-AL-HII)
Vienna
EM1
VHP
50.01%
Vienna
EM1
VHP
50.01%
Energji Ashta Shpk
Bushat
EM1
VHP-AL-HII
100.00%
Bushat
EM1
VHP-AL-HII
100.00%
Lestin Tauch- und Bergungsunternehmen GmbH (LESTIN)
Vienna
UC
VHP
100.00%
Vienna
UC
VHP
100.00%
Murkraftwerk Graz Errichtungs- und BetriebsgmbH
Graz
UC
VHP
25.10%
Graz
UC
VHP
25.10%
VERBUND Tourismus GmbH
Vienna
UC
VHP
LESTIN
99.90%
0.10%
Vienna
UC
VHP
LESTIN
99.90%
0.10%
Manara HPP Operation Ltd.
Tel Aviv
UC
VHP
80.00%
Tel Aviv
UC
VHP
80.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Green Power GmbH (VGP)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Wind Power Austria GmbH (VRP-AT)
Vienna
CS
VHP
100.00%
Vienna
CS
VHP
100.00%
VERBUND Green Power Deutschland GmbH (VGP-DE)
Berlin
CS
VGP
100.00%
Berlin
CS
VGP
100.00%
VERBUND Green Power \u00d6sterreich GmbH (VGP-AT)
Vienna
CS
VGP
100.00%
Vienna
CS
VGP
100.00%
VERBUND Green Power Iberia, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
VERBUND Wind Power Romania SRL (VRP-RO)
Bucha-
rest
CS
VGP
100.00%
Bucha-
rest
CS
VGP
100.00%
Infrastrukturgesellschaft Bischheim GmbH & Co. KG
W\u00f6rr-
stadt
CS
VGP
80.60%
W\u00f6rrstadt
CS
VGP
80.60%
VERBUND Green Power Deutschland Photovoltaik GmbH
Berlin
CS
VGP
100.00%
Berlin
CS
VGP
100.00%
VERBUND Green Power Italia S.R.L. (VGP-IT)
Milan
CS
VGP
100.00%
Milan
CS
VGP
100.00%
ICA One S.R.L.
Milan
CS
VGP-IT
100.00%
Milan
CS
VGP-IT
100.00%
PV Novoli S.R.L.
Milan
CS
VGP-IT
100.00%
\u2013
\u2013
\u2013
\u2013
Tenuta del Campo S.R.L.
Milan
CS
VGP-IT
100.00%
\u2013
\u2013
\u2013
\u2013
Watt Development SPV 5 S.L.U. (VGP-IB-IL1)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Watt Development SPV 6 S.L.U. (VGP-IB-IL2)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Watt Development SPV 7 S.L.U. (VGP-IB-IL3)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Ayamonte S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Buseco S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Parque E\u00f3lico El Barroso S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Loma de los Pinos S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Lusitania Renovables S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Anselma Issuer, S.A.U. (VGP-IB-ANI)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Topacio Energy, S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Tejo Solar, S.L.U. (VGP-IB-TES)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
VERBUND Green Power Renewable Projects, S.L.U. (VGP-IB-GRP)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Sica Desarrollos Cuerva, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Los Navalmorales, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Albarreal, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Totan\u00e9s, S.L.U. (VGP-IB-SDT)
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
VERBUND Windpark M\u00fcnster GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Quelkhorn GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Mariengarten GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Oedelum GmbH
Schellerten
CS
VGP-DE
100.00%
Schellerten
CS
VGP-DE
100.00%
VERBUND Windpark Frielendorf GmbH & Co. KG (VGP-DE-FS)
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
MSH B\u00fcrger-Windpark-Feldatal GmbH & Co. KG
\u2013
\u2013
\u2013
\u2013
Feldatal
CS
VGP-DE-PV
100.00%
Cyopsa-El Molino Energia E\u00f3lica, S.A.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Energias Renovables de Musas, S.L.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Energias Renovables de Ofion, S.L.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Green Power Wind Spain 1, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
Green Power Wind Marquesado, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
Camareta Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Cornamusa Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Cruceta Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Natera Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Panol Solar, S.L.
Madrid
UC
VGP-IB-TES
51.00%
Madrid
CS
VGP-IB-TES
100.00%
Obenque Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Orla Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Reclamo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Rehala Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
PH Tambre Energy, s.l.
Madrid
EM1
VGP
50.00%
Madrid
EM1
VGP
50.00%
Amaranta Energy, s.l.
Madrid
EM1
VGP
50.00%
Madrid
EM1
VGP
50.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Infraestructuras de Illora S.L.
Madrid
UC
VGP-IB-IL1
VGP-IB-IL2
VGP-IB-IL3
20.00%
20.00%
20.00%
Madrid
UC
VGP-IB-IL1
VGP-IB-IL2
VGP-IB-IL3
20.00%
20.00%
20.00%
Windpark Frielendorf GmbH & Co. KG
Gilserberg
UC
VGP-DE-FS
32.50%
Gilserberg
UC
VGP-DE-FS
32.50%
cos phi gmbh
Vienna
UC
VGP-AT
100.00%
Vienna
UC
VGP-AT
100.00%
DA1 S.R.L.
Milan
UC
VGP-IT
100.00%
Milan
UC
VGP-IT
100.00%
SY05 S.R.L.
\u2013
\u2013
\u2013
\u2013
Milan
UC
VGP-IT
100.00%
Corleto S.r.l.
\u2013
\u2013
\u2013
\u2013
Faenza
UC
VGP-IT
100.00%
Totan\u00e9s Infraestructuras Comunes, S.L.
Madrid
UC
VGP-IB-SDT
38.89%
Madrid
UC
VGP-IB-SDT
38.89%
Murcia Solar Park GmbH (VGP-IB-MUR)
Berlin
UC
VGP-IB-ANI
100.00%
Berlin
UC
VGP-IB-ANI
100.00%
Baluma Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Baviera Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Bolardo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Boyante Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Braganza Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Cairo Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Carmesi Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Cenida Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Comunidad de Bienes del Huerto Solar del Hinojar, C.B.
Lorca
UC
VGP-IB-SVL
92.72%
Lorca
UC
VGP-IB-SVL
92.72%
Faballones Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Feanor Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Galadriel Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Helice Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Imai Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Koe Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Lima Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Miriel Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Mosqueton Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Nairobi Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Orion Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Penalara Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Perdiguero Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Peregrino Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Posets Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Radar Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Rotor Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Sentina Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Sextante Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Stopper Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Stein Von Liebig Balears I, S.L.U. (VGP-IB-SVL)
Madrid
UC
VGP-IB-MUR
100.00%
Madrid
UC
VGP-IB-MUR
100.00%
Trufa Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Volateo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Zelanda Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Zuncho Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
TOPWIND Energy S.R.L.
\u2013
\u2013
\u2013
\u2013
Bucharest
UC
VRP-RO
51.00%
Wind Energy Green Park S.R.L.
\u2013
\u2013
\u2013
\u2013
Bucharest
UC
VRP-RO
51.00%
VERBUND Green Power Albania Sh.p.k.
Tirana
UC
VGP
100.00%
Tirana
UC
VGP
100.00%
VERBUND Green Power Albania Wind Sh.p.k.
Tirana
UC
VGP
100.00%
Tirana
UC
VGP
100.00%
Segment: Sales
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH) \u2013 Sales activities
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
VERBUND Energy4Business GmbH (VEB)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Energy4Business Germany GmbH
Munich
CS
VEB
100.00%
Munich
CS
VEB
100.00%
VERBUND Energy4Customers GmbH (VEC)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Energy4Flex GmbH
Vienna
CS
VEB
100.00%
Vienna
CS
VEB
100.00%
VERBUND Energy4Future GmbH
Vienna
CS
VEB
100.00%
Vienna
CS
VEB
100.00%
VERBUND Engineers4Energy GmbH (was: MSP Solarpower GmbH)
Feldkirchen an der Donau
CS
VEB
100.00%
Feldkirchen an der Donau
CS
VEB
100.00%
Electriply GmbH
(vormals: iFix Solar
GmbH)
Feldkirchen an der Donau
CS
VEB
100.00%
Feldkirchen an der Donau
CS
VEB
100.00%
SMATRICS GmbH & Co KG (SMATRICS)
Vienna
CS
VEB
74.90%
Vienna
CS
VEB
74.90%
SMATRICS EnBW GmbH
Vienna
EM
00.01.1900
49.00%
Vienna
EM
00.01.1900
49.00%
Batteriespeicher M\u00fcnster GmbH
\u2013
\u2013
\u2013
\u2013
M\u00fcnster
EM
VEB
51.00%
E-Mobility Provider Austria GmbH
Vienna
UC
VEB
74.90%
Vienna
UC
VEB
74.90%
smart Energy Services GmbH
Vienna
UC
VEC
50.00%
Vienna
UC
VEC
50.00%
SOLAVOLTA Energie- und Umwelttechnik GmbH
Sankt Margarethen im Bgld.
UC
VEC
100.00%
Sankt Margarethen im Bgld.
UC
VEC
100.00%
Segment: Grid
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Austrian Power Grid AG (APG)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
Gas Connect Austria GmbH (GCA)
Vienna
CS
VH
51.00%
Vienna
CS
VH
51.00%
Austrian Gas Grid Management AG (AGGM)
Vienna
CS
GCA
51.00%
Vienna
CS
GCA
51.00%
Trans Austria Gasleitung GmbH (TAG)
Vienna
EM
GCA
15.53%
Vienna
EM
GCA
15.53%
OeMAG Abwicklungsstelle f\u00fcr \u00d6kostrom AG
Vienna
EM
APG
24.40%
Vienna
EM
APG
24.40%
AGCS Gas Clearing and Settlement AG
Vienna
UC
GCA
23.13%
Vienna
UC
GCA
23.13%
ASGM Austrian Strategic Gas Storage Management GmbH
Vienna
UC
AGGM
100.00%
Vienna
UC
AGGM
100.00%
VUM Verfahren Umwelt Management GmbH
Klagenfurt
UC
APG
100.00%
Klagenfurt
UC
APG
100.00%
Equigy B.V.
Arnheim
UC
APG
20.00%
Arnheim
UC
APG
20.00%
All other segments: Thermal generation
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Thermal Power GmbH (VTP GmbH)
Fernitz-Mellach
CS
VH
100.00%
Fernitz-Mellach
CS
VH
100.00%
VERBUND Thermal Power GmbH & Co KG
Fernitz-Mellach
CS
VH
VTP GmbH
100.00%
0.00%2
Fernitz-Mellach
CS
VH
VTP GmbH
100.00%
0.00%2
All other segments: Services
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Digital Power GmbH (was: VERBUND Services GmbH)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Business Solutions GmbH
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
All other segments: Equity interests
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH) \u2013 Equity interests
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
Klagenfurt
EM
VH
35.17%
Klagenfurt
EM
VH
35.17%
C2PAT GmbH
Vienna
UC
VH
25.00%
\u2013
\u2013
\u2013
\u2013
Other Group companies
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND AG (VH)
\u2013 All other activities
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
VERBUND Finanzierungsservice GmbH
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Ventures GmbH (VVE)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Green Hydrogen GmbH (VGH)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Green Hydrogen Sales GmbH
Vienna
CS
VGH
100.00%
Vienna
CS
VGH
100.00%
HalloSonne GmbH (HAS)
Vienna
UC
VEC
100.00%
\u2013
\u2013
\u2013
\u2013
TTTech Zyne GmbH
Vienna
UC
VVE
49.90%
Vienna
UC
VVE
49.90%
CS = consolidated subsidiary / EM = investee accounted for using the equity method / JO = joint operation, proportionate inclusion of assets and liabilities as well as income and expenses / UC = unconsolidated entities due to immateriality or lack of significant influence1 Joint ventures // 2 VERBUND Thermal Power GmbH holds an interest of < 0.01% in VERBUND Thermal Power GmbH & Co KG as a limited partner.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-34": { "value": "
As of May 2025, Tenuta del Campo S.r.l. was merged into ICA One S.r.l.
A new company, Batteriespeicher M\u00fcnster GmbH, was established as a joint venture in June 2025. The interest in that company is accounted for using the equity method.
The following companies were included in the basis of consolidation in August 2025: Camareta Solar, S.L.U., Cornamusa Solar, S.L.U., Cruceta Solar, S.L.U., Obenque Solar, S.L.U., Pa\u00f1ol Solar, S.L.U., Natera Solar, S.L.U., and Orla Solar, S.L.U.
In September 2025, VERBUND acquired ENOVA Windpark Beringhausen West Betriebs Gmbh & Co. KG and ENOVA Windpark Hillekopf-Hildfeld GmbH & Co. KG. Due to the fact that the former general partner left without a new general partner being appointed, the assets of those entities passed directly to VERBUND and the entities ceased to exist. Therefore, no addition of subsidiaries resulted from the transaction.
In addition, PV Novoli S.R.L. was merged into VERBUND Green Power Italia S.R.L. in November 2025.
As the last of a total of seven wind farm companies in Germany, MSH B\u00fcrger-Windpark-Feldatal GmbH & Co KG was included in the consolidated financial statements for the first time in November 2025 as part of an acquisition of assets. The other six wind farm companies had already been acquired in the previous year.

In addition, the Spanish companies Rehala Solar, S.L.U. and Reclamo Solar, S.L.U. were included in the basis of consolidation in December 2025.
Details on the acquisitions of groups of assets are presented in the following tables:
Acquisitions of groups of assets 2025
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Cash purchase price
Cash and cash equivalents acquired
Assets acquired
Financial liabilities acquired
Wind parks acquired in Germany
2.1
3.7
37.8
21.3
Wind projects under construction in Germany
22.0
0.0
21.0
0.0
Acquisition of groups of assets 2024\u00a0
\u00a0
in Mio.\u00a0\u20ac
\u00a0
Cash purchase price
Cash and cash equivalents acquired
Assets acquired
Financial liabilities acquired
Wind parks acquired in Austria
22,9
0,8
28,8
0,0
Wind parks acquired in Germany
21,1
5,4
72,5
43,8
Photovoltaic projects under construction in Italy
10,0
0,0
15,5
0,0
Cash payments for acquisitions of subsidiaries classified as acquisitions of assets are included in the cash flow statement under cash flow from investing activities in the line item \u201cCash outflow for capital expenditure for intangible assets and property, plant and equipment\u201d after deducting the cash and cash equivalents acquired in the transaction.
2.
Judgements and forward-looking assumptions
Preparers of financial statements are granted various options in connection with the application of IFRS. For this reason, management must make judgements as well as estimates and assumptions regarding future trends that may have a significant influence on the amounts shown in these consolidated financial statements. The amounts actually realised may differ from the amounts recognised based on the decisions and assumptions made. Estimates and underlying assumptions are regularly reviewed and adjusted if necessary.
The following judgements and forward-looking assumptions are among those that significantly impact the financial statements:
Discretionary decisions and assumptions regarding the future
\u00a0
Assessing whether a purchase transaction constitutes an acquisition of a business or an acquisition of assets or a group of assets
Section 1.2
Estimation of the terms of leases
Section 4.3
Determination of the discount rate for impairment testing
Section 4.4
Determination of the estimated future cash flows for impairment testing of goodwill
Section 4.4.1
Determination of the estimated future cash flows for impairment testing of power plants and grid infrastructure
Section 4.4.2
Measurement parameters of financial instruments measured at fair value under Level 3
Section 5.5.1
Determination of the discount rate for the measurement of pensions and similar obligations as well as statutory termination benefits
Section 9.2
Determination of measurement parameters for other provisions
Section 9.3
Determination of the likelihood of contingent liabilities materialising
Section 13.1
Determination of the term of leases
Determining the term of a lease when no clear fixed term has been agreed in advance can be subject to judgement. All facts and circumstances that represent an economic incentive to exercise a renewal option or to refrain from exercising a termination option are taken into account when determining the lease term. For land leases in particular, contracts are frequently concluded either for as long as the leased power plant or line is expected to continue to function at its present level or for an indefinite period. In the latter case, the presumed duration of the lease is based on the expected useful life of the power plant or line.
Determination of the discount rate
The discount rate is an after-tax interest rate that reflects current market estimates, the time value of money and the specific risks associated with an asset (or cash-generating unit). The corresponding pre-tax interest rate is calculated iteratively.
The weighted average cost of capital (WACC) is applied to determine recoverable amounts using net present value methods. The weighting of the return on equity and the cost of debt was derived from an adequate peer group. The return on equity is determined using a capital asset pricing model (CAPM) based on the reference rate, the market risk premium and a beta factor. The pre-tax cost of debt corresponds to the return on debt instruments traded on the market with an equivalent risk of default and matching terms. Corresponding premiums are taken into account in order to adequately depict country risks. In view of the volatile financial market environment, the WACC trend (and in particular country risk premiums) is under continuous observation.
4.4.1 Impairment testing of goodwill
Impairment testing of goodwill for the Hydro segment
\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
All hydraulic generation plants of VERBUND plus goodwill and deferred tax items
All hydraulic generation plants of VERBUND plus goodwill and deferred tax items
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Average expected generation of the respective power plants
Average expected generation of the respective power plants
Pricing
Internal price forecasts and power plant-specific premiums or discounts (for example, the sale of guarantees of origin)
Internal price forecasts and power plant-specific premiums or discounts (for example, the sale of guarantees of origin)
Planning period
Detailed planning phase: up to a maximum of 6 years depending on the specific power plant; rough planning phase: up to a maximum of 30 years depending on the specific power plant; subsequent terminal value phase following rough planning phase depending on the specific power plant
Detailed planning phase: up to a maximum of 6 years depending on the specific power plant; rough planning phase: up to a maximum of 29 years depending on the specific power plant; subsequent terminal value phase following rough planning phase depending on the specific power plant
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00%\u2013\u00a09.50% depending on the location
WACC: 5.50%\u2013\u00a09.25% depending on the location
Impairment loss during the period2
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 6.59%\u2013\u00a010.52% (previous year: 6.15%\u2013\u00a010.75%). // 2 In the opinion of Management, the carrying amount of the Hydro segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Sales segment
\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
All of VERBUND\u2019s sales activities plus goodwill
All of VERBUND\u2019s sales activities plus goodwill
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Expected trading and distribution volumes
Expected trading and distribution volumes
Pricing
Expected trading and distribution volumes
Expected trading and distribution volumes
Planning period
Detailed planning phase of 6 years followed by a terminal value phase
Detailed planning phase of 6 years followed by a terminal value phase
Key valuation assumptions
Expected trading and distribution volumes as well as trading and sales margins
Expected trading and distribution volumes as well as trading and sales margins
After-tax discount rate1
WACC after taxes: 5.00%\u2013\u00a011.75%
WACC after taxes: 5.50%\u2013\u00a09.25%
Impairment loss during the period2
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.31%\u2013\u00a011.04% (previous year: 7.10%\u2013\u00a012.89%) // 2 In the opinion of Management, the carrying amount of the Sales segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Inn River run-of-river power plant group\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Run-of-river power plants of the Inn River power plant group1, each of which also represents a cash-generating unit, plus goodwill and deferred tax accruals
Run-of-river power plants of the Inn River power plant group1, each of which also represents a cash-generating unit, plus goodwill and deferred tax accruals
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND Innkraftwerke GmbH budgets (based primarily on market data)
VERBUND Innkraftwerke GmbH budgets (based primarily on market data)
Volume
Annual output corresponding to the mean energy capability of 1,983\u00a0GWh
Annual output corresponding to the mean energy capability of 1,983\u00a0GWh
Pricing
Internal price forecasts; discounts for generation characteristics and hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted price); consideration of water charges based on official notices; estimate of maintenance costs by the managers responsible
External price forecasts; discounts for generation characteristics and the hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices); consideration of the water charges based on official notices; estimate of the maintenance costs by the managers responsible
Planning period
Detailed planning phase: 6 years; rough planning phase: 30 years followed by a terminal value phase
Detailed planning phase: 6 years; rough planning phase: 29 years followed by a terminal value phase
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate2
WACC: 5.00%
WACC: 5.50%
Impairment loss during the period3
\u2013
\u2013
1 The Inn River power plant group comprises the following run-of-river power plants: Aubach, Feldkirchen, Gars, Jettenbach II, Neu\u00f6tting, Perach, Rosenheim, Stammham, Teufelsbruck, T\u00f6ging, Wasserburg. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 6.53% (previous year: 6.15%). // 3 In the opinion of Management, the carrying amount of Kraftwerksgruppe Inn assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Grenzkraftwerke run-of river power plant group1\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Run-of-river power plants of the Grenzkraftwerke power plant group2, each of which represents a cash-generating unit, plus goodwill and deferred tax accruals
Run-of-river power plants of the Grenzkraftwerke power plant group2, each of which represents a cash-generating unit, plus goodwill and deferred tax accruals
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
Grenzkraftwerke GmbH\u2019s budgets (based primarily on market data)
Grenzkraftwerke GmbH\u2019s budgets (based primarily on market data)
Volume
Annual output corresponding to the mean energy capability of 3,957\u00a0GWh
Annual output corresponding to the mean energy capability of 3,999\u00a0GWh
Pricing
Internal price forecasts; discounts for generation characteristics and hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted price); consideration of water charges based on official notices; estimate of maintenance costs by the managers responsible
External price forecasts; discounts for generation characteristics and the hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices); consideration of the water charges based on official notices; estimate of the maintenance costs by the managers responsible
Planning period
Detailed planning phase: 6 years; rough planning phase: 30 years followed by a terminal value phase
Detailed planning phase: 6 years; rough planning phase: 29 years followed by a terminal value phase
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate3
WACC: 5.25%
WACC: 5.75%
Impairment loss during the period4
\u2013
\u2013
1 The following information relates to the second step of the two-step impairment test of the Grenzkraftwerke power plant group. The recoverability of the individual run-of-river power plant assets was tested in the first step. // 2 The Grenzkraftwerke power plant group comprises the following power plants: Braunau-Simbach, Egglfing-Obernberg, Ering-Frauenstein, Jochenstein, Nu\u00dfdorf, Oberaudorf-Ebbs, Passau-Ingling and Sch\u00e4rding-Neuhaus. // 3 The implicit input tax interest rate determined through a process of iteration amounted to 6.81%\u2013\u00a06.87% (previous year: 6.35%\u2013\u00a06.43%). // 4 In the opinion of Management, the carrying amount of the Grenzkraftwerke power plant group's assets (less deferred tax liabilities) including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for SMATRICS GmbH & Co KG\u00a0
\u00a0
31/12/2024
31/12/2025
Cash-generating unit
SMATRICS GmbH & Co KG, full-service provider for electromobility charging solutions
SMATRICS GmbH & Co KG, full-service provider for electromobility charging solutions
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
SMATRICS GmbH & Co KG budgets (based primarily on market data)
SMATRICS GmbH & Co KG budgets (based primarily on market data)
Volume
Electric vehicle charging points
Electric vehicle charging points
Pricing
Electric vehicle charging rates
Electric vehicle charging rates
Planning period
Detailed planning phase: 11 years plus subsequent terminal value phase
Detailed planning phase: 11 years plus subsequent terminal value phase
Key valuation assumptions
Electric vehicle charging points, discount rate
Electric vehicle charging points, discount rate
After-tax discount rate1
WACC: 11.75%
WACC: 9.25%
Impairment loss during the period
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 11.04% (previous year: 12.89%).
Sensitivity analysis for SMATRICS GmbH & Co KG as at 31/12/2025\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
9.25%
\u00b1 0.25 PP
\u20ac\u2013\u00a06.1m
\u20ac+\u00a06.5m
1 A change in the after-tax discount rate of +\u00a03.39 PP or more would mean that the carrying amount exceeds the recoverable amount.
Sensitivity analysis for SMATRICS GmbH & Co KG as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
11.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a04.2m
\u20ac+\u00a04.4m
Impairment testing of goodwill from Solarpower\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Solarpower (VERBUND Engineers4Energy GmbH/Electriply GmbH): construction of photovoltaic systems and distribution of components
Solarpower (VERBUND Engineers4Energy GmbH/Electriply GmbH): construction of photovoltaic systems and distribution of components
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
MWp plant engineering, sales volumes of Photovoltaik components
MWp plant engineering, sales volumes of Photovoltaik components
Pricing
Purchase prices for photovoltaic modules, inverters and mounting structures; purchased installation services; internal forecasts for project costs and own work
Purchase prices for photovoltaic modules, inverters and mounting structures; purchased installation services; internal forecasts for project costs and own work
Planning period
Detailed planning phase: 6 years plus subsequent terminal value phase
Detailed planning phase: 6 years plus subsequent terminal value phase
Key valuation assumptions
Price assumptions (\u20ac/MWp), discount rate
Price assumptions (\u20ac/MWp), discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Impairment loss during the period
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.31% (previous year: 7.12%)
Sensitivity analysis for Solarpower as at 31/12/2025\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.7m
\u20ac+\u00a01.9m
1 A change in the after-tax discount rate of +\u00a05.81 PP or more would mean that the carrying amount exceeds the recoverable amount.
Sensitivity analysis for Solarpower as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.8m
\u20ac+\u00a02.0m
Impairment testing of power plants and grid infrastructure
Due to the large number of cash-generating units in our Spanish portfolio, we have combined the following notes disclosures pursuant to IAS 36.130 to improve readability and comprehensibility. In so doing, we have presented cash-generating units with similar input parameters in a single table solely for the purpose of presentation in the consolidated financial statements. However, each cash-generating unit was tested separately \u2013 independent of the other CGUs \u2013 for impairment in accordance with IAS 36.
The renewable generation facilities in Spain were classified as follows:
\u25cf
Spain renewables portfolio \u2013 existing projects (wind and PV)
\u25cf
Spain renewables portfolio \u2013 development projects (PV)
\u25cf
Spain PV portfolio
\u25cf
Spain wind portfolio
The table below contains information on existing projects in our Spain renewable portfolio. Existing projects are divided among the following sub-portfolios: Anselma Issuer, S.A.U. with 17 CGUs; Topacio Energy, S.L.U. with 19 CGUs; and VERBUND Green Power Renewable Projects, S.L.U. with three CGUs.
Impairment testing of existing projects in the Spain renewables portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Wind/photovoltaic portfolios with a capacity of 174.1\u00a0MWp in operation (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U. and VERBUND Green Power Renewable Projects, S.L.U.)
Wind/photovoltaic portfolios with a capacity of 174.7\u00a0MWp in operation (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U. and VERBUND Green Power Renewable Projects, S.L.U.)
Basis for recoverable amount
Value in use
Value in use and fair value (level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Tariffs for the next 13\u201316 years, followed by internal price forecasts (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U.) or internal price forecasts only (VERBUND Green Power Renewable Projects, S.L.U.)
Tariffs for the next 12\u201315 years, followed by internal price forecasts (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U.) or internal price forecasts only (VERBUND Green Power Renewable Projects, S.L.U.)
Planning period
Detailed planning phase: 6 years; rough planning phase: 12\u201313 years for the Anselma Issuer, S.A.U. portfolio, 12\u2013\u00a015 years for the Topacio Energy, S.L.U. portfolio and 29 years for the VERBUND Green Power Renewable Projects, S.L.U. portfolio.
Detailed planning phase: 6 years; rough planning phase: 11\u201312 years for the Anselma Issuer, S.A.U. portfolio, 11\u201314 years for the Topacio Energy, S.L.U. portfolio and 24\u201329 years for the VERBUND Green Power Renewable Projects, S.L.U. portfolio.
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00% / 5.50%
WACC: 5.25%/5.75%
Recoverable amount
\u20ac438.9m
\u20ac396.0m
Change in value during the period2
\u20ac\u2013\u00a07.2m
\u20ac\u2013\u00a017.3m
1 Since the return on the Anselma Issuer, S.A.U. and Topacio Energy, S.L.U. portfolios is protected by tariff rate quotas for the next 12 to 15 years, followed by a period of merchant marketing, two different WACCs were used for the valuation. Merchant marketing is used exclusively with respect to the VERBUND Green Power Renewable Projects, S.L.U. portfolio. The implicit input tax interest rate determined through a process of iteration amounted to 6.68%\u2013\u00a08.48% (previous year 6.79%\u2013\u00a08.69% ). // 2 The impairment loss as at 31\u00a0December\u00a02025 comprised reversals of impairment losses at four CGUs from the Anselma Issuer, S.A.U. portfolio in a total amount of \u20ac\u20130.5m (previous year reversals of impairment losses in a total amount of \u20ac+7.7m); reversals of impairment losses at three CGUs from the Topacio Energy, S.L.U. portfolio in a total amount of \u20ac\u20130.1m (previous year: reversals of impairment losses in a total amount of \u20ac+7.3m) and impairment losses at three CGUs in the VERBUND Green Power Renewable Projects, S.L.U. portfolio in a total amount of \u20ac\u201316.7m (previous year: \u20ac22.3m).
Sensitivity analysis for existing projects in the Spain renewables portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in the key valuation assumption
Effects on the recoverable amount of the Anselma Issuer, S.A.U. portfolio
Effects on the recoverable amount of the Topacio Energy, S.L.U. portfolio
Effects on the recoverable amount of the VERBUND Green Power Renewable Projects, S.L.U. portfolio
After-tax discount rate
5.25% / 5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.9m
\u20ac+\u00a01.9m
\u20ac\u2013\u00a02.7m
\u20ac+\u00a02.8m
\u20ac\u2013\u00a02.8m
\u20ac+\u00a03.0m
Electricity price
\u20ac26.50/\u20ac33.88 per MWh (PV)/\u20ac71.45 per MWh (wind)
\u00b1 5%
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a05.6m
\u20ac\u2013\u00a05.6m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact.
Sensitivity analysis for existing projects in the Spain renewables portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, Anselma Issuer, S.A.U. portfolio
Effects on the recoverable amount, Topacio Energy, S.L.U. portfolio
Effects on the recoverable amount of the VERBUND Green Power Renewable Projects, S.L.U. portfolio
After-tax discount rate
5.00% / 5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a02.3m
\u20ac+\u00a02.3m
\u20ac\u2013\u00a03.1m
\u20ac+\u00a03.2m
\u20ac\u2013\u00a01.3m
\u20ac+\u00a01.4m
Electricity price
\u20ac37.0 per MWh (PV)/\u20ac76.4 per MWh (wind)
\u00b1 5%
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a00.1m
\u20ac\u2013\u00a00.1m
\u20ac+\u00a02.4m
\u20ac\u2013\u00a02.4m
The table of development projects in the Spain renewables portfolio includes 18 CGUs from the Tejo Solar, S.L.U. portfolio.
Impairment testing of development projects in Spain renewables portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Photovoltaic portfolios with a capacity of 1,576.7 MW under development (Tejo Solar, S.L.U.)
Photovoltaic portfolios with a capacity of 1,548.4 MW under development (Tejo Solar, S.L.U.)
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts, updated discount rate, increase in CapEx and postponement of commissioning
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Internal price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 29 years (PV)
Detailed planning phase: 6 years; rough planning phase: 29 years (PV)
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Recoverable amount
\u20ac222.4m
\u20ac407.3m
Change in value during the period2
\u20ac+64.5m
\u20ac+47.5m
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.03% (previous year: 6.79%) // 2 The impairment loss as at 31 December 2025 consisted of impairment losses and reversals of impairment losses at 15\u00a0CGUs in the Tejo Solar, S.L.U. portfolio totalling \u20ac+47.5m (previous year: \u20ac+64.5m for 19 CGUs in the Tejo Solar, S.L.U. portfolio
Sensitivity analysis for development projects in the Spain renewables portfolio
as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, portfolio Tejo Solar, S.L.U.2
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a042.5m
\u20ac+\u00a045.0m
Electricity price3
\u20ac26.5 per MWh
\u00b1 5%
\u20ac+\u00a069.2m
\u20ac\u2013\u00a068.7m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact. //2 The sensitivities shown only relate to the 17\u00a0projects affected by impairment (previous year: 19 projects). // 3 The electricity price shown relates to the year 2030. The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon.
Sensitivity analysis for development projects in the Spain renewables portfolio
as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, portfolio Tejo Solar, S.L.U.
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a034.3m
\u20ac+\u00a036.4m
Electricity price
\u20ac37.0 per MWh
\u00b1 5%
\u20ac+\u00a061.7m
\u20ac\u2013\u00a058.9m
Impairment testing of the Spain photovoltaic portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
148\u00a0MWp photovoltaic portfolio in Spain (Watt Development 5 S.L.U., Watt Development 6 S.L.U., Watt Development 7 S.L.U.)
148\u00a0MWp photovoltaic portfolio in Spain (Watt Development 5 S.L.U., Watt Development 6 S.L.U., Watt Development 7 S.L.U.)
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Internal price forecast, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 28 years
Detailed planning phase: 6 years; rough planning phase: 27 years
Key valuation assumptions
Discount rate
Discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Recoverable amount
\u20ac95.7m
\u20ac79.4m
Change in value during the period
\u20ac\u20138.3m
\u20ac\u2013\u00a012.7m
1 The implicit input tax interest rate determined through a process of iteration amounted to 6.71% (previous year: 6.51%).
Sensitivity analysis for the Spain photovoltaic portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a03.0m
\u20ac+\u00a03.1m
Electricity price2
\u20ac26.5 per MWh
\u00b1 5%
\u20ac+\u00a05.7m
\u20ac\u2013\u00a05.7m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact. // 2 The electricity price shown relates to the year 2030. The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon.
Sensitivity analysis for the Spain photovoltaic portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a03.2m
\u20ac+\u00a03.3m
Electricity price
\u20ac37.0 per MWh
\u00b1 5%
\u20ac+\u00a06.1m
\u20ac\u2013\u00a0\u00a06.1m
Impairment testing of the Spain wind portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
256\u00a0MWp wind portfolio with nine operating wind farms in Spain (Green Power Wind Spain 1, S.L.U., Green Power Wind Marquesado, S.L.U.)
256\u00a0MWp wind portfolio with nine operating wind farms in Spain (Green Power Wind Spain 1, S.L.U., Green Power Wind Marquesado, S.L.U.)
Basis for recoverable amount
Fair value (Level 3) less costs of disposal
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 49 years
Detailed planning phase: 6 years; rough planning phase: 48 years
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00% / 5.50%
WACC: 5.25% / 5.75%
Recoverable amount
\u20ac431.2m
\u20ac367.4m
Change in value during the period
\u20ac+11.6m
\u20ac\u2013\u00a06.8m
1 Since the return is protected by tariff rate quotas for up to 19 years, followed by a period of merchant marketing, two WACCs were used for the valuation.
Sensitivity analysis for the Spain wind portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.25% / 5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a015.3m
\u20ac+\u00a016.3m
Electricity price
\u20ac63.9 per MWh
n/a
\u20ac+\u00a029.0m
\u20ac\u2013\u00a029.0m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact.
Sensitivity analysis for the Spain wind portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.00% / 5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a018.8m
\u20ac+\u00a020.2m
Electricity price2
\u20ac69.7 per MWh
\u00b1 5%
\u20ac+\u00a035.4m
\u20ac\u2013\u00a035.4m
Additional disclosures regarding financial instruments in accordance with IFRS 7
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Interests in unconsolidated subsidiaries
FVOCI
2
44.9
44.9
Interests in unconsolidated subsidiaries
FVOCI
AC
28.9
28.9
Other equity interests
FVOCI
1
22.1
22.1
Other equity interests
FVOCI
2
158.3
158.3
Other equity interests
FVOCI
AC
42.3
42.3
Other equity interests and
unconsolidated subsidiaries
\u00a0
\u00a0
296.5
\u00a0
Derivatives in the energy area
FVPL
2
33.2
33.2
Derivatives in the energy area
FVPL
3
24.5
24.5
Derivatives in the finance area
FVPL
2
24.0
24.0
Receivables from derivative financial instruments
\u00a0
\u00a0
81.6
\u00a0
Securities
FVPL
1
161.7
161.7
Securities
FVOCI
3
10.1
10.1
Securities
FVOCI
AC
1.9
1.9
Securities \u2013 closed items on the balance sheet
AC
2
74.1
73.3
Loans \u2013 closed items on the balance sheet
AC
2
49.5
52.9
Loans
AC
2
64.4
65.3
Other
FVPL
3
44.2
44.2
Other
AC
\u2013
169.2
\u2013
Other
\u2013
\u2013
40.3
\u2013
Other investments and non-current other receivables
\u00a0
\u00a0
615.3
\u00a0
Current tax receivables
\u2013
\u2013
113.0
\u2013
Derivatives in the energy area
FVPL
1
0.2
0.2
Derivatives in the energy area
FVPL
2
103.4
103.4
Derivatives in the energy area
FVPL
3
5.5
5.5
Derivatives in the finance area
FVPL
2
1.8
1.8
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
7.0
7.0
Receivables from derivative financial instruments
\u00a0
\u00a0
117.9
\u00a0
Trade receivables
AC
\u2013
758.3
\u2013
Receivables from investees
AC
\u2013
35.0
\u2013
Loans to investees
AC
2
5.1
5.0
Other loans
AC
2
0.1
0.1
Loans \u2013 closed items on the balance sheet
AC
2
202.2
196.1
Securities
FVPL
1
1.1
1.1
Emission rights
\u2013
\u2013
70.9
\u2013
Other
AC
\u2013
95.5
\u2013
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Other
\u2013
\u2013
173.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,341.6
\u00a0
Cash and cash equivalents
AC
\u2013
72.8
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
1,526.1
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
406.5
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
308.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value
as at 31/12
Bonds
AC
2
1,126.7
1,028.9
Financial liabilities to banks and to others
AC
2
799.8
779.6
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
126.3
129.6
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
206.5
206.5
Capital shares attributable to limited partners
\u2013
\u2013
13.4
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,272.8
\u00a0
Derivatives in the energy area
FVPL
2
36.7
36.7
Liabilities from derivative financial instruments
\u00a0
\u00a0
36.7
\u00a0
Electricity supply commitment
\u2013
\u2013
62.4
\u2013
Obligation to return an interest
AC
3
227.1
227.1
Trade payables
AC
\u2013
2.6
\u2013
Lease liabilities
\u2013
\u2013
171.0
\u00a0
Other
AC
\u2013
541.1
\u2013
Other non-current liabilities
\u00a0
\u00a0
1,004.2
\u00a0
Derivatives in the energy area
FVPL
2
152.4
152.4
Liabilities from derivative financial instruments
\u00a0
\u00a0
152.4
\u00a0
Trade payables
AC
\u2013
241.1
\u2013
Lease liabilities
\u2013
\u2013
15.9
\u00a0
Other
AC
\u2013
573.1
\u2013
Other
\u2013
\u2013
175.6
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,005.6
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,637.8
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
189.1
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
206.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Interests in unconsolidated subsidiaries
FVOCI
2
40.9
40.9
Interests in unconsolidated subsidiaries
FVOCI
AC
13.0
13.0
Interests in unconsolidated subsidiaries
FVPL
3
10.4
10.4
Other equity interests
FVOCI
1
21.1
21.1
Other equity interests
FVOCI
2
153.5
153.5
Other equity interests
FVOCI
AC
33.2
33.2
Other equity interests and unconsolidated subsidiaries
\u00a0
\u00a0
272.1
\u00a0
Derivatives in the energy area
FVPL
2
37.0
37.0
Derivatives in the energy area
FVPL
3
12.0
12.0
Derivatives in the finance area
FVPL
2
22.2
22.2
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
11.6
11.6
Receivables from derivative financial instruments
\u00a0
\u00a0
82.8
\u00a0
Securities
FVPL
1
164.1
164.1
Securities
FVOCI
3
9.1
9.1
Securities
FVOCI
AC
1.6
1.6
Securities \u2013 closed items on the balance sheet
AC
2
77.9
78.1
Loans \u2013 closed items on the balance sheet
AC
2
269.7
270.5
Loans
AC
2
62.3
63.4
Other
FVPL
3
42.8
42.8
Other
AC
\u2013
143.9
\u2013
Other
\u2013
\u2013
31.5
\u2013
Investments and other receivables
\u00a0
\u00a0
803.0
\u00a0
Current tax receivables
\u2013
\u2013
16.8
\u2013
Derivatives in the energy area
FVPL
1
0.1
0.1
Derivatives in the energy area
FVPL
2
329.7
329.7
Derivatives in the finance area
FVPL
2
3.0
3.0
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
4.3
4.3
Receivables from derivative financial instruments
\u00a0
\u00a0
337.1
\u00a0
Trade receivables
AC
\u2013
865.9
\u2013
Receivables from investees
AC
\u2013
39.6
\u2013
Loans to investees
AC
2
4.0
3.9
Loans \u2013 closed items on the balance sheet
AC
2
94.7
90.5
Securities
FVPL
1
2.5
2.5
Money market transactions
AC
2
30.0
30.0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Emission rights
\u2013
\u2013
48.9
\u2013
Other
AC
\u2013
120.9
\u2013
Other
\u2013
\u2013
48.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,255.1
\u00a0
Cash and cash equivalents
AC
\u2013
795.1
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
2,504.0
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
639.7
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
272.4
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Bonds
AC
2
1,135.4
1,094.1
Financial liabilities to banks and to others
AC
2
670.9
671.9
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
137.8
144.1
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
320.4
320.4
Capital shares attributable to limited partners
\u2013
\u2013
10.7
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,275.2
\u00a0
Derivatives in the energy area
FVPL
2
138.1
138.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
138.1
\u00a0
Electricity supply commitment
\u2013
\u2013
81.2
\u2013
Obligation to return an interest
AC
3
184.7
236.0
Trade payables
AC
\u2013
9.9
\u2013
Lease liabilities
\u2013
\u2013
168.1
\u00a0
Other
AC
\u2013
508.3
\u2013
Other non-current liabilities
\u00a0
\u00a0
952.4
\u00a0
Derivatives in the energy area
FVPL
2
101.2
101.2
Derivatives in the energy area
FVPL
3
1.8
1.8
Derivatives in the finance area
FVPL
2
0.1
\u2013\u00a00.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
103.0
\u00a0
Trade payables
AC
\u2013
370.8
\u2013
Lease liabilities
\u2013
\u2013
10.9
\u00a0
Other
AC
\u2013
572.5
\u2013
Other
\u2013
\u2013
130.2
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,084.4
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,590.4
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
241.2
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
320.4
\u00a0
Valuation techniques and input factors for determining fair values
\u00a0
Level
Financial instruments
Valuation technique
Input factor
1
Energy forwards
Market approach
Settlement price published by the stock exchange
1
Securities, other equity interest in Burgenland Holding AG
Market approach
Stock exchange price
2
Securities and other loans under closed items on the balance sheet, long-term loans, liabilities to banks, bonds and other financial liabilities
Net present value approach
Payments associated with financial instruments, yield curves and counterparties\u2019 credit risk (credit default swaps or credit spread curves)
2
Interests in unconsolidated subsidiaries and other equity interests in Energie AG Ober\u00f6sterreich, among other interests
Market approach
Trading multiple, transaction price
2
Non-listed energy forwards
Net present value approach
Forward price curve derived from market prices, yield curves and counterparties\u2019 credit risk
2
Other assets and liabilities measured at fair value in the finance area
Net present value approach
Cash flows already fixed or calculated from forward rates, yield curves or counterparties\u2019 credit risk
3
Return obligation (obligation to transfer back the 50% interest acquired in Donaukraftwerk Jochenstein AG)
Net present value approach
Price forecasts for electricity, weighted average cost of capital after taxes
3
Securities (shares in Wiener B\u00f6rse AG)
Net present value approach
Expected profit distributions, cost of equity
3
Other non-current receivables (profit participation right with respect to material assets of TAG)
Net present value approach
Expected profit distributions, cost of equity
AC
Other interests in unconsolidated subsidiaries, other equity interests and securities
\u2013
Cost as a best estimate of fair value
\u2013
Cash and cash equivalents, trade receivables and payables, other current receivables, other borrowings within current credit lines as well as other current liabilities
\u2013
Carrying amounts as a best estimate of fair value
Components of net gains or losses
\u00a0
Measurement category
Remark
Financial assets and liabilities measured at fair value through profit or loss
The net gains or losses arose from the measurement of derivative financial instruments in the energy area (wholesale and trading) in the operating result, as well as from the measurement of (other) derivative and non-derivative financial instruments in the finance area in the other financial result
Financial assets and liabilities measured at fair value through profit or loss \u2013 designated
The net gains or losses arose from the measurement of financial liabilities to banks (closed items on the balance sheet). These gains and losses are offset by net gains and losses from financial assets and liabilities measured at fair value through profit or loss and net gains and losses from financial assets and liabilities measured at cost in the corresponding amounts.
Financial assets and liabilities measured at amortised cost
The net gains and losses relate primarily to financial instruments associated with closed items on the balance sheet in the other financial result as well as to valuation allowances on trade receivables in the operating result.
Personnel provisionsMeasurement of pensions and similar obligations as well as statutory termination benefits
Existing provisions for pensions and similar obligations as well as obligations for termination benefits (carrying amount as at 31\u00a0December 2025: \u20ac467.5m; previous year: \u20ac529.1m) were measured based on assumptions and estimates as at the reporting date. The key factors of influence included the discount rate, the estimated retirement age and estimated life expectancy as well as future increases in salaries and pension benefits:
Actuarial assumptions for pension obligations
\u00a0
\u00a0
2024
2025
Discount rate or expected rate of return from plan assets
3.25%
3.75%
Pension increases
2.00%\u2013\u00a04.25%
2.00%\u2013\u00a03.50%
Salary increases
2.50%\u2013\u00a04.25%
2.50%\u2013\u00a03.25%
Employee turnover
None
none
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Actuarial assumptions for obligations similar to pensions
\u00a0
\u00a0
2024
2025
Discount rate
3.25%
4.00%
Employee turnover (depending on duration of employment)
0.00%\u2013\u00a05.80%
0.0%\u2013\u00a06.20%
Change in contributions based on hospital cost index for
new contracts
2.50%\u2013\u00a06.00%
2.50%\u2013\u00a06.00%
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Actuarial assumptions for termination benefit obligations
\u00a0
\u00a0
2024
2025
Discount rate
3.00%
3.50%
Salary increases
2.50%\u2013\u00a04.25%
2.50%\u2013\u00a03.25%
Employee turnover (depending on duration of employment)
0.00%\u2013\u00a00.60%
0.00%\u2013\u00a00.60%
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Sensitivity analysis for net pension liability 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in net liability of
If assumption decreases, change in net liability of
Discount rate
0.25%
\u2013\u00a02.37%
2.48%
Pension increases
0.50%
5.13%
\u2013\u00a04.72%
Longevity based on mortality table
1 year
5.23%
\u2013\u00a05.16%
Sensitivity analysis for obligations similar to pensions 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a03.11%
3.28%
Change in contributions based on
hospital cost index (new contracts)
0.50%
6.62%
\u2013\u00a06.02%
Longevity based on mortality table
1 year
6.09%
\u2013\u00a05.88%
Sensitivity analysis for termination benefit obligations 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a01.36%
1.59%
Salary increases
0.50%
3.37%
\u2013\u00a03.23%
Longevity based on mortality table
1 year
\u2013\u00a00.01%
0.01%
Sensitivity analysis for net pension liability 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in net liability of
If assumption decreases, change in net liability of
Discount rate
0.25%
\u2013\u00a02.48%
2.60%
Pension increases
0.50%
5.35%
\u2013\u00a04.91%
Longevity based on mortality table
1 year
5.27%
\u2013\u00a05.20%
Sensitivity analysis for obligations similar to pensions 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a03.33%
3.52%
Change in contributions based on
hospital cost index (new contracts)
0.50%
7.09%
\u2013\u00a06.41%
Longevity based on mortality table
1 year
6.26%
\u2013\u00a06.03%
Sensitivity analysis for termination benefit obligations 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a01.69%
1.73%
Salary increases
0.50%
3.65%
\u2013\u00a03.48%
Longevity based on mortality table
1 year
0.00%
0.00%
Other provisions
Dismantling and decommissioning obligations
For obligations resulting from the dismantling or decommissioning of power plants, provisions are recognised at the discounted settlement amounts in the reporting period in which the obligations are incurred; the carrying amounts of the power plants increase concurrently (see section\u00a04.2 \u201cProperty, plant and equipment\u201d). In subsequent periods, the capitalised costs for dismantling or decommissioning are depreciated over the (remaining) useful life of the plants; interest is accrued on the provisions annually.
The provisions were measured at the reporting date on the basis of assumptions and estimates,with the main influencing factors being the expected dismantling dates, any expert reports commissioned to ascertain the costs of dismantling and decontamination or the proceeds from the sale of scrap, the indexing of these costs and the discount rate of 4.00%\u20137.42% (previous year: 3.25%\u20137.18%).
Miscellaneous other provisions mainly consist of provisions for legal and consultancy services and for damage caused by natural hazards as well as damage compensation payments.
13.1
Other obligations/entitlements and risks
Contingent liabilities
Contingent liabilities not recognised in VERBUND\u2019s balance sheet are assessed quarterly with respect to their probability of occurrence. The assessment is carried out by the managers responsible, taking account of market-related inputs (to the extent possible) and expert opinions (in individual cases).
List of Group companies
The following list of Group companies shows VERBUND\u2019s subsidiaries, joint ventures and associates in accordance with Section\u00a0245a(1) in conjunction with Section\u00a0265(2) of the Austrian Commercial Code (UGB). The list also includes unconsolidated subsidiaries and other joint ventures, associates and equity interests in which VERBUND\u2019s interest is \u2265 20% and which are not accounted for using the equity method.
Segment: Hydro
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH \u2013 Hydro
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
Innwerk AG (VHP-IW)
Stammham
CS
VH
100.00%
Stammham
CS
VH
100.00%
VERBUND Hydro Power GmbH (VHP)
Vienna
CS
VH
80.54%
Vienna
CS
VH
80.54%
VERBUND Innkraftwerke GmbH
T\u00f6ging
CS
VH
70.27%
T\u00f6ging
CS
VH
70.27%
Donaukraftwerk Jochenstein Aktiengesellschaft
Passau
CS
VH
VHP-IW
50.00%
50.00%
Passau
CS
VH
VHP-IW
50.00%
50.00%
Grenzkraftwerke GmbH
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Simbach
CS
VH
VHP-IW
50.00%
50.00%
\u00d6sterreichisch-Bayerische Kraftwerke Aktiengesellschaft
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Ennskraftwerke Aktiengesellschaft
Steyr
JO
VH
50.00%
Steyr
JO
VH
50.00%
Kraftwerk Nu\u00dfdorf Errichtungs- und Betriebs GmbH & Co KG
Vienna
EM1
VHP
33.33%
Vienna
EM1
VHP
33.33%
Kraftwerk Nu\u00dfdorf Errichtungs- und Betriebs GmbH
Vienna
EM1
VHP
33.33%
Vienna
EM1
VHP
33.33%
Ashta Beteiligungsverwaltung GmbH (VHP-AL-HII)
Vienna
EM1
VHP
50.01%
Vienna
EM1
VHP
50.01%
Energji Ashta Shpk
Bushat
EM1
VHP-AL-HII
100.00%
Bushat
EM1
VHP-AL-HII
100.00%
Lestin Tauch- und Bergungsunternehmen GmbH (LESTIN)
Vienna
UC
VHP
100.00%
Vienna
UC
VHP
100.00%
Murkraftwerk Graz Errichtungs- und BetriebsgmbH
Graz
UC
VHP
25.10%
Graz
UC
VHP
25.10%
VERBUND Tourismus GmbH
Vienna
UC
VHP
LESTIN
99.90%
0.10%
Vienna
UC
VHP
LESTIN
99.90%
0.10%
Manara HPP Operation Ltd.
Tel Aviv
UC
VHP
80.00%
Tel Aviv
UC
VHP
80.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Green Power GmbH (VGP)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Wind Power Austria GmbH (VRP-AT)
Vienna
CS
VHP
100.00%
Vienna
CS
VHP
100.00%
VERBUND Green Power Deutschland GmbH (VGP-DE)
Berlin
CS
VGP
100.00%
Berlin
CS
VGP
100.00%
VERBUND Green Power \u00d6sterreich GmbH (VGP-AT)
Vienna
CS
VGP
100.00%
Vienna
CS
VGP
100.00%
VERBUND Green Power Iberia, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
VERBUND Wind Power Romania SRL (VRP-RO)
Bucha-
rest
CS
VGP
100.00%
Bucha-
rest
CS
VGP
100.00%
Infrastrukturgesellschaft Bischheim GmbH & Co. KG
W\u00f6rr-
stadt
CS
VGP
80.60%
W\u00f6rrstadt
CS
VGP
80.60%
VERBUND Green Power Deutschland Photovoltaik GmbH
Berlin
CS
VGP
100.00%
Berlin
CS
VGP
100.00%
VERBUND Green Power Italia S.R.L. (VGP-IT)
Milan
CS
VGP
100.00%
Milan
CS
VGP
100.00%
ICA One S.R.L.
Milan
CS
VGP-IT
100.00%
Milan
CS
VGP-IT
100.00%
PV Novoli S.R.L.
Milan
CS
VGP-IT
100.00%
\u2013
\u2013
\u2013
\u2013
Tenuta del Campo S.R.L.
Milan
CS
VGP-IT
100.00%
\u2013
\u2013
\u2013
\u2013
Watt Development SPV 5 S.L.U. (VGP-IB-IL1)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Watt Development SPV 6 S.L.U. (VGP-IB-IL2)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Watt Development SPV 7 S.L.U. (VGP-IB-IL3)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Ayamonte S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Buseco S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Parque E\u00f3lico El Barroso S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Loma de los Pinos S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Lusitania Renovables S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Anselma Issuer, S.A.U. (VGP-IB-ANI)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Topacio Energy, S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Tejo Solar, S.L.U. (VGP-IB-TES)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
VERBUND Green Power Renewable Projects, S.L.U. (VGP-IB-GRP)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Sica Desarrollos Cuerva, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Los Navalmorales, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Albarreal, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Totan\u00e9s, S.L.U. (VGP-IB-SDT)
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
VERBUND Windpark M\u00fcnster GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Quelkhorn GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Mariengarten GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Oedelum GmbH
Schellerten
CS
VGP-DE
100.00%
Schellerten
CS
VGP-DE
100.00%
VERBUND Windpark Frielendorf GmbH & Co. KG (VGP-DE-FS)
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
MSH B\u00fcrger-Windpark-Feldatal GmbH & Co. KG
\u2013
\u2013
\u2013
\u2013
Feldatal
CS
VGP-DE-PV
100.00%
Cyopsa-El Molino Energia E\u00f3lica, S.A.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Energias Renovables de Musas, S.L.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Energias Renovables de Ofion, S.L.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Green Power Wind Spain 1, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
Green Power Wind Marquesado, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
Camareta Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Cornamusa Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Cruceta Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Natera Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Panol Solar, S.L.
Madrid
UC
VGP-IB-TES
51.00%
Madrid
CS
VGP-IB-TES
100.00%
Obenque Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Orla Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Reclamo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Rehala Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
PH Tambre Energy, s.l.
Madrid
EM1
VGP
50.00%
Madrid
EM1
VGP
50.00%
Amaranta Energy, s.l.
Madrid
EM1
VGP
50.00%
Madrid
EM1
VGP
50.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Infraestructuras de Illora S.L.
Madrid
UC
VGP-IB-IL1
VGP-IB-IL2
VGP-IB-IL3
20.00%
20.00%
20.00%
Madrid
UC
VGP-IB-IL1
VGP-IB-IL2
VGP-IB-IL3
20.00%
20.00%
20.00%
Windpark Frielendorf GmbH & Co. KG
Gilserberg
UC
VGP-DE-FS
32.50%
Gilserberg
UC
VGP-DE-FS
32.50%
cos phi gmbh
Vienna
UC
VGP-AT
100.00%
Vienna
UC
VGP-AT
100.00%
DA1 S.R.L.
Milan
UC
VGP-IT
100.00%
Milan
UC
VGP-IT
100.00%
SY05 S.R.L.
\u2013
\u2013
\u2013
\u2013
Milan
UC
VGP-IT
100.00%
Corleto S.r.l.
\u2013
\u2013
\u2013
\u2013
Faenza
UC
VGP-IT
100.00%
Totan\u00e9s Infraestructuras Comunes, S.L.
Madrid
UC
VGP-IB-SDT
38.89%
Madrid
UC
VGP-IB-SDT
38.89%
Murcia Solar Park GmbH (VGP-IB-MUR)
Berlin
UC
VGP-IB-ANI
100.00%
Berlin
UC
VGP-IB-ANI
100.00%
Baluma Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Baviera Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Bolardo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Boyante Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Braganza Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Cairo Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Carmesi Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Cenida Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Comunidad de Bienes del Huerto Solar del Hinojar, C.B.
Lorca
UC
VGP-IB-SVL
92.72%
Lorca
UC
VGP-IB-SVL
92.72%
Faballones Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Feanor Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Galadriel Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Helice Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Imai Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Koe Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Lima Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Miriel Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Mosqueton Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Nairobi Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Orion Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Penalara Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Perdiguero Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Peregrino Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Posets Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Radar Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Rotor Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Sentina Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Sextante Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Stopper Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Stein Von Liebig Balears I, S.L.U. (VGP-IB-SVL)
Madrid
UC
VGP-IB-MUR
100.00%
Madrid
UC
VGP-IB-MUR
100.00%
Trufa Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Volateo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Zelanda Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Zuncho Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
TOPWIND Energy S.R.L.
\u2013
\u2013
\u2013
\u2013
Bucharest
UC
VRP-RO
51.00%
Wind Energy Green Park S.R.L.
\u2013
\u2013
\u2013
\u2013
Bucharest
UC
VRP-RO
51.00%
VERBUND Green Power Albania Sh.p.k.
Tirana
UC
VGP
100.00%
Tirana
UC
VGP
100.00%
VERBUND Green Power Albania Wind Sh.p.k.
Tirana
UC
VGP
100.00%
Tirana
UC
VGP
100.00%
Segment: Sales
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH) \u2013 Sales activities
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
VERBUND Energy4Business GmbH (VEB)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Energy4Business Germany GmbH
Munich
CS
VEB
100.00%
Munich
CS
VEB
100.00%
VERBUND Energy4Customers GmbH (VEC)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Energy4Flex GmbH
Vienna
CS
VEB
100.00%
Vienna
CS
VEB
100.00%
VERBUND Energy4Future GmbH
Vienna
CS
VEB
100.00%
Vienna
CS
VEB
100.00%
VERBUND Engineers4Energy GmbH (was: MSP Solarpower GmbH)
Feldkirchen an der Donau
CS
VEB
100.00%
Feldkirchen an der Donau
CS
VEB
100.00%
Electriply GmbH
(vormals: iFix Solar
GmbH)
Feldkirchen an der Donau
CS
VEB
100.00%
Feldkirchen an der Donau
CS
VEB
100.00%
SMATRICS GmbH & Co KG (SMATRICS)
Vienna
CS
VEB
74.90%
Vienna
CS
VEB
74.90%
SMATRICS EnBW GmbH
Vienna
EM
00.01.1900
49.00%
Vienna
EM
00.01.1900
49.00%
Batteriespeicher M\u00fcnster GmbH
\u2013
\u2013
\u2013
\u2013
M\u00fcnster
EM
VEB
51.00%
E-Mobility Provider Austria GmbH
Vienna
UC
VEB
74.90%
Vienna
UC
VEB
74.90%
smart Energy Services GmbH
Vienna
UC
VEC
50.00%
Vienna
UC
VEC
50.00%
SOLAVOLTA Energie- und Umwelttechnik GmbH
Sankt Margarethen im Bgld.
UC
VEC
100.00%
Sankt Margarethen im Bgld.
UC
VEC
100.00%
Segment: Grid
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Austrian Power Grid AG (APG)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
Gas Connect Austria GmbH (GCA)
Vienna
CS
VH
51.00%
Vienna
CS
VH
51.00%
Austrian Gas Grid Management AG (AGGM)
Vienna
CS
GCA
51.00%
Vienna
CS
GCA
51.00%
Trans Austria Gasleitung GmbH (TAG)
Vienna
EM
GCA
15.53%
Vienna
EM
GCA
15.53%
OeMAG Abwicklungsstelle f\u00fcr \u00d6kostrom AG
Vienna
EM
APG
24.40%
Vienna
EM
APG
24.40%
AGCS Gas Clearing and Settlement AG
Vienna
UC
GCA
23.13%
Vienna
UC
GCA
23.13%
ASGM Austrian Strategic Gas Storage Management GmbH
Vienna
UC
AGGM
100.00%
Vienna
UC
AGGM
100.00%
VUM Verfahren Umwelt Management GmbH
Klagenfurt
UC
APG
100.00%
Klagenfurt
UC
APG
100.00%
Equigy B.V.
Arnheim
UC
APG
20.00%
Arnheim
UC
APG
20.00%
All other segments: Thermal generation
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Thermal Power GmbH (VTP GmbH)
Fernitz-Mellach
CS
VH
100.00%
Fernitz-Mellach
CS
VH
100.00%
VERBUND Thermal Power GmbH & Co KG
Fernitz-Mellach
CS
VH
VTP GmbH
100.00%
0.00%2
Fernitz-Mellach
CS
VH
VTP GmbH
100.00%
0.00%2
All other segments: Services
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Digital Power GmbH (was: VERBUND Services GmbH)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Business Solutions GmbH
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
All other segments: Equity interests
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH) \u2013 Equity interests
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
Klagenfurt
EM
VH
35.17%
Klagenfurt
EM
VH
35.17%
C2PAT GmbH
Vienna
UC
VH
25.00%
\u2013
\u2013
\u2013
\u2013
Other Group companies
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND AG (VH)
\u2013 All other activities
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
VERBUND Finanzierungsservice GmbH
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Ventures GmbH (VVE)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Green Hydrogen GmbH (VGH)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Green Hydrogen Sales GmbH
Vienna
CS
VGH
100.00%
Vienna
CS
VGH
100.00%
HalloSonne GmbH (HAS)
Vienna
UC
VEC
100.00%
\u2013
\u2013
\u2013
\u2013
TTTech Zyne GmbH
Vienna
UC
VVE
49.90%
Vienna
UC
VVE
49.90%
CS = consolidated subsidiary / EM = investee accounted for using the equity method / JO = joint operation, proportionate inclusion of assets and liabilities as well as income and expenses / UC = unconsolidated entities due to immateriality or lack of significant influence1 Joint ventures // 2 VERBUND Thermal Power GmbH holds an interest of < 0.01% in VERBUND Thermal Power GmbH & Co KG as a limited partner.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-35": { "value": "
Currency translation
In the separate financial statements of Group companies, all transactions denominated in foreign currency are measured at the spot exchange rate on the transaction date. Monetary balance sheet items are subsequently measured at the respective spot exchange rate on the reporting date. Exchange gains and losses are recognised through profit or loss under the other financial result.
The Group\u2019s reporting currency is the euro. The functional currency of VERBUND\u00a0AG, its consolidated subsidiaries (with the exception of VERBUND\u00a0Wind\u00a0Power\u00a0Romania\u00a0SRL) and all investees accounted for using the equity method is the euro. For the consolidated financial statements of VERBUND, the annual financial statements of the Romanian subsidiary are translated into euros using the functional currency method.
Assets and liabilities of foreign Group companies with a functional currency other than the euro are translated using the foreign exchange reference rate of the European Central Bank (ECB) or the exchange rates published by local national central banks prevailing on the reporting date. Income and expenses are translated at average monthly exchange rates. Differences arising from translation at the exchange rates prevailing on the reporting date are recognised in other comprehensive income and presented as a separate item in equity.

The exchange rates used for currency translation changed as follows:
Foreign exchange rates used for currency translation
\u00a0
\u00a0
\u00a0
31/12/2024
31/12/2025
2024
2025
Country
Currency
Closing rate
Closing rate
Average rate
Average rate
Romania
\u20ac1 = RON
4.9741
5.0985
4.9748
5.0406
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-36": { "value": "
The Group\u2019s reporting currency is the euro. The functional currency of VERBUND\u00a0AG, its consolidated subsidiaries (with the exception of VERBUND\u00a0Wind\u00a0Power\u00a0Romania\u00a0SRL) and all investees accounted for using the equity method is the euro. For the consolidated financial statements of VERBUND, the annual financial statements of the Romanian subsidiary are translated into euros using the functional currency method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-37": { "value": "
Foreign exchange rates used for currency translation
\u00a0
\u00a0
\u00a0
31/12/2024
31/12/2025
2024
2025
Country
Currency
Closing rate
Closing rate
Average rate
Average rate
Romania
\u20ac1 = RON
4.9741
5.0985
4.9748
5.0406
Breakdown of OCI
Breakdown of OCI
\u20acm
\u00a0
2024
2025
Measurement gains or losses recognised in equity
0.6
\u2013\u00a07.5
Foreign exchange differences
0.6
\u2013\u00a07.5
Measurement gains or losses recognised in equity
\u2013\u00a0108.1
54.9
Reclassification adjustments recognised in the income statement
\u2013\u00a0397.3
\u2013\u00a0289.7
Changes in cash flow hedges
\u2013\u00a0505.6
\u2013\u00a0227.2
Measurement gains or losses recognised in equity
7.2
\u2013\u00a014.5
Other comprehensive income from interests accounted for using the equity method
7.2
\u2013\u00a014.5
Total for items that will be reclassified subsequently to the
income statement
\u2013\u00a0497.8
\u2013\u00a0249.3
Taxes on other comprehensive income
\u20acm
\u00a0
2024
2024
2024
2025
2025
2025
\u00a0
Before taxes
Taxes
After taxes
Before taxes
Taxes
After taxes
Remeasurement of the net defined benefit liability
\u2013\u00a053.6
12.1
\u2013\u00a041.5
32.4
\u2013\u00a08.4
24.0
Changes in financial instruments
\u2013\u00a04.2
1.0
\u2013\u00a03.2
17.6
\u2013\u00a04.0
13.6
Other comprehensive income from interests accounted for using the equity method
\u2013\u00a05.8
\u2013
\u2013\u00a05.8
3.8
\u2013
3.8
Total for items that will not be reclassified subsequently to the income statement
\u2013\u00a063.6
13.0
\u2013\u00a050.5
53.8
\u2013\u00a012.5
41.3
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Foreign exchange differences
0.6
\u2013
0.6
\u2013\u00a07.5
\u2013
\u2013\u00a07.7
Changes in cash flow hedges
\u2013\u00a0505.6
116.4
\u2013\u00a0389.2
\u2013\u00a0227.2
51.9
\u2013\u00a0175.3
Other comprehensive income from interests accounted for using the equity\u00a0method
7.2
\u2013
7.2
\u2013\u00a014.5
\u2013
\u2013\u00a014.4
Total for items that will be reclassified subsequently to the income statement
\u2013\u00a0497.8
116.4
\u2013\u00a0381.5
\u2013\u00a0249.3
51.9
\u2013\u00a0197.4
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Other comprehensive income
\u2013\u00a0561.4
129.4
\u2013\u00a0432.0
\u2013\u00a0195.5
39.4
\u2013\u00a0156.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-38": { "value": "
Newly applicable or applied accounting standards
In the 2025 reporting period, the following new or amended standards and interpretations were required to be applied for the first time or were applied early by VERBUND:
Newly applicable or applied accounting standards
\u00a0
Standard or interpretation
Published by the IASB (endorsed by the EU)
Mandatory application for VERBUND
Material effects on the consolidated financial statements of VERBUND
IAS\u00a021
Amendment: Clarification of accounting when there is a lack of exchangeability
15/8/2023 (12/11/2024)
1/1/2025
None
IFRS\u00a09 and IFRS\u00a07
Amendment: Contracts Referencing Nature-dependent Electricity
18/12/2024 (30/6/2025)
1.1.2026
Easier application of the own-use excemption for energy supply contracts
\u201cContracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS\u00a09 and\u00a0IFRS 7\u201d was published in the Official Journal of the EU on 1\u00a0July\u00a02025 on the basis of the Commission Regulation of 30\u00a0June\u00a02025. These amendments clarify the accounting for contracts referencing electricity from renewable sources, such as wind and solar power, where the quantity of electricity generated is naturally subject to fluctuation. The amendments focus on the own-use exemption, hedge accounting and the addition of new disclosure requirements. The amendments are required to be applied to annual reporting periods beginning on or after 1\u00a0January 2026. Earlier application is permitted. VERBUND opted for early application beginning 1\u00a0January\u00a02025. The amended provisions have been applied to new contracts concluded in 2025. VERBUND makes particular use of the amended rules and regulations regarding permissible sales of surplus energy generation in applying the own-use exemption, as well as the new provisions regarding the possible designation of variable energy volumes as hedged items for the purpose of cash flow hedge accounting. Early application of the provisions described does not give rise to a material quantitative transition effect for VERBUND.
New accounting standards not yet applicable or applied
The IASB has also adopted new standards that were not applied by VERBUND in the 2025 reporting period because they had either not yet been endorsed by the European Union or their application was not yet mandatory:
New accounting standards not yet applicable or applied
\u00a0
Standard or interpretation
Published by the IASB (endorsed by the EU)1
Mandatory application for VERBUND
Expected material effects on the consolidated financial statements of VERBUND
IFRS\u00a09 and IFRS\u00a07
Amendment: Classification and Measurement of Financial Instruments
30/5/2024 (27/5/2025)
1/1/2026
None
Various
Annual Improvements (Volume 11)
18/7/2024 (9/7/2025)
1/1/2026
None
IFRS\u00a018
Presentation and Disclosure in Financial Statements
9/4/2024
(13/2/2026)
1/1/2027
Adjustment of the presentation of the profit and loss statement, the cash flow statement, the balance sheet and the notes
IFRS\u00a019
Subsidiaries without Public Accountability: Disclosures
9/5/2024 (outstanding)
1/1/2027
None
IFRS\u00a019
Amendments to IFRS\u00a019 Subsidiaries without Public Accountability
21/8/2025 (outstanding)
1/1/2027
None
IAS\u00a021
Amendments for translating financial information into hyperinflationary currencies
13/11/2025 (outstanding)
1/1/2027
None
1 Basis: EU Endorsement Status Report dated 16 February 2026
IFRS 18 has superseded IAS 1 and is effective for annual reporting periods beginning on or after 1 January 2027. The new accounting standard introduces the following significant new requirements, among others:
\u25cf
Entities are required to include income and expenses included in the statement of profit or loss in one of five categories: the operating category, the investing category, the financing category, the income taxes category or the discontinued operations category.

\u25cf
Entities are also required to present two new defined subtotals in the statement of profit or loss: \u201coperating profit\u201d and \u201cprofit before financing and income taxes\u201d.
\u25cf
Entities are required to disclose all management-defined performance measures in a single note in the notes to the financial statements, to label and describe each management-defined performance measure in a clear and understandable manner and to disclose a reconciliation to the most directly comparable total or subtotal.
\u25cf
In addition, all entities are required to use IFRS 18\u2019s defined subtotal of \u201coperating profit\u201d as the starting point for the statement of cash flows when cash flows from operating activities are presented using the indirect method.
\u25cf
Furthermore, goodwill must be presented as a separate line item in the statement of financial position.
VERBUND launched the implementation project in the past financial year and is currently preparing to implement the IFRS 18 requirements described above. The key impacts relate to the consolidated income statement (in particular the change in the presentation of the current financial result to reflect the new mandatory subtotals), the switch to using operating profit as the starting point for the consolidated statement of cash flows, the requirement to disclose management-defined performance measures in the notes to the consolidated financial statements, and the requirement to present goodwill in a separate line item in the balance sheet. VERBUND will initially apply IFRS 18 as of 1 January 2027, with prior period comparative figures adjusted retrospectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-39": { "value": "
Effects of climate change
The effects of climate change on the measurement of VERBUND\u2019s assets are evaluated at regular intervals. The technical expertise for this is provided by the VERBUND Climate Change Competence Centre (CCCC), which covers multiple scientific areas that are relevant to VERBUND such as meteorology, climatology and hydrology. The objective of the CCCC is to make available all relevant climate (change) findings that are necessary from a scientific point of view and to assess the overall impact of climate change in both Austria and the relevant foreign markets. In past years, studies on the potential effects of climate change have been conducted as part of research projects initiated by VERBUND. These studies revolved around analysing how climate change could impact the water supply, and thus hydropower generation capacity, which represents a significant value driver for generation at VERBUND. Findings from regional climate models were used for this purpose and then analysed with respect to the variables relevant to VERBUND using a hydrological model. The analysis was based on data from global climate models, which in turn was based on the outcomes of three climate scenarios modelled by the Intergovernmental Panel on Climate Change (IPCC).
The results showed that annual runoff volumes differed regionally and seasonally, but the effects essentially balanced each other out over the observation period. Thus from today\u2019s perspective, only minor changes are foreseeable in the area of hydropower generation capacities compared with the current situation. Specifically, the analyses showed that over the long term, generation potential tended to trend downward in the summer months and trend upward in the winter months.
In addition, annual average water supply for the past 20 years was analysed for the Danube, Drau, Inn, Enns, Mur and Salzach rivers \u2013 all of which are important for VERBUND \u2013 at relevant meter points at VERBUND power plants. None of the rivers for which data was analysed showed a significant upward or downward trend over the long term. Overall, the analysis indicated that there have always been temporary declines in water supply in the past due to prolonged dry periods, but that the declines levelled out in subsequent years.
VERBUND hydropower plants are naturally affected by extreme weather events such as heavy rainfall and flooding. High water events can jeopardise the infrastructure and operational safety of VERBUND\u2019s generation facilities. In this regard, VERBUND implemented preventative countermeasures in the past such as improving infrastructure resilience, strengthening flood protection measures and integrating surveillance technologies and early warning systems. This has enabled VERBUND to manage high water events such as that occurring in autumn 2024 without incurring significant or sustained damage.
Climate risks can additionally impact wind and photovoltaic installations at VERBUND. Wind turbines may be at risk from storms, among other hazards. In addition, unusual wind patterns or rapid changes in wind direction may impact turbine efficiency. Extreme weather events may also affect energy generation in photovoltaic systems. VERBUND has minimised these risks as far as possible through the use of robust, resilient materials and systems that can be adapted to changing environmental conditions. Past experience shows that both the performance and the efficiency as well as the durability of wind and photovoltaic systems have steadily increased thanks to rapid technological progress in the materials and manufacturing processes employed. It is therefore assumed that technological advances in photovoltaic modules and wind turbines will largely offset any temporary regional weather anomalies. Furthermore, VERBUND relies on regional and technological diversification in its generation activities.
As network operators, GCA and APG are exposed to potential risks including storms and extreme precipitation along pipelines. Measures to prevent damage include in particular the monitoring of line systems with the aid of cameras, drones and satellite data. To date, VERBUND has not suffered any relevant damage as a result of this risk.
The output generated from hydropower, wind and photovoltaic power plants is a significant profit driver for VERBUND. Output sensitivities relating to the Group result are therefore analysed regularly. All else remaining equal, a change in the factors shown below would be reflected in the projected Group result for 2026 as follows (based on the hedging status for generation output as at 31\u00a0December 2025):
2026 Group result: sensitivities
\u00a0
\u20acm
\u00a0
+\u00a01%
\u2013\u00a01%
Generation from hydropower
14.3
\u2013\u00a014.3
Wind power and photovoltaic generation
1.8
\u2013\u00a01.8
VERBUND is currently carrying out another extensive study to enable more effective recording of potential changes arising from advancing climate change. The aforementioned analysis is based on climate scenarios presented in the IPCC report. IPCC reports are updated regularly. The current publication is the Sixth Assessment Report, the individual contributions to which were published between 2021 and 2023. Because the IPCC data is globally structured, regional assessments will be carried out by scientific institutions in the member states in 2026. Those assessments can then be applied to the river basins relevant to VERBUND. The multi-year \u201cClimpact4Verbund\u201d project is currently being implemented by a consortium consisting of the University of Natural Resources and Life Sciences (BOKU), the Austrian Institute of Technology (AIT) and Geosphere Austria. The comprehensive study will cover all generation technologies and all relevant markets in which VERBUND operates and will investigate the impacts of climate change during the period up to the year 2100. Specifically, the study focuses largely on the following topics:
Generation:
\u2212
Potential changes to the inflow situation or in the energy generation of all individual VERBUND run-of-river power plants along the Danube, Inn, Drau, Mur, Salzach and Enns rivers compared with the current situation for the various climate scenarios up to the year 2100. Generation is considered on the basis of daily values, with a special focus on high and low water situations. Changes in the seasonality of discharge behaviour are also highly relevant.
\u2212
Potential changes in tributaries leading to VERBUND reservoirs, including as a result of melting glaciers and thawing permafrost.
\u2212
Potential changes in the energy generated from VERBUND wind farms compared with the current situation under the various climate scenarios up to the year 2100.
\u2212
Potential changes in the energy generated from VERBUND photovoltaic installations compared with the current situation under the various climate scenarios up to the year 2100.
\u2212
Changes in climatic conditions (especially temperatures) at sites where VERBUND operates large-scale batteries, with respect to the various climate scenarios up to the year 2100.
Natural hazards:
\u2212
Creation of a digital risk map showing the risk posed by natural hazards for all relevant sites.
\u2212
Incorporation of future risks into the map based on various climate warming scenarios (temperature rise of 2\u00b0C, 5\u00b0C or 7\u00b0C).
Other:
\u2212
Changes in sediment deposits and bedload transport on rivers where VERBUND power plants are located and in reservoirs.
\u2212
Designing weir structures to handle changing water flow conditions.
\u2212
Water stress at planned hydrogen production sites.

The updated results on the effects of climate change, which are expected to be available by the end of 2027, are intended to be used in all long-term profitability analyses, corporate budgets and valuations as well as for impairment tests going forward, provided such effects are quantifiable and material.
VERBUND has assessed potential climate risks in accordance with IAS\u00a036, in particular with respect to the calculation of impairment losses. Based on the current data situation as described above, no significant need for adjustments have been identified at VERBUND at present. The same applies to the useful lives of intangible assets and property, plant and equipment as well as to the measurement of financial instruments. However, the climate scenarios are examined at regular intervals to determine whether there are any obvious, significant climate risks that need to be considered in the measurement of assets.
VERBUND also endeavours to implement sustainable projects using green financing instruments as part of its corporate responsibility strategy and is steadily expanding its sustainable finance portfolio. In recent years, VERBUND has repeatedly and successfully issued green bonds, whose net proceeds are used to fund green projects. As at 31\u00a0December 2025, VERBUND had a sustainability-linked syndicated credit line in the amount of \u20ac1,000.0m to secure liquidity; the credit line had not been drawn on as at the reporting date.
Climate-related targets are also incorporated into the short-term remuneration (STI) and long-term remuneration (LTI) granted in financial year 2025 as part of the remuneration extended to members of the Management Board and Supervisory Board. Further details are available in the section entitled \u201cDisclosures regarding the governing bodies of the Group\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-40": { "value": "
Claims for damages: Limberg
At the beginning of November 2025, separate events caused damage to the two generators at the 480-MW Limberg III power plant and to the transformer at the 160-MW Kaprun-Oberstufe (Limberg I) power plant. The damage analyses for the two failed generators at the Limberg III pumped hydropower storage facility had not yet been finalised as at 31 December 2025. The two generators were not yet owned by VERBUND at the time the loss occurred; as at 31 December 2025, they were reported at \u20ac61.4m under Plants under construction and advance payments. As the generators had not yet been accepted by VERBUND, the manufacturer remains obligated to ensure their full functionality. Therefore, no impairment was recognised in the 2025 financial year.

The large-scale transformer at the Limberg I power plant, which had failed during black start tests and is still under warranty, was transported down to the valley for a detailed damage analysis by external experts. As of the reporting date, the final evaluation had not yet been completed. An impairment loss of \u20ac6.0m was recognised for the defective transformer in financial year 2025.
As at the 31 December 2025 reporting date, uncertainties remained regarding the still-ongoing damage analysis and the examination of claims against both the manufacturer and the insurance company. The negative impact on Group earnings from the temporary shutdown of Limberg I and the delayed commissioning of Limberg III is currently estimated at between \u20ac40m and \u20ac60m; this includes both the costs of damage analysis and repair as well as lost profits resulting from production downtimes. The vast majority of these negative impacts will be felt in the 2026 financial year. The impact on Group earnings as of the reporting date was mainly due to the full write-off of the transformer.
3.2.10

Impairment losses and reversals of impairment losses
Impairment losses and reversals of impairment losses
\u00a0
\u20acm
\u00a0
2024
2025
CGUs in the Spain renewables portfolio \u2013 existing projects1
\u2013\u00a07.2
\u2013\u00a017.3
Spain photovoltaic portfolio: cash-generating units1
\u2013\u00a08.3
\u2013\u00a012.6
Spain wind portfolio: cash-generating units1
11.6
\u2013\u00a06.8
Claims for damages: Limberg I
0.0
\u2013\u00a06.0
Gas Connect Austria GmbH
\u2013\u00a0172.4
0.0
Mellach combined cycle gas turbine power plant
\u2013\u00a066.8
0.0
Deferred grants for the Mellach combined cycle gas turbine power plant
0.7
0.0
Graz power plant on the Mur River
1.3
0.0
CGUs in the Spain renewables portfolio \u2013 development projects1
64.5
47.5
Other impairment losses
0.0
\u2013\u00a04.8
Impairment losses and reversals of impairment losses
\u2013\u00a0176.6
\u2013\u00a00.1
1 See section 4.4.2 Impairment testing of power plants and grid infrastructure for details regarding changes in value.Impairment losses and reversals of impairment losses
The financial result includes impairment losses and reversals of impairment losses from other equity interests (see section 4.6.1 \u201cOther equity interests\u201d). No impairment losses were recognised on other equity interests at the reporting date (previous year: \u20ac0.0m), nor were any reversals of impairment losses recognised (previous year: \u20ac13.6m).
Intangible assets
\u00a0
\u00a0
\u20acm
\u00a0
Concessions, rights, licences
Goodwill
Total
2025
\u00a0
\u00a0
\u00a0
Cost as at 1/1
1,055.7
1,034.3
2,090.0
Foreign exchange differences
\u2013\u00a00.1
0.0
\u2013\u00a00.1
Change in the scope of consolidation
\u2013\u00a0139.9
0.0
\u2013\u00a0139.9
Additions
92.8
0.0
92.8
Disposals
\u2013\u00a02.9
0.0
\u2013\u00a02.9
Reclassifications
3.4
0.0
3.4
Cost as at 31/12
1,009.0
1,034.3
2,043.3
Accumulated amortisation as at 1/1
585.0
399.8
984.8
Change in the scope of consolidation
\u2013\u00a034.2
0.0
\u2013\u00a034.2
Depreciation and amortisation
30.6
0.0
30.6
Impairment losses
2.7
0.0
2.7
Reversals of impairment losses
\u2013\u00a027.8
0.0
\u2013\u00a027.8
Disposals
\u2013\u00a01.4
0.0
\u2013\u00a01.4
Reclassifications
\u2013\u00a00.2
0.0
\u2013\u00a00.2
Accumulated amortisation as at 31/12
554.6
399.8
954.4
Net carrying amount as at 31/12
454.4
634.5
1,088.9
Net carrying amount as at 1/1
470.8
634.5
1,105.2
Intangible assets
\u00a0
\u00a0
\u20acm
\u00a0
Concessions, rights, licences
Goodwill
Total
2024
\u00a0
\u00a0
\u00a0
Cost as at 1/1
976.2
1,034.3
2,010.5
Additions
63.4
0.0
63.4
Disposals
\u2013\u00a02.7
0.0
\u2013\u00a02.7
Reclassifications
18.8
0.0
18.8
Cost as at 31/12
1,055.7
1,034.3
2,090.0
Accumulated amortisation as at 1/1
610.5
399.8
1,010.3
Depreciation and amortisation
25.1
0.0
25.1
Impairment losses
24.7
0.0
24.7
Reversals of impairment losses
\u2013\u00a086.1
0.0
\u2013\u00a086.1
Disposals
\u2013\u00a02.4
0.0
\u2013\u00a02.4
Reclassifications
13.2
0.0
13.2
Accumulated amortisation as at 31/12
585.0
399.8
984.8
Net carrying amount as at 31/12
470.8
634.5
1,105.2
Net carrying amount as at 1/1
365.7
634.5
1,000.2
Property, plant and equipment\u00a0
\u20acm
\u00a0
Land and buildings
Machi-
nery
Electrical installations
Power lines
Office and plant equipment
Gas pipelines
Plants under construction and projects
Total
2025
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cost as at 1/1
8,889.6
5,857.6
5,250.6
1,704.6
333.7
778.1
2,220.7
25,034.7
Foreign exchange differences
\u2013\u00a01.4
\u2013\u00a05.8
\u2013\u00a00.4
0.0
0.0
0.0
0.0
\u2013\u00a07.6
Change in the scope of consolidation
0.0
0.0
0.0
0.0
0.0
0.0
139.4
139.4
Additions from asset acquisitions
0.0
37.8
0.0
0.0
0.0
0.0
21.0
58.8
Additions
65.1
53.9
75.6
0.5
25.7
5.1
1,013.4
1,239.3
Disposals
\u2013\u00a04.3
\u2013\u00a011.5
\u2013\u00a042.8
\u2013\u00a015.5
\u2013\u00a023.6
\u2013\u00a00.4
\u2013\u00a04.2
\u2013\u00a0102.4
Reclassifications1
414.1
139.9
437.8
674.4
23.0
1.2
\u2013\u00a01,694.0
\u2013\u00a03.5
Cost as at 31/12
9,363.2
6,071.9
5,720.8
2,364.0
358.7
784.1
1,696.2
26,358.6
Accumulated depreciation as at 1/1
3,895.8
3,274.8
3,056.1
949.8
219.9
553.7
14.9
11,964.9
Foreign exchange differences
\u2013\u00a00.7
\u2013\u00a02.9
\u2013\u00a00.2
0.0
0.0
0.0
0.0
\u2013\u00a03.8
Change in the scope of consolidation
0.0
0.0
0.0
0.0
0.0
0.0
34.2
34.2
Depreciation and amortisation
130.4
167.5
186.1
46.0
29.3
17.1
0.0
576.3
Impairment losses
2.8
10.7
22.0
0.0
0.0
0.0
12.8
48.4
Reversals of impairment losses
\u2013\u00a00.1
\u2013\u00a01.2
\u2013\u00a00.1
0.0
0.0
0.0
\u2013\u00a021.7
\u2013\u00a023.1
Disposals
\u2013\u00a02.1
\u2013\u00a08.2
\u2013\u00a039.2
\u2013\u00a08.3
\u2013\u00a022.9
\u2013\u00a00.4
\u2013\u00a00.1
\u2013\u00a081.1
Reclassifications
5.2
\u2013\u00a02.6
0.3
0.0
0.3
\u2013\u00a04.7
1.7
0.3
Accumulated depreciation
as at 31/12
4,031.3
3,438.2
3,225.0
987.5
226.5
565.8
41.9
12,516.0
Net carrying amount as at 31/12
5,331.8
2,633.8
2,495.8
1,376.5
132.2
218.3
1,654.3
13,842.6
Net carrying amount as at 1/1
4,993.9
2,582.8
2,194.5
754.9
113.8
224.4
2,205.8
13,069.9
Property, plant and equipment\u00a0
\u20acm
\u00a0
Land and buildings
Machinery
Electrical installations
Power lines
Office and plant equipment
Gas pipelines
Plants under construction and projects
Total
2024
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cost as at 1/1
8,597.7
5,580.6
4,952.3
1,688.6
297.8
771.9
1,998.4
23,887.2
Additions
96.4
170.0
114.5
4.8
39.4
6.8
752.5
1,184.5
Disposals
\u2013\u00a02.0
\u2013\u00a010.3
\u2013\u00a08.6
\u2013\u00a00.4
\u2013\u00a08.6
\u2013\u00a00.7
\u2013\u00a01.7
\u2013\u00a032.2
Reclassifications
197.5
117.2
192.3
11.5
5.1
0.1
\u2013\u00a0528.5
\u2013\u00a04.8
Cost as at 31/12
8,889.6
5,857.6
5,250.6
1,704.6
333.7
778.1
2,220.7
25,034.7
Accumulated depreciation as at 1/1
3,728.1
3,031.4
2,867.9
912.2
196.9
437.0
15.8
11,189.2
Additions
0.0
23.4
0.0
0.0
0.0
0.0
0.0
23.4
Depreciation and amortisation
122.6
165.0
165.4
35.4
28.6
20.0
0.0
537.0
Impairment losses
40.6
78.0
37.4
2.2
2.5
97.4
8.7
266.9
Reversals of impairment losses
\u2013\u00a05.7
\u2013\u00a013.2
\u2013\u00a09.3
0.0
0.0
0.0
0.0
\u2013\u00a028.3
Disposals
\u2013\u00a00.6
\u2013\u00a07.8
\u2013\u00a07.0
0.0
\u2013\u00a08.2
\u2013\u00a00.7
0.0
\u2013\u00a024.2
Reclassifications
10.8
\u2013\u00a02.0
1.7
0.0
0.1
0.0
\u2013\u00a09.6
0.9
Accumulated depreciation as at 31/12
3,895.8
3,274.8
3,056.1
949.8
219.9
553.7
14.9
11,964.9
Net carrying amount
as at 31/12
4,993.9
2,582.8
2,194.5
754.9
113.8
224.4
2,205.8
13,069.9
Net carrying amount
as at 1/1
4,869.5
2,549.3
2,084.4
776.5
100.9
334.9
1,982.5
12,697.9
4.4.1 Impairment testing of goodwill
For the purpose of impairment testing, VERBUND\u2019s goodwill was allocated to the following cash-generating units or groups of cash-generating units:
Goodwill
\u00a0
\u20acm
\u00a0
2024
2025
Hydro segment
287.0
287.0
Sales segment
13.0
13.0
Inn River power plant group
126.6
126.6
Grenzkraftwerke power plant group
161.1
161.1
SMATRICS GmbH & Co KG
40.5
40.5
Solar power
6.4
6.4
Goodwill
634.6
634.6
Impairment testing of goodwill for the Hydro segment
\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
All hydraulic generation plants of VERBUND plus goodwill and deferred tax items
All hydraulic generation plants of VERBUND plus goodwill and deferred tax items
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Average expected generation of the respective power plants
Average expected generation of the respective power plants
Pricing
Internal price forecasts and power plant-specific premiums or discounts (for example, the sale of guarantees of origin)
Internal price forecasts and power plant-specific premiums or discounts (for example, the sale of guarantees of origin)
Planning period
Detailed planning phase: up to a maximum of 6 years depending on the specific power plant; rough planning phase: up to a maximum of 30 years depending on the specific power plant; subsequent terminal value phase following rough planning phase depending on the specific power plant
Detailed planning phase: up to a maximum of 6 years depending on the specific power plant; rough planning phase: up to a maximum of 29 years depending on the specific power plant; subsequent terminal value phase following rough planning phase depending on the specific power plant
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00%\u2013\u00a09.50% depending on the location
WACC: 5.50%\u2013\u00a09.25% depending on the location
Impairment loss during the period2
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 6.59%\u2013\u00a010.52% (previous year: 6.15%\u2013\u00a010.75%). // 2 In the opinion of Management, the carrying amount of the Hydro segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Sales segment
\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
All of VERBUND\u2019s sales activities plus goodwill
All of VERBUND\u2019s sales activities plus goodwill
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Expected trading and distribution volumes
Expected trading and distribution volumes
Pricing
Expected trading and distribution volumes
Expected trading and distribution volumes
Planning period
Detailed planning phase of 6 years followed by a terminal value phase
Detailed planning phase of 6 years followed by a terminal value phase
Key valuation assumptions
Expected trading and distribution volumes as well as trading and sales margins
Expected trading and distribution volumes as well as trading and sales margins
After-tax discount rate1
WACC after taxes: 5.00%\u2013\u00a011.75%
WACC after taxes: 5.50%\u2013\u00a09.25%
Impairment loss during the period2
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.31%\u2013\u00a011.04% (previous year: 7.10%\u2013\u00a012.89%) // 2 In the opinion of Management, the carrying amount of the Sales segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Inn River run-of-river power plant group\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Run-of-river power plants of the Inn River power plant group1, each of which also represents a cash-generating unit, plus goodwill and deferred tax accruals
Run-of-river power plants of the Inn River power plant group1, each of which also represents a cash-generating unit, plus goodwill and deferred tax accruals
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND Innkraftwerke GmbH budgets (based primarily on market data)
VERBUND Innkraftwerke GmbH budgets (based primarily on market data)
Volume
Annual output corresponding to the mean energy capability of 1,983\u00a0GWh
Annual output corresponding to the mean energy capability of 1,983\u00a0GWh
Pricing
Internal price forecasts; discounts for generation characteristics and hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted price); consideration of water charges based on official notices; estimate of maintenance costs by the managers responsible
External price forecasts; discounts for generation characteristics and the hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices); consideration of the water charges based on official notices; estimate of the maintenance costs by the managers responsible
Planning period
Detailed planning phase: 6 years; rough planning phase: 30 years followed by a terminal value phase
Detailed planning phase: 6 years; rough planning phase: 29 years followed by a terminal value phase
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate2
WACC: 5.00%
WACC: 5.50%
Impairment loss during the period3
\u2013
\u2013
1 The Inn River power plant group comprises the following run-of-river power plants: Aubach, Feldkirchen, Gars, Jettenbach II, Neu\u00f6tting, Perach, Rosenheim, Stammham, Teufelsbruck, T\u00f6ging, Wasserburg. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 6.53% (previous year: 6.15%). // 3 In the opinion of Management, the carrying amount of Kraftwerksgruppe Inn assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Grenzkraftwerke run-of river power plant group1\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Run-of-river power plants of the Grenzkraftwerke power plant group2, each of which represents a cash-generating unit, plus goodwill and deferred tax accruals
Run-of-river power plants of the Grenzkraftwerke power plant group2, each of which represents a cash-generating unit, plus goodwill and deferred tax accruals
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
Grenzkraftwerke GmbH\u2019s budgets (based primarily on market data)
Grenzkraftwerke GmbH\u2019s budgets (based primarily on market data)
Volume
Annual output corresponding to the mean energy capability of 3,957\u00a0GWh
Annual output corresponding to the mean energy capability of 3,999\u00a0GWh
Pricing
Internal price forecasts; discounts for generation characteristics and hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted price); consideration of water charges based on official notices; estimate of maintenance costs by the managers responsible
External price forecasts; discounts for generation characteristics and the hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices); consideration of the water charges based on official notices; estimate of the maintenance costs by the managers responsible
Planning period
Detailed planning phase: 6 years; rough planning phase: 30 years followed by a terminal value phase
Detailed planning phase: 6 years; rough planning phase: 29 years followed by a terminal value phase
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate3
WACC: 5.25%
WACC: 5.75%
Impairment loss during the period4
\u2013
\u2013
1 The following information relates to the second step of the two-step impairment test of the Grenzkraftwerke power plant group. The recoverability of the individual run-of-river power plant assets was tested in the first step. // 2 The Grenzkraftwerke power plant group comprises the following power plants: Braunau-Simbach, Egglfing-Obernberg, Ering-Frauenstein, Jochenstein, Nu\u00dfdorf, Oberaudorf-Ebbs, Passau-Ingling and Sch\u00e4rding-Neuhaus. // 3 The implicit input tax interest rate determined through a process of iteration amounted to 6.81%\u2013\u00a06.87% (previous year: 6.35%\u2013\u00a06.43%). // 4 In the opinion of Management, the carrying amount of the Grenzkraftwerke power plant group's assets (less deferred tax liabilities) including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for SMATRICS GmbH & Co KG\u00a0
\u00a0
31/12/2024
31/12/2025
Cash-generating unit
SMATRICS GmbH & Co KG, full-service provider for electromobility charging solutions
SMATRICS GmbH & Co KG, full-service provider for electromobility charging solutions
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
SMATRICS GmbH & Co KG budgets (based primarily on market data)
SMATRICS GmbH & Co KG budgets (based primarily on market data)
Volume
Electric vehicle charging points
Electric vehicle charging points
Pricing
Electric vehicle charging rates
Electric vehicle charging rates
Planning period
Detailed planning phase: 11 years plus subsequent terminal value phase
Detailed planning phase: 11 years plus subsequent terminal value phase
Key valuation assumptions
Electric vehicle charging points, discount rate
Electric vehicle charging points, discount rate
After-tax discount rate1
WACC: 11.75%
WACC: 9.25%
Impairment loss during the period
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 11.04% (previous year: 12.89%).
Sensitivity analysis for SMATRICS GmbH & Co KG as at 31/12/2025\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
9.25%
\u00b1 0.25 PP
\u20ac\u2013\u00a06.1m
\u20ac+\u00a06.5m
1 A change in the after-tax discount rate of +\u00a03.39 PP or more would mean that the carrying amount exceeds the recoverable amount.
Sensitivity analysis for SMATRICS GmbH & Co KG as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
11.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a04.2m
\u20ac+\u00a04.4m
Impairment testing of goodwill from Solarpower\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Solarpower (VERBUND Engineers4Energy GmbH/Electriply GmbH): construction of photovoltaic systems and distribution of components
Solarpower (VERBUND Engineers4Energy GmbH/Electriply GmbH): construction of photovoltaic systems and distribution of components
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
MWp plant engineering, sales volumes of Photovoltaik components
MWp plant engineering, sales volumes of Photovoltaik components
Pricing
Purchase prices for photovoltaic modules, inverters and mounting structures; purchased installation services; internal forecasts for project costs and own work
Purchase prices for photovoltaic modules, inverters and mounting structures; purchased installation services; internal forecasts for project costs and own work
Planning period
Detailed planning phase: 6 years plus subsequent terminal value phase
Detailed planning phase: 6 years plus subsequent terminal value phase
Key valuation assumptions
Price assumptions (\u20ac/MWp), discount rate
Price assumptions (\u20ac/MWp), discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Impairment loss during the period
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.31% (previous year: 7.12%)
Sensitivity analysis for Solarpower as at 31/12/2025\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.7m
\u20ac+\u00a01.9m
1 A change in the after-tax discount rate of +\u00a05.81 PP or more would mean that the carrying amount exceeds the recoverable amount.
Sensitivity analysis for Solarpower as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.8m
\u20ac+\u00a02.0m
Impairment testing of power plants and grid infrastructure
Due to the large number of cash-generating units in our Spanish portfolio, we have combined the following notes disclosures pursuant to IAS 36.130 to improve readability and comprehensibility. In so doing, we have presented cash-generating units with similar input parameters in a single table solely for the purpose of presentation in the consolidated financial statements. However, each cash-generating unit was tested separately \u2013 independent of the other CGUs \u2013 for impairment in accordance with IAS 36.
The renewable generation facilities in Spain were classified as follows:
\u25cf
Spain renewables portfolio \u2013 existing projects (wind and PV)
\u25cf
Spain renewables portfolio \u2013 development projects (PV)
\u25cf
Spain PV portfolio
\u25cf
Spain wind portfolio
The table below contains information on existing projects in our Spain renewable portfolio. Existing projects are divided among the following sub-portfolios: Anselma Issuer, S.A.U. with 17 CGUs; Topacio Energy, S.L.U. with 19 CGUs; and VERBUND Green Power Renewable Projects, S.L.U. with three CGUs.
Impairment testing of existing projects in the Spain renewables portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Wind/photovoltaic portfolios with a capacity of 174.1\u00a0MWp in operation (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U. and VERBUND Green Power Renewable Projects, S.L.U.)
Wind/photovoltaic portfolios with a capacity of 174.7\u00a0MWp in operation (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U. and VERBUND Green Power Renewable Projects, S.L.U.)
Basis for recoverable amount
Value in use
Value in use and fair value (level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Tariffs for the next 13\u201316 years, followed by internal price forecasts (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U.) or internal price forecasts only (VERBUND Green Power Renewable Projects, S.L.U.)
Tariffs for the next 12\u201315 years, followed by internal price forecasts (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U.) or internal price forecasts only (VERBUND Green Power Renewable Projects, S.L.U.)
Planning period
Detailed planning phase: 6 years; rough planning phase: 12\u201313 years for the Anselma Issuer, S.A.U. portfolio, 12\u2013\u00a015 years for the Topacio Energy, S.L.U. portfolio and 29 years for the VERBUND Green Power Renewable Projects, S.L.U. portfolio.
Detailed planning phase: 6 years; rough planning phase: 11\u201312 years for the Anselma Issuer, S.A.U. portfolio, 11\u201314 years for the Topacio Energy, S.L.U. portfolio and 24\u201329 years for the VERBUND Green Power Renewable Projects, S.L.U. portfolio.
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00% / 5.50%
WACC: 5.25%/5.75%
Recoverable amount
\u20ac438.9m
\u20ac396.0m
Change in value during the period2
\u20ac\u2013\u00a07.2m
\u20ac\u2013\u00a017.3m
1 Since the return on the Anselma Issuer, S.A.U. and Topacio Energy, S.L.U. portfolios is protected by tariff rate quotas for the next 12 to 15 years, followed by a period of merchant marketing, two different WACCs were used for the valuation. Merchant marketing is used exclusively with respect to the VERBUND Green Power Renewable Projects, S.L.U. portfolio. The implicit input tax interest rate determined through a process of iteration amounted to 6.68%\u2013\u00a08.48% (previous year 6.79%\u2013\u00a08.69% ). // 2 The impairment loss as at 31\u00a0December\u00a02025 comprised reversals of impairment losses at four CGUs from the Anselma Issuer, S.A.U. portfolio in a total amount of \u20ac\u20130.5m (previous year reversals of impairment losses in a total amount of \u20ac+7.7m); reversals of impairment losses at three CGUs from the Topacio Energy, S.L.U. portfolio in a total amount of \u20ac\u20130.1m (previous year: reversals of impairment losses in a total amount of \u20ac+7.3m) and impairment losses at three CGUs in the VERBUND Green Power Renewable Projects, S.L.U. portfolio in a total amount of \u20ac\u201316.7m (previous year: \u20ac22.3m).
Sensitivity analysis for existing projects in the Spain renewables portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in the key valuation assumption
Effects on the recoverable amount of the Anselma Issuer, S.A.U. portfolio
Effects on the recoverable amount of the Topacio Energy, S.L.U. portfolio
Effects on the recoverable amount of the VERBUND Green Power Renewable Projects, S.L.U. portfolio
After-tax discount rate
5.25% / 5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.9m
\u20ac+\u00a01.9m
\u20ac\u2013\u00a02.7m
\u20ac+\u00a02.8m
\u20ac\u2013\u00a02.8m
\u20ac+\u00a03.0m
Electricity price
\u20ac26.50/\u20ac33.88 per MWh (PV)/\u20ac71.45 per MWh (wind)
\u00b1 5%
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a05.6m
\u20ac\u2013\u00a05.6m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact.
Sensitivity analysis for existing projects in the Spain renewables portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, Anselma Issuer, S.A.U. portfolio
Effects on the recoverable amount, Topacio Energy, S.L.U. portfolio
Effects on the recoverable amount of the VERBUND Green Power Renewable Projects, S.L.U. portfolio
After-tax discount rate
5.00% / 5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a02.3m
\u20ac+\u00a02.3m
\u20ac\u2013\u00a03.1m
\u20ac+\u00a03.2m
\u20ac\u2013\u00a01.3m
\u20ac+\u00a01.4m
Electricity price
\u20ac37.0 per MWh (PV)/\u20ac76.4 per MWh (wind)
\u00b1 5%
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a00.1m
\u20ac\u2013\u00a00.1m
\u20ac+\u00a02.4m
\u20ac\u2013\u00a02.4m
The table of development projects in the Spain renewables portfolio includes 18 CGUs from the Tejo Solar, S.L.U. portfolio.
Impairment testing of development projects in Spain renewables portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Photovoltaic portfolios with a capacity of 1,576.7 MW under development (Tejo Solar, S.L.U.)
Photovoltaic portfolios with a capacity of 1,548.4 MW under development (Tejo Solar, S.L.U.)
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts, updated discount rate, increase in CapEx and postponement of commissioning
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Internal price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 29 years (PV)
Detailed planning phase: 6 years; rough planning phase: 29 years (PV)
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Recoverable amount
\u20ac222.4m
\u20ac407.3m
Change in value during the period2
\u20ac+64.5m
\u20ac+47.5m
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.03% (previous year: 6.79%) // 2 The impairment loss as at 31 December 2025 consisted of impairment losses and reversals of impairment losses at 15\u00a0CGUs in the Tejo Solar, S.L.U. portfolio totalling \u20ac+47.5m (previous year: \u20ac+64.5m for 19 CGUs in the Tejo Solar, S.L.U. portfolio
Sensitivity analysis for development projects in the Spain renewables portfolio
as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, portfolio Tejo Solar, S.L.U.2
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a042.5m
\u20ac+\u00a045.0m
Electricity price3
\u20ac26.5 per MWh
\u00b1 5%
\u20ac+\u00a069.2m
\u20ac\u2013\u00a068.7m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact. //2 The sensitivities shown only relate to the 17\u00a0projects affected by impairment (previous year: 19 projects). // 3 The electricity price shown relates to the year 2030. The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon.
Sensitivity analysis for development projects in the Spain renewables portfolio
as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, portfolio Tejo Solar, S.L.U.
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a034.3m
\u20ac+\u00a036.4m
Electricity price
\u20ac37.0 per MWh
\u00b1 5%
\u20ac+\u00a061.7m
\u20ac\u2013\u00a058.9m
Impairment testing of the Spain photovoltaic portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
148\u00a0MWp photovoltaic portfolio in Spain (Watt Development 5 S.L.U., Watt Development 6 S.L.U., Watt Development 7 S.L.U.)
148\u00a0MWp photovoltaic portfolio in Spain (Watt Development 5 S.L.U., Watt Development 6 S.L.U., Watt Development 7 S.L.U.)
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Internal price forecast, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 28 years
Detailed planning phase: 6 years; rough planning phase: 27 years
Key valuation assumptions
Discount rate
Discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Recoverable amount
\u20ac95.7m
\u20ac79.4m
Change in value during the period
\u20ac\u20138.3m
\u20ac\u2013\u00a012.7m
1 The implicit input tax interest rate determined through a process of iteration amounted to 6.71% (previous year: 6.51%).
Sensitivity analysis for the Spain photovoltaic portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a03.0m
\u20ac+\u00a03.1m
Electricity price2
\u20ac26.5 per MWh
\u00b1 5%
\u20ac+\u00a05.7m
\u20ac\u2013\u00a05.7m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact. // 2 The electricity price shown relates to the year 2030. The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon.
Sensitivity analysis for the Spain photovoltaic portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a03.2m
\u20ac+\u00a03.3m
Electricity price
\u20ac37.0 per MWh
\u00b1 5%
\u20ac+\u00a06.1m
\u20ac\u2013\u00a0\u00a06.1m
Impairment testing of the Spain wind portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
256\u00a0MWp wind portfolio with nine operating wind farms in Spain (Green Power Wind Spain 1, S.L.U., Green Power Wind Marquesado, S.L.U.)
256\u00a0MWp wind portfolio with nine operating wind farms in Spain (Green Power Wind Spain 1, S.L.U., Green Power Wind Marquesado, S.L.U.)
Basis for recoverable amount
Fair value (Level 3) less costs of disposal
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 49 years
Detailed planning phase: 6 years; rough planning phase: 48 years
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00% / 5.50%
WACC: 5.25% / 5.75%
Recoverable amount
\u20ac431.2m
\u20ac367.4m
Change in value during the period
\u20ac+11.6m
\u20ac\u2013\u00a06.8m
1 Since the return is protected by tariff rate quotas for up to 19 years, followed by a period of merchant marketing, two WACCs were used for the valuation.
Sensitivity analysis for the Spain wind portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.25% / 5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a015.3m
\u20ac+\u00a016.3m
Electricity price
\u20ac63.9 per MWh
n/a
\u20ac+\u00a029.0m
\u20ac\u2013\u00a029.0m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact.
Sensitivity analysis for the Spain wind portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.00% / 5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a018.8m
\u20ac+\u00a020.2m
Electricity price2
\u20ac69.7 per MWh
\u00b1 5%
\u20ac+\u00a035.4m
\u20ac\u2013\u00a035.4m
Interests accounted for using the equity method
\u20acm
\u00a0
2024
2025
(Amortised) cost as at 1/1
549.9
652.6
Additions1
17.7
7.8
Dividends2
\u2013\u00a015.6
\u2013\u00a023.3
Result from equity accounting
101.3
85.1
Other comprehensive income from equity accounting
1.4
\u2013\u00a010.8
Change in consolidation method
\u2013\u00a02.7
0.0
Other changes
0.8
\u2013\u00a02.0
(Amortised) cost as at 31/12
652.6
709.4
Accumulated value adjustments as at 1/1
\u2013\u00a033.1
\u2013\u00a019.7
Reversals of impairment losses
13.5
0.0
Accumulated value adjustments as at 31/12
\u2013\u00a019.7
\u2013\u00a019.7
Net carrying amount as at 31/12
633.0
689.7
Net carrying amount as at 1/1
516.7
633.0
1 Of which additions from acquisitions of shares in the amount of \u20ac1.2m (previous year: \u20ac8.3m)// 2 Of which distributions from KELAG in the amount of \u20ac75.6m (previous year: \u20ac80.9m), less the prorated dividend from VERBUND Hydro Power GmbH (VHP) to KELAG in the amount of \u20ac52.9m (previous year: \u20ac67.0m)", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-41": { "value": "
Claims for damages: Limberg
At the beginning of November 2025, separate events caused damage to the two generators at the 480-MW Limberg III power plant and to the transformer at the 160-MW Kaprun-Oberstufe (Limberg I) power plant. The damage analyses for the two failed generators at the Limberg III pumped hydropower storage facility had not yet been finalised as at 31 December 2025. The two generators were not yet owned by VERBUND at the time the loss occurred; as at 31 December 2025, they were reported at \u20ac61.4m under Plants under construction and advance payments. As the generators had not yet been accepted by VERBUND, the manufacturer remains obligated to ensure their full functionality. Therefore, no impairment was recognised in the 2025 financial year.

The large-scale transformer at the Limberg I power plant, which had failed during black start tests and is still under warranty, was transported down to the valley for a detailed damage analysis by external experts. As of the reporting date, the final evaluation had not yet been completed. An impairment loss of \u20ac6.0m was recognised for the defective transformer in financial year 2025.
As at the 31 December 2025 reporting date, uncertainties remained regarding the still-ongoing damage analysis and the examination of claims against both the manufacturer and the insurance company. The negative impact on Group earnings from the temporary shutdown of Limberg I and the delayed commissioning of Limberg III is currently estimated at between \u20ac40m and \u20ac60m; this includes both the costs of damage analysis and repair as well as lost profits resulting from production downtimes. The vast majority of these negative impacts will be felt in the 2026 financial year. The impact on Group earnings as of the reporting date was mainly due to the full write-off of the transformer.
4.4
Recoverability of non-financial assets
Recoverability of intangible assets and property, plant and equipment
Under IAS\u00a036, the recoverability of carrying amounts is tested whenever there is an indication that an asset may be impaired, especially in the case of intangible assets and property, plant and equipment. An impairment test is required to be conducted at least once per year for goodwill, intangible assets with an indefinite useful life and intangible assets that are not yet available for use (see section\u00a04.4.1 \u201cImpairment testing of goodwill\u201d).
Determination of the discount rate
The discount rate is an after-tax interest rate that reflects current market estimates, the time value of money and the specific risks associated with an asset (or cash-generating unit). The corresponding pre-tax interest rate is calculated iteratively.
The weighted average cost of capital (WACC) is applied to determine recoverable amounts using net present value methods. The weighting of the return on equity and the cost of debt was derived from an adequate peer group. The return on equity is determined using a capital asset pricing model (CAPM) based on the reference rate, the market risk premium and a beta factor. The pre-tax cost of debt corresponds to the return on debt instruments traded on the market with an equivalent risk of default and matching terms. Corresponding premiums are taken into account in order to adequately depict country risks. In view of the volatile financial market environment, the WACC trend (and in particular country risk premiums) is under continuous observation.
Determination of fair value
Fair values are primarily calculated using a market-based approach in accordance with the measurement hierarchy of IFRS 13. Fair value may be based on, for example, binding purchase offers, observable inputs other than quoted prices in active markets (Level 2 inputs) or comparable recent transactions within the industry. If fair value cannot be determined based on market prices, valuation techniques based on a net present value method (discounted cash flow method) are used. Future growth CapEx and restructuring expenditure are taken into account when calculating fair value. If a liquid market exists, price listings for energy futures are used for pricing purposes. This involves taking the most recent price listings and applying them to the price forecast from a reputable information service provider operating in the energy market.
The financial surplus expected in the period after the end of applicability of the price forecasts for the energy market (= terminal value phase) is accounted for by means of a terminal value calculation, whereby the calculation is based on the assumption that the financial surplus will grow at a rate of 2%.
Determination of value in use
As a rule, value in use is determined using net present value methods (discounted cash flow method). Prices are calculated on the basis of price listings for energy futures and the VERBUND Outlook model. VERBUND Outlook is an energy simulation tool used to model medium and long-term electricity and natural gas price scenarios for energy markets. Cash flows are generally derived from the current medium-term forecasts approved by management.
The financial surplus expected in the period after the end of applicability of the price forecasts in the VERBUND Outlook model (= terminal value phase) is taken into account using a terminal value calculation, whereby the calculation is based on the assumption that the financial surplus will grow at a rate of 2%.
Recognition of impairment losses and reversals of impairment losses
If the reasons for impairment no longer apply in a subsequent period, an impairment loss reversal is recognised under profit or loss. Both impairment losses as well as reversals of impairment losses are recognised in profit or loss and presented in the income statement as well as in the segment report as either impairment losses or reversals of impairment losses and explained in the notes.
4.4.1 Impairment testing of goodwill
For the purpose of impairment testing, VERBUND\u2019s goodwill was allocated to the following cash-generating units or groups of cash-generating units:
Goodwill
\u00a0
\u20acm
\u00a0
2024
2025
Hydro segment
287.0
287.0
Sales segment
13.0
13.0
Inn River power plant group
126.6
126.6
Grenzkraftwerke power plant group
161.1
161.1
SMATRICS GmbH & Co KG
40.5
40.5
Solar power
6.4
6.4
Goodwill
634.6
634.6
Impairment testing of goodwill for the Hydro segment
\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
All hydraulic generation plants of VERBUND plus goodwill and deferred tax items
All hydraulic generation plants of VERBUND plus goodwill and deferred tax items
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Average expected generation of the respective power plants
Average expected generation of the respective power plants
Pricing
Internal price forecasts and power plant-specific premiums or discounts (for example, the sale of guarantees of origin)
Internal price forecasts and power plant-specific premiums or discounts (for example, the sale of guarantees of origin)
Planning period
Detailed planning phase: up to a maximum of 6 years depending on the specific power plant; rough planning phase: up to a maximum of 30 years depending on the specific power plant; subsequent terminal value phase following rough planning phase depending on the specific power plant
Detailed planning phase: up to a maximum of 6 years depending on the specific power plant; rough planning phase: up to a maximum of 29 years depending on the specific power plant; subsequent terminal value phase following rough planning phase depending on the specific power plant
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00%\u2013\u00a09.50% depending on the location
WACC: 5.50%\u2013\u00a09.25% depending on the location
Impairment loss during the period2
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 6.59%\u2013\u00a010.52% (previous year: 6.15%\u2013\u00a010.75%). // 2 In the opinion of Management, the carrying amount of the Hydro segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Sales segment
\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
All of VERBUND\u2019s sales activities plus goodwill
All of VERBUND\u2019s sales activities plus goodwill
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Expected trading and distribution volumes
Expected trading and distribution volumes
Pricing
Expected trading and distribution volumes
Expected trading and distribution volumes
Planning period
Detailed planning phase of 6 years followed by a terminal value phase
Detailed planning phase of 6 years followed by a terminal value phase
Key valuation assumptions
Expected trading and distribution volumes as well as trading and sales margins
Expected trading and distribution volumes as well as trading and sales margins
After-tax discount rate1
WACC after taxes: 5.00%\u2013\u00a011.75%
WACC after taxes: 5.50%\u2013\u00a09.25%
Impairment loss during the period2
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.31%\u2013\u00a011.04% (previous year: 7.10%\u2013\u00a012.89%) // 2 In the opinion of Management, the carrying amount of the Sales segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Inn River run-of-river power plant group\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Run-of-river power plants of the Inn River power plant group1, each of which also represents a cash-generating unit, plus goodwill and deferred tax accruals
Run-of-river power plants of the Inn River power plant group1, each of which also represents a cash-generating unit, plus goodwill and deferred tax accruals
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND Innkraftwerke GmbH budgets (based primarily on market data)
VERBUND Innkraftwerke GmbH budgets (based primarily on market data)
Volume
Annual output corresponding to the mean energy capability of 1,983\u00a0GWh
Annual output corresponding to the mean energy capability of 1,983\u00a0GWh
Pricing
Internal price forecasts; discounts for generation characteristics and hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted price); consideration of water charges based on official notices; estimate of maintenance costs by the managers responsible
External price forecasts; discounts for generation characteristics and the hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices); consideration of the water charges based on official notices; estimate of the maintenance costs by the managers responsible
Planning period
Detailed planning phase: 6 years; rough planning phase: 30 years followed by a terminal value phase
Detailed planning phase: 6 years; rough planning phase: 29 years followed by a terminal value phase
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate2
WACC: 5.00%
WACC: 5.50%
Impairment loss during the period3
\u2013
\u2013
1 The Inn River power plant group comprises the following run-of-river power plants: Aubach, Feldkirchen, Gars, Jettenbach II, Neu\u00f6tting, Perach, Rosenheim, Stammham, Teufelsbruck, T\u00f6ging, Wasserburg. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 6.53% (previous year: 6.15%). // 3 In the opinion of Management, the carrying amount of Kraftwerksgruppe Inn assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Grenzkraftwerke run-of river power plant group1\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Run-of-river power plants of the Grenzkraftwerke power plant group2, each of which represents a cash-generating unit, plus goodwill and deferred tax accruals
Run-of-river power plants of the Grenzkraftwerke power plant group2, each of which represents a cash-generating unit, plus goodwill and deferred tax accruals
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
Grenzkraftwerke GmbH\u2019s budgets (based primarily on market data)
Grenzkraftwerke GmbH\u2019s budgets (based primarily on market data)
Volume
Annual output corresponding to the mean energy capability of 3,957\u00a0GWh
Annual output corresponding to the mean energy capability of 3,999\u00a0GWh
Pricing
Internal price forecasts; discounts for generation characteristics and hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted price); consideration of water charges based on official notices; estimate of maintenance costs by the managers responsible
External price forecasts; discounts for generation characteristics and the hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices); consideration of the water charges based on official notices; estimate of the maintenance costs by the managers responsible
Planning period
Detailed planning phase: 6 years; rough planning phase: 30 years followed by a terminal value phase
Detailed planning phase: 6 years; rough planning phase: 29 years followed by a terminal value phase
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate3
WACC: 5.25%
WACC: 5.75%
Impairment loss during the period4
\u2013
\u2013
1 The following information relates to the second step of the two-step impairment test of the Grenzkraftwerke power plant group. The recoverability of the individual run-of-river power plant assets was tested in the first step. // 2 The Grenzkraftwerke power plant group comprises the following power plants: Braunau-Simbach, Egglfing-Obernberg, Ering-Frauenstein, Jochenstein, Nu\u00dfdorf, Oberaudorf-Ebbs, Passau-Ingling and Sch\u00e4rding-Neuhaus. // 3 The implicit input tax interest rate determined through a process of iteration amounted to 6.81%\u2013\u00a06.87% (previous year: 6.35%\u2013\u00a06.43%). // 4 In the opinion of Management, the carrying amount of the Grenzkraftwerke power plant group's assets (less deferred tax liabilities) including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for SMATRICS GmbH & Co KG\u00a0
\u00a0
31/12/2024
31/12/2025
Cash-generating unit
SMATRICS GmbH & Co KG, full-service provider for electromobility charging solutions
SMATRICS GmbH & Co KG, full-service provider for electromobility charging solutions
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
SMATRICS GmbH & Co KG budgets (based primarily on market data)
SMATRICS GmbH & Co KG budgets (based primarily on market data)
Volume
Electric vehicle charging points
Electric vehicle charging points
Pricing
Electric vehicle charging rates
Electric vehicle charging rates
Planning period
Detailed planning phase: 11 years plus subsequent terminal value phase
Detailed planning phase: 11 years plus subsequent terminal value phase
Key valuation assumptions
Electric vehicle charging points, discount rate
Electric vehicle charging points, discount rate
After-tax discount rate1
WACC: 11.75%
WACC: 9.25%
Impairment loss during the period
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 11.04% (previous year: 12.89%).
Sensitivity analysis for SMATRICS GmbH & Co KG as at 31/12/2025\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
9.25%
\u00b1 0.25 PP
\u20ac\u2013\u00a06.1m
\u20ac+\u00a06.5m
1 A change in the after-tax discount rate of +\u00a03.39 PP or more would mean that the carrying amount exceeds the recoverable amount.
Sensitivity analysis for SMATRICS GmbH & Co KG as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
11.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a04.2m
\u20ac+\u00a04.4m
Impairment testing of goodwill from Solarpower\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Solarpower (VERBUND Engineers4Energy GmbH/Electriply GmbH): construction of photovoltaic systems and distribution of components
Solarpower (VERBUND Engineers4Energy GmbH/Electriply GmbH): construction of photovoltaic systems and distribution of components
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
MWp plant engineering, sales volumes of Photovoltaik components
MWp plant engineering, sales volumes of Photovoltaik components
Pricing
Purchase prices for photovoltaic modules, inverters and mounting structures; purchased installation services; internal forecasts for project costs and own work
Purchase prices for photovoltaic modules, inverters and mounting structures; purchased installation services; internal forecasts for project costs and own work
Planning period
Detailed planning phase: 6 years plus subsequent terminal value phase
Detailed planning phase: 6 years plus subsequent terminal value phase
Key valuation assumptions
Price assumptions (\u20ac/MWp), discount rate
Price assumptions (\u20ac/MWp), discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Impairment loss during the period
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.31% (previous year: 7.12%)
Sensitivity analysis for Solarpower as at 31/12/2025\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.7m
\u20ac+\u00a01.9m
1 A change in the after-tax discount rate of +\u00a05.81 PP or more would mean that the carrying amount exceeds the recoverable amount.
Sensitivity analysis for Solarpower as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.8m
\u20ac+\u00a02.0m
Impairment testing of power plants and grid infrastructure
Due to the large number of cash-generating units in our Spanish portfolio, we have combined the following notes disclosures pursuant to IAS 36.130 to improve readability and comprehensibility. In so doing, we have presented cash-generating units with similar input parameters in a single table solely for the purpose of presentation in the consolidated financial statements. However, each cash-generating unit was tested separately \u2013 independent of the other CGUs \u2013 for impairment in accordance with IAS 36.
The renewable generation facilities in Spain were classified as follows:
\u25cf
Spain renewables portfolio \u2013 existing projects (wind and PV)
\u25cf
Spain renewables portfolio \u2013 development projects (PV)
\u25cf
Spain PV portfolio
\u25cf
Spain wind portfolio
The table below contains information on existing projects in our Spain renewable portfolio. Existing projects are divided among the following sub-portfolios: Anselma Issuer, S.A.U. with 17 CGUs; Topacio Energy, S.L.U. with 19 CGUs; and VERBUND Green Power Renewable Projects, S.L.U. with three CGUs.
Impairment testing of existing projects in the Spain renewables portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Wind/photovoltaic portfolios with a capacity of 174.1\u00a0MWp in operation (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U. and VERBUND Green Power Renewable Projects, S.L.U.)
Wind/photovoltaic portfolios with a capacity of 174.7\u00a0MWp in operation (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U. and VERBUND Green Power Renewable Projects, S.L.U.)
Basis for recoverable amount
Value in use
Value in use and fair value (level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Tariffs for the next 13\u201316 years, followed by internal price forecasts (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U.) or internal price forecasts only (VERBUND Green Power Renewable Projects, S.L.U.)
Tariffs for the next 12\u201315 years, followed by internal price forecasts (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U.) or internal price forecasts only (VERBUND Green Power Renewable Projects, S.L.U.)
Planning period
Detailed planning phase: 6 years; rough planning phase: 12\u201313 years for the Anselma Issuer, S.A.U. portfolio, 12\u2013\u00a015 years for the Topacio Energy, S.L.U. portfolio and 29 years for the VERBUND Green Power Renewable Projects, S.L.U. portfolio.
Detailed planning phase: 6 years; rough planning phase: 11\u201312 years for the Anselma Issuer, S.A.U. portfolio, 11\u201314 years for the Topacio Energy, S.L.U. portfolio and 24\u201329 years for the VERBUND Green Power Renewable Projects, S.L.U. portfolio.
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00% / 5.50%
WACC: 5.25%/5.75%
Recoverable amount
\u20ac438.9m
\u20ac396.0m
Change in value during the period2
\u20ac\u2013\u00a07.2m
\u20ac\u2013\u00a017.3m
1 Since the return on the Anselma Issuer, S.A.U. and Topacio Energy, S.L.U. portfolios is protected by tariff rate quotas for the next 12 to 15 years, followed by a period of merchant marketing, two different WACCs were used for the valuation. Merchant marketing is used exclusively with respect to the VERBUND Green Power Renewable Projects, S.L.U. portfolio. The implicit input tax interest rate determined through a process of iteration amounted to 6.68%\u2013\u00a08.48% (previous year 6.79%\u2013\u00a08.69% ). // 2 The impairment loss as at 31\u00a0December\u00a02025 comprised reversals of impairment losses at four CGUs from the Anselma Issuer, S.A.U. portfolio in a total amount of \u20ac\u20130.5m (previous year reversals of impairment losses in a total amount of \u20ac+7.7m); reversals of impairment losses at three CGUs from the Topacio Energy, S.L.U. portfolio in a total amount of \u20ac\u20130.1m (previous year: reversals of impairment losses in a total amount of \u20ac+7.3m) and impairment losses at three CGUs in the VERBUND Green Power Renewable Projects, S.L.U. portfolio in a total amount of \u20ac\u201316.7m (previous year: \u20ac22.3m).
Sensitivity analysis for existing projects in the Spain renewables portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in the key valuation assumption
Effects on the recoverable amount of the Anselma Issuer, S.A.U. portfolio
Effects on the recoverable amount of the Topacio Energy, S.L.U. portfolio
Effects on the recoverable amount of the VERBUND Green Power Renewable Projects, S.L.U. portfolio
After-tax discount rate
5.25% / 5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.9m
\u20ac+\u00a01.9m
\u20ac\u2013\u00a02.7m
\u20ac+\u00a02.8m
\u20ac\u2013\u00a02.8m
\u20ac+\u00a03.0m
Electricity price
\u20ac26.50/\u20ac33.88 per MWh (PV)/\u20ac71.45 per MWh (wind)
\u00b1 5%
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a05.6m
\u20ac\u2013\u00a05.6m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact.
Sensitivity analysis for existing projects in the Spain renewables portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, Anselma Issuer, S.A.U. portfolio
Effects on the recoverable amount, Topacio Energy, S.L.U. portfolio
Effects on the recoverable amount of the VERBUND Green Power Renewable Projects, S.L.U. portfolio
After-tax discount rate
5.00% / 5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a02.3m
\u20ac+\u00a02.3m
\u20ac\u2013\u00a03.1m
\u20ac+\u00a03.2m
\u20ac\u2013\u00a01.3m
\u20ac+\u00a01.4m
Electricity price
\u20ac37.0 per MWh (PV)/\u20ac76.4 per MWh (wind)
\u00b1 5%
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a00.1m
\u20ac\u2013\u00a00.1m
\u20ac+\u00a02.4m
\u20ac\u2013\u00a02.4m
The table of development projects in the Spain renewables portfolio includes 18 CGUs from the Tejo Solar, S.L.U. portfolio.
Impairment testing of development projects in Spain renewables portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Photovoltaic portfolios with a capacity of 1,576.7 MW under development (Tejo Solar, S.L.U.)
Photovoltaic portfolios with a capacity of 1,548.4 MW under development (Tejo Solar, S.L.U.)
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts, updated discount rate, increase in CapEx and postponement of commissioning
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Internal price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 29 years (PV)
Detailed planning phase: 6 years; rough planning phase: 29 years (PV)
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Recoverable amount
\u20ac222.4m
\u20ac407.3m
Change in value during the period2
\u20ac+64.5m
\u20ac+47.5m
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.03% (previous year: 6.79%) // 2 The impairment loss as at 31 December 2025 consisted of impairment losses and reversals of impairment losses at 15\u00a0CGUs in the Tejo Solar, S.L.U. portfolio totalling \u20ac+47.5m (previous year: \u20ac+64.5m for 19 CGUs in the Tejo Solar, S.L.U. portfolio
Sensitivity analysis for development projects in the Spain renewables portfolio
as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, portfolio Tejo Solar, S.L.U.2
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a042.5m
\u20ac+\u00a045.0m
Electricity price3
\u20ac26.5 per MWh
\u00b1 5%
\u20ac+\u00a069.2m
\u20ac\u2013\u00a068.7m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact. //2 The sensitivities shown only relate to the 17\u00a0projects affected by impairment (previous year: 19 projects). // 3 The electricity price shown relates to the year 2030. The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon.
Sensitivity analysis for development projects in the Spain renewables portfolio
as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, portfolio Tejo Solar, S.L.U.
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a034.3m
\u20ac+\u00a036.4m
Electricity price
\u20ac37.0 per MWh
\u00b1 5%
\u20ac+\u00a061.7m
\u20ac\u2013\u00a058.9m
Impairment testing of the Spain photovoltaic portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
148\u00a0MWp photovoltaic portfolio in Spain (Watt Development 5 S.L.U., Watt Development 6 S.L.U., Watt Development 7 S.L.U.)
148\u00a0MWp photovoltaic portfolio in Spain (Watt Development 5 S.L.U., Watt Development 6 S.L.U., Watt Development 7 S.L.U.)
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Internal price forecast, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 28 years
Detailed planning phase: 6 years; rough planning phase: 27 years
Key valuation assumptions
Discount rate
Discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Recoverable amount
\u20ac95.7m
\u20ac79.4m
Change in value during the period
\u20ac\u20138.3m
\u20ac\u2013\u00a012.7m
1 The implicit input tax interest rate determined through a process of iteration amounted to 6.71% (previous year: 6.51%).
Sensitivity analysis for the Spain photovoltaic portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a03.0m
\u20ac+\u00a03.1m
Electricity price2
\u20ac26.5 per MWh
\u00b1 5%
\u20ac+\u00a05.7m
\u20ac\u2013\u00a05.7m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact. // 2 The electricity price shown relates to the year 2030. The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon.
Sensitivity analysis for the Spain photovoltaic portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a03.2m
\u20ac+\u00a03.3m
Electricity price
\u20ac37.0 per MWh
\u00b1 5%
\u20ac+\u00a06.1m
\u20ac\u2013\u00a0\u00a06.1m
Impairment testing of the Spain wind portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
256\u00a0MWp wind portfolio with nine operating wind farms in Spain (Green Power Wind Spain 1, S.L.U., Green Power Wind Marquesado, S.L.U.)
256\u00a0MWp wind portfolio with nine operating wind farms in Spain (Green Power Wind Spain 1, S.L.U., Green Power Wind Marquesado, S.L.U.)
Basis for recoverable amount
Fair value (Level 3) less costs of disposal
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 49 years
Detailed planning phase: 6 years; rough planning phase: 48 years
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00% / 5.50%
WACC: 5.25% / 5.75%
Recoverable amount
\u20ac431.2m
\u20ac367.4m
Change in value during the period
\u20ac+11.6m
\u20ac\u2013\u00a06.8m
1 Since the return is protected by tariff rate quotas for up to 19 years, followed by a period of merchant marketing, two WACCs were used for the valuation.
Sensitivity analysis for the Spain wind portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.25% / 5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a015.3m
\u20ac+\u00a016.3m
Electricity price
\u20ac63.9 per MWh
n/a
\u20ac+\u00a029.0m
\u20ac\u2013\u00a029.0m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact.
Sensitivity analysis for the Spain wind portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.00% / 5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a018.8m
\u20ac+\u00a020.2m
Electricity price2
\u20ac69.7 per MWh
\u00b1 5%
\u20ac+\u00a035.4m
\u20ac\u2013\u00a035.4m
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-42": { "value": "
Claims for damages: Limberg
At the beginning of November 2025, separate events caused damage to the two generators at the 480-MW Limberg III power plant and to the transformer at the 160-MW Kaprun-Oberstufe (Limberg I) power plant. The damage analyses for the two failed generators at the Limberg III pumped hydropower storage facility had not yet been finalised as at 31 December 2025. The two generators were not yet owned by VERBUND at the time the loss occurred; as at 31 December 2025, they were reported at \u20ac61.4m under Plants under construction and advance payments. As the generators had not yet been accepted by VERBUND, the manufacturer remains obligated to ensure their full functionality. Therefore, no impairment was recognised in the 2025 financial year.

The large-scale transformer at the Limberg I power plant, which had failed during black start tests and is still under warranty, was transported down to the valley for a detailed damage analysis by external experts. As of the reporting date, the final evaluation had not yet been completed. An impairment loss of \u20ac6.0m was recognised for the defective transformer in financial year 2025.
As at the 31 December 2025 reporting date, uncertainties remained regarding the still-ongoing damage analysis and the examination of claims against both the manufacturer and the insurance company. The negative impact on Group earnings from the temporary shutdown of Limberg I and the delayed commissioning of Limberg III is currently estimated at between \u20ac40m and \u20ac60m; this includes both the costs of damage analysis and repair as well as lost profits resulting from production downtimes. The vast majority of these negative impacts will be felt in the 2026 financial year. The impact on Group earnings as of the reporting date was mainly due to the full write-off of the transformer.
No impairment losses were recognised on other equity interests at the reporting date (previous year: \u20ac0.0m), nor were any reversals of impairment losses recognised (previous year: \u20ac13.6m).
4.4
Recoverability of non-financial assets
Recoverability of intangible assets and property, plant and equipment
Under IAS\u00a036, the recoverability of carrying amounts is tested whenever there is an indication that an asset may be impaired, especially in the case of intangible assets and property, plant and equipment. An impairment test is required to be conducted at least once per year for goodwill, intangible assets with an indefinite useful life and intangible assets that are not yet available for use (see section\u00a04.4.1 \u201cImpairment testing of goodwill\u201d).
Determination of the discount rate
The discount rate is an after-tax interest rate that reflects current market estimates, the time value of money and the specific risks associated with an asset (or cash-generating unit). The corresponding pre-tax interest rate is calculated iteratively.
The weighted average cost of capital (WACC) is applied to determine recoverable amounts using net present value methods. The weighting of the return on equity and the cost of debt was derived from an adequate peer group. The return on equity is determined using a capital asset pricing model (CAPM) based on the reference rate, the market risk premium and a beta factor. The pre-tax cost of debt corresponds to the return on debt instruments traded on the market with an equivalent risk of default and matching terms. Corresponding premiums are taken into account in order to adequately depict country risks. In view of the volatile financial market environment, the WACC trend (and in particular country risk premiums) is under continuous observation.
Determination of fair value
Fair values are primarily calculated using a market-based approach in accordance with the measurement hierarchy of IFRS 13. Fair value may be based on, for example, binding purchase offers, observable inputs other than quoted prices in active markets (Level 2 inputs) or comparable recent transactions within the industry. If fair value cannot be determined based on market prices, valuation techniques based on a net present value method (discounted cash flow method) are used. Future growth CapEx and restructuring expenditure are taken into account when calculating fair value. If a liquid market exists, price listings for energy futures are used for pricing purposes. This involves taking the most recent price listings and applying them to the price forecast from a reputable information service provider operating in the energy market.
The financial surplus expected in the period after the end of applicability of the price forecasts for the energy market (= terminal value phase) is accounted for by means of a terminal value calculation, whereby the calculation is based on the assumption that the financial surplus will grow at a rate of 2%.
Determination of value in use
As a rule, value in use is determined using net present value methods (discounted cash flow method). Prices are calculated on the basis of price listings for energy futures and the VERBUND Outlook model. VERBUND Outlook is an energy simulation tool used to model medium and long-term electricity and natural gas price scenarios for energy markets. Cash flows are generally derived from the current medium-term forecasts approved by management.
The financial surplus expected in the period after the end of applicability of the price forecasts in the VERBUND Outlook model (= terminal value phase) is taken into account using a terminal value calculation, whereby the calculation is based on the assumption that the financial surplus will grow at a rate of 2%.
Recognition of impairment losses and reversals of impairment losses
If the reasons for impairment no longer apply in a subsequent period, an impairment loss reversal is recognised under profit or loss. Both impairment losses as well as reversals of impairment losses are recognised in profit or loss and presented in the income statement as well as in the segment report as either impairment losses or reversals of impairment losses and explained in the notes.
4.4.1 Impairment testing of goodwill
For the purpose of impairment testing, VERBUND\u2019s goodwill was allocated to the following cash-generating units or groups of cash-generating units:
Goodwill
\u00a0
\u20acm
\u00a0
2024
2025
Hydro segment
287.0
287.0
Sales segment
13.0
13.0
Inn River power plant group
126.6
126.6
Grenzkraftwerke power plant group
161.1
161.1
SMATRICS GmbH & Co KG
40.5
40.5
Solar power
6.4
6.4
Goodwill
634.6
634.6
Impairment testing of goodwill for the Hydro segment
\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
All hydraulic generation plants of VERBUND plus goodwill and deferred tax items
All hydraulic generation plants of VERBUND plus goodwill and deferred tax items
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Average expected generation of the respective power plants
Average expected generation of the respective power plants
Pricing
Internal price forecasts and power plant-specific premiums or discounts (for example, the sale of guarantees of origin)
Internal price forecasts and power plant-specific premiums or discounts (for example, the sale of guarantees of origin)
Planning period
Detailed planning phase: up to a maximum of 6 years depending on the specific power plant; rough planning phase: up to a maximum of 30 years depending on the specific power plant; subsequent terminal value phase following rough planning phase depending on the specific power plant
Detailed planning phase: up to a maximum of 6 years depending on the specific power plant; rough planning phase: up to a maximum of 29 years depending on the specific power plant; subsequent terminal value phase following rough planning phase depending on the specific power plant
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00%\u2013\u00a09.50% depending on the location
WACC: 5.50%\u2013\u00a09.25% depending on the location
Impairment loss during the period2
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 6.59%\u2013\u00a010.52% (previous year: 6.15%\u2013\u00a010.75%). // 2 In the opinion of Management, the carrying amount of the Hydro segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Sales segment
\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
All of VERBUND\u2019s sales activities plus goodwill
All of VERBUND\u2019s sales activities plus goodwill
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Expected trading and distribution volumes
Expected trading and distribution volumes
Pricing
Expected trading and distribution volumes
Expected trading and distribution volumes
Planning period
Detailed planning phase of 6 years followed by a terminal value phase
Detailed planning phase of 6 years followed by a terminal value phase
Key valuation assumptions
Expected trading and distribution volumes as well as trading and sales margins
Expected trading and distribution volumes as well as trading and sales margins
After-tax discount rate1
WACC after taxes: 5.00%\u2013\u00a011.75%
WACC after taxes: 5.50%\u2013\u00a09.25%
Impairment loss during the period2
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.31%\u2013\u00a011.04% (previous year: 7.10%\u2013\u00a012.89%) // 2 In the opinion of Management, the carrying amount of the Sales segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Inn River run-of-river power plant group\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Run-of-river power plants of the Inn River power plant group1, each of which also represents a cash-generating unit, plus goodwill and deferred tax accruals
Run-of-river power plants of the Inn River power plant group1, each of which also represents a cash-generating unit, plus goodwill and deferred tax accruals
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND Innkraftwerke GmbH budgets (based primarily on market data)
VERBUND Innkraftwerke GmbH budgets (based primarily on market data)
Volume
Annual output corresponding to the mean energy capability of 1,983\u00a0GWh
Annual output corresponding to the mean energy capability of 1,983\u00a0GWh
Pricing
Internal price forecasts; discounts for generation characteristics and hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted price); consideration of water charges based on official notices; estimate of maintenance costs by the managers responsible
External price forecasts; discounts for generation characteristics and the hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices); consideration of the water charges based on official notices; estimate of the maintenance costs by the managers responsible
Planning period
Detailed planning phase: 6 years; rough planning phase: 30 years followed by a terminal value phase
Detailed planning phase: 6 years; rough planning phase: 29 years followed by a terminal value phase
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate2
WACC: 5.00%
WACC: 5.50%
Impairment loss during the period3
\u2013
\u2013
1 The Inn River power plant group comprises the following run-of-river power plants: Aubach, Feldkirchen, Gars, Jettenbach II, Neu\u00f6tting, Perach, Rosenheim, Stammham, Teufelsbruck, T\u00f6ging, Wasserburg. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 6.53% (previous year: 6.15%). // 3 In the opinion of Management, the carrying amount of Kraftwerksgruppe Inn assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Grenzkraftwerke run-of river power plant group1\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Run-of-river power plants of the Grenzkraftwerke power plant group2, each of which represents a cash-generating unit, plus goodwill and deferred tax accruals
Run-of-river power plants of the Grenzkraftwerke power plant group2, each of which represents a cash-generating unit, plus goodwill and deferred tax accruals
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
Grenzkraftwerke GmbH\u2019s budgets (based primarily on market data)
Grenzkraftwerke GmbH\u2019s budgets (based primarily on market data)
Volume
Annual output corresponding to the mean energy capability of 3,957\u00a0GWh
Annual output corresponding to the mean energy capability of 3,999\u00a0GWh
Pricing
Internal price forecasts; discounts for generation characteristics and hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted price); consideration of water charges based on official notices; estimate of maintenance costs by the managers responsible
External price forecasts; discounts for generation characteristics and the hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices); consideration of the water charges based on official notices; estimate of the maintenance costs by the managers responsible
Planning period
Detailed planning phase: 6 years; rough planning phase: 30 years followed by a terminal value phase
Detailed planning phase: 6 years; rough planning phase: 29 years followed by a terminal value phase
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate3
WACC: 5.25%
WACC: 5.75%
Impairment loss during the period4
\u2013
\u2013
1 The following information relates to the second step of the two-step impairment test of the Grenzkraftwerke power plant group. The recoverability of the individual run-of-river power plant assets was tested in the first step. // 2 The Grenzkraftwerke power plant group comprises the following power plants: Braunau-Simbach, Egglfing-Obernberg, Ering-Frauenstein, Jochenstein, Nu\u00dfdorf, Oberaudorf-Ebbs, Passau-Ingling and Sch\u00e4rding-Neuhaus. // 3 The implicit input tax interest rate determined through a process of iteration amounted to 6.81%\u2013\u00a06.87% (previous year: 6.35%\u2013\u00a06.43%). // 4 In the opinion of Management, the carrying amount of the Grenzkraftwerke power plant group's assets (less deferred tax liabilities) including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for SMATRICS GmbH & Co KG\u00a0
\u00a0
31/12/2024
31/12/2025
Cash-generating unit
SMATRICS GmbH & Co KG, full-service provider for electromobility charging solutions
SMATRICS GmbH & Co KG, full-service provider for electromobility charging solutions
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
SMATRICS GmbH & Co KG budgets (based primarily on market data)
SMATRICS GmbH & Co KG budgets (based primarily on market data)
Volume
Electric vehicle charging points
Electric vehicle charging points
Pricing
Electric vehicle charging rates
Electric vehicle charging rates
Planning period
Detailed planning phase: 11 years plus subsequent terminal value phase
Detailed planning phase: 11 years plus subsequent terminal value phase
Key valuation assumptions
Electric vehicle charging points, discount rate
Electric vehicle charging points, discount rate
After-tax discount rate1
WACC: 11.75%
WACC: 9.25%
Impairment loss during the period
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 11.04% (previous year: 12.89%).
Sensitivity analysis for SMATRICS GmbH & Co KG as at 31/12/2025\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
9.25%
\u00b1 0.25 PP
\u20ac\u2013\u00a06.1m
\u20ac+\u00a06.5m
1 A change in the after-tax discount rate of +\u00a03.39 PP or more would mean that the carrying amount exceeds the recoverable amount.
Sensitivity analysis for SMATRICS GmbH & Co KG as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
11.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a04.2m
\u20ac+\u00a04.4m
Impairment testing of goodwill from Solarpower\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Solarpower (VERBUND Engineers4Energy GmbH/Electriply GmbH): construction of photovoltaic systems and distribution of components
Solarpower (VERBUND Engineers4Energy GmbH/Electriply GmbH): construction of photovoltaic systems and distribution of components
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
MWp plant engineering, sales volumes of Photovoltaik components
MWp plant engineering, sales volumes of Photovoltaik components
Pricing
Purchase prices for photovoltaic modules, inverters and mounting structures; purchased installation services; internal forecasts for project costs and own work
Purchase prices for photovoltaic modules, inverters and mounting structures; purchased installation services; internal forecasts for project costs and own work
Planning period
Detailed planning phase: 6 years plus subsequent terminal value phase
Detailed planning phase: 6 years plus subsequent terminal value phase
Key valuation assumptions
Price assumptions (\u20ac/MWp), discount rate
Price assumptions (\u20ac/MWp), discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Impairment loss during the period
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.31% (previous year: 7.12%)
Sensitivity analysis for Solarpower as at 31/12/2025\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.7m
\u20ac+\u00a01.9m
1 A change in the after-tax discount rate of +\u00a05.81 PP or more would mean that the carrying amount exceeds the recoverable amount.
Sensitivity analysis for Solarpower as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.8m
\u20ac+\u00a02.0m
Impairment testing of power plants and grid infrastructure
Due to the large number of cash-generating units in our Spanish portfolio, we have combined the following notes disclosures pursuant to IAS 36.130 to improve readability and comprehensibility. In so doing, we have presented cash-generating units with similar input parameters in a single table solely for the purpose of presentation in the consolidated financial statements. However, each cash-generating unit was tested separately \u2013 independent of the other CGUs \u2013 for impairment in accordance with IAS 36.
The renewable generation facilities in Spain were classified as follows:
\u25cf
Spain renewables portfolio \u2013 existing projects (wind and PV)
\u25cf
Spain renewables portfolio \u2013 development projects (PV)
\u25cf
Spain PV portfolio
\u25cf
Spain wind portfolio
The table below contains information on existing projects in our Spain renewable portfolio. Existing projects are divided among the following sub-portfolios: Anselma Issuer, S.A.U. with 17 CGUs; Topacio Energy, S.L.U. with 19 CGUs; and VERBUND Green Power Renewable Projects, S.L.U. with three CGUs.
Impairment testing of existing projects in the Spain renewables portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Wind/photovoltaic portfolios with a capacity of 174.1\u00a0MWp in operation (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U. and VERBUND Green Power Renewable Projects, S.L.U.)
Wind/photovoltaic portfolios with a capacity of 174.7\u00a0MWp in operation (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U. and VERBUND Green Power Renewable Projects, S.L.U.)
Basis for recoverable amount
Value in use
Value in use and fair value (level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Tariffs for the next 13\u201316 years, followed by internal price forecasts (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U.) or internal price forecasts only (VERBUND Green Power Renewable Projects, S.L.U.)
Tariffs for the next 12\u201315 years, followed by internal price forecasts (Anselma Issuer, S.A.U.; Topacio Energy, S.L.U.) or internal price forecasts only (VERBUND Green Power Renewable Projects, S.L.U.)
Planning period
Detailed planning phase: 6 years; rough planning phase: 12\u201313 years for the Anselma Issuer, S.A.U. portfolio, 12\u2013\u00a015 years for the Topacio Energy, S.L.U. portfolio and 29 years for the VERBUND Green Power Renewable Projects, S.L.U. portfolio.
Detailed planning phase: 6 years; rough planning phase: 11\u201312 years for the Anselma Issuer, S.A.U. portfolio, 11\u201314 years for the Topacio Energy, S.L.U. portfolio and 24\u201329 years for the VERBUND Green Power Renewable Projects, S.L.U. portfolio.
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00% / 5.50%
WACC: 5.25%/5.75%
Recoverable amount
\u20ac438.9m
\u20ac396.0m
Change in value during the period2
\u20ac\u2013\u00a07.2m
\u20ac\u2013\u00a017.3m
1 Since the return on the Anselma Issuer, S.A.U. and Topacio Energy, S.L.U. portfolios is protected by tariff rate quotas for the next 12 to 15 years, followed by a period of merchant marketing, two different WACCs were used for the valuation. Merchant marketing is used exclusively with respect to the VERBUND Green Power Renewable Projects, S.L.U. portfolio. The implicit input tax interest rate determined through a process of iteration amounted to 6.68%\u2013\u00a08.48% (previous year 6.79%\u2013\u00a08.69% ). // 2 The impairment loss as at 31\u00a0December\u00a02025 comprised reversals of impairment losses at four CGUs from the Anselma Issuer, S.A.U. portfolio in a total amount of \u20ac\u20130.5m (previous year reversals of impairment losses in a total amount of \u20ac+7.7m); reversals of impairment losses at three CGUs from the Topacio Energy, S.L.U. portfolio in a total amount of \u20ac\u20130.1m (previous year: reversals of impairment losses in a total amount of \u20ac+7.3m) and impairment losses at three CGUs in the VERBUND Green Power Renewable Projects, S.L.U. portfolio in a total amount of \u20ac\u201316.7m (previous year: \u20ac22.3m).
Sensitivity analysis for existing projects in the Spain renewables portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in the key valuation assumption
Effects on the recoverable amount of the Anselma Issuer, S.A.U. portfolio
Effects on the recoverable amount of the Topacio Energy, S.L.U. portfolio
Effects on the recoverable amount of the VERBUND Green Power Renewable Projects, S.L.U. portfolio
After-tax discount rate
5.25% / 5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.9m
\u20ac+\u00a01.9m
\u20ac\u2013\u00a02.7m
\u20ac+\u00a02.8m
\u20ac\u2013\u00a02.8m
\u20ac+\u00a03.0m
Electricity price
\u20ac26.50/\u20ac33.88 per MWh (PV)/\u20ac71.45 per MWh (wind)
\u00b1 5%
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a05.6m
\u20ac\u2013\u00a05.6m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact.
Sensitivity analysis for existing projects in the Spain renewables portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, Anselma Issuer, S.A.U. portfolio
Effects on the recoverable amount, Topacio Energy, S.L.U. portfolio
Effects on the recoverable amount of the VERBUND Green Power Renewable Projects, S.L.U. portfolio
After-tax discount rate
5.00% / 5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a02.3m
\u20ac+\u00a02.3m
\u20ac\u2013\u00a03.1m
\u20ac+\u00a03.2m
\u20ac\u2013\u00a01.3m
\u20ac+\u00a01.4m
Electricity price
\u20ac37.0 per MWh (PV)/\u20ac76.4 per MWh (wind)
\u00b1 5%
\u20ac+\u00a00.2m
\u20ac\u2013\u00a00.2m
\u20ac+\u00a00.1m
\u20ac\u2013\u00a00.1m
\u20ac+\u00a02.4m
\u20ac\u2013\u00a02.4m
The table of development projects in the Spain renewables portfolio includes 18 CGUs from the Tejo Solar, S.L.U. portfolio.
Impairment testing of development projects in Spain renewables portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Photovoltaic portfolios with a capacity of 1,576.7 MW under development (Tejo Solar, S.L.U.)
Photovoltaic portfolios with a capacity of 1,548.4 MW under development (Tejo Solar, S.L.U.)
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts, updated discount rate, increase in CapEx and postponement of commissioning
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Internal price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 29 years (PV)
Detailed planning phase: 6 years; rough planning phase: 29 years (PV)
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Recoverable amount
\u20ac222.4m
\u20ac407.3m
Change in value during the period2
\u20ac+64.5m
\u20ac+47.5m
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.03% (previous year: 6.79%) // 2 The impairment loss as at 31 December 2025 consisted of impairment losses and reversals of impairment losses at 15\u00a0CGUs in the Tejo Solar, S.L.U. portfolio totalling \u20ac+47.5m (previous year: \u20ac+64.5m for 19 CGUs in the Tejo Solar, S.L.U. portfolio
Sensitivity analysis for development projects in the Spain renewables portfolio
as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, portfolio Tejo Solar, S.L.U.2
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a042.5m
\u20ac+\u00a045.0m
Electricity price3
\u20ac26.5 per MWh
\u00b1 5%
\u20ac+\u00a069.2m
\u20ac\u2013\u00a068.7m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact. //2 The sensitivities shown only relate to the 17\u00a0projects affected by impairment (previous year: 19 projects). // 3 The electricity price shown relates to the year 2030. The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon.
Sensitivity analysis for development projects in the Spain renewables portfolio
as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount, portfolio Tejo Solar, S.L.U.
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a034.3m
\u20ac+\u00a036.4m
Electricity price
\u20ac37.0 per MWh
\u00b1 5%
\u20ac+\u00a061.7m
\u20ac\u2013\u00a058.9m
Impairment testing of the Spain photovoltaic portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
148\u00a0MWp photovoltaic portfolio in Spain (Watt Development 5 S.L.U., Watt Development 6 S.L.U., Watt Development 7 S.L.U.)
148\u00a0MWp photovoltaic portfolio in Spain (Watt Development 5 S.L.U., Watt Development 6 S.L.U., Watt Development 7 S.L.U.)
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
Internal price forecast, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 28 years
Detailed planning phase: 6 years; rough planning phase: 27 years
Key valuation assumptions
Discount rate
Discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Recoverable amount
\u20ac95.7m
\u20ac79.4m
Change in value during the period
\u20ac\u20138.3m
\u20ac\u2013\u00a012.7m
1 The implicit input tax interest rate determined through a process of iteration amounted to 6.71% (previous year: 6.51%).
Sensitivity analysis for the Spain photovoltaic portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a03.0m
\u20ac+\u00a03.1m
Electricity price2
\u20ac26.5 per MWh
\u00b1 5%
\u20ac+\u00a05.7m
\u20ac\u2013\u00a05.7m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact. // 2 The electricity price shown relates to the year 2030. The sensitivity analysis varies the price of electricity steadily over time up to the planning horizon.
Sensitivity analysis for the Spain photovoltaic portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a03.2m
\u20ac+\u00a03.3m
Electricity price
\u20ac37.0 per MWh
\u00b1 5%
\u20ac+\u00a06.1m
\u20ac\u2013\u00a0\u00a06.1m
Impairment testing of the Spain wind portfolio\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
256\u00a0MWp wind portfolio with nine operating wind farms in Spain (Green Power Wind Spain 1, S.L.U., Green Power Wind Marquesado, S.L.U.)
256\u00a0MWp wind portfolio with nine operating wind farms in Spain (Green Power Wind Spain 1, S.L.U., Green Power Wind Marquesado, S.L.U.)
Basis for recoverable amount
Fair value (Level 3) less costs of disposal
Fair value (Level 3) less costs of disposal
Indications of impairment
Updated electricity price forecasts and updated discount rate
Updated electricity price forecasts and updated discount rate
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Electricity generation
Electricity generation
Pricing
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
External price forecast for projects, premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices)
Planning period
Detailed planning phase: 6 years; rough planning phase: 49 years
Detailed planning phase: 6 years; rough planning phase: 48 years
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00% / 5.50%
WACC: 5.25% / 5.75%
Recoverable amount
\u20ac431.2m
\u20ac367.4m
Change in value during the period
\u20ac+11.6m
\u20ac\u2013\u00a06.8m
1 Since the return is protected by tariff rate quotas for up to 19 years, followed by a period of merchant marketing, two WACCs were used for the valuation.
Sensitivity analysis for the Spain wind portfolio as at 31/12/20251\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.25% / 5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a015.3m
\u20ac+\u00a016.3m
Electricity price
\u20ac63.9 per MWh
n/a
\u20ac+\u00a029.0m
\u20ac\u2013\u00a029.0m
1 When performing the sensitivity analysis, key valuation assumptions are changed one at a time while the other parameters are kept constant. In reality, however, changes in key valuation assumptions can occur simultaneously, which can either amplify or (at least partly) neutralise their impact.
Sensitivity analysis for the Spain wind portfolio as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.00% / 5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a018.8m
\u20ac+\u00a020.2m
Electricity price2
\u20ac69.7 per MWh
\u00b1 5%
\u20ac+\u00a035.4m
\u20ac\u2013\u00a035.4m
5.3
Recoverability of financial assets
Valuation allowances are recognised at every reporting date for expected credit losses relating to financial assets classified as measured at amortised cost (AC) and debt instruments classified as measured at fair value through other comprehensive income (FVOCI), receivables under leases, contract assets and financial guarantee contracts.
Impairment of assets
\u00a0
\u00a0
\u00a0
\u00a0
Stage 1
Stage 2
Stage 3
Credit risk
Low credit risk \u2013 (credit risk has not increased significantly since initial recognition)
Elevated credit risk \u2013 (credit risk has increased significantly since initial recognition)
Significant financial difficulties on the part of the borrower or the issuer (breach of contract)
Recognition of loss allowance
Impairment in the amount of the 12-month expected losses
Impairment in the amount of expected lifetime losses
Impairment in the amount of expected lifetime losses
Calculation of interest income
Based on the effective interest rate on the gross carrying amount
Based on the effective interest rate on the gross carrying amount
Based on the effective interest rate on the net carrying amount
\u25cf
Credit risk is presumed to be low if the internal rating corresponds to an external investment grade rating (Standard & Poor\u2019s: > BBB\u2013; Moody\u2019s: > Baa3).
\u25cf
Credit risk is presumed to have increased significantly if a financial asset is more than 30\u00a0days overdue. Financial assets are reclassified to Stage 3 as soon as the asset has become credit impaired or is more than 90\u00a0days overdue, or if a breach of contract has been ascertained.
\u25cf
Probabilities of default depending on the rating category and collection rates serve to determine the amount of impairment losses to be recognised. The valuation allowance is recognised in the amount of the present value of the expected credit losses.
For trade receivables, contract assets and lease receivables, a simplified method is applied to measure the valuation allowance. For these receivables and assets, a valuation allowance derived from a valuation allowance table is recognised in the amount of the lifetime expected credit loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-43": { "value": "Performance in the financial year
3.1
Segment reporting
In accordance with Section 11 of the Austrian Electricity Industry Act (Elektrizit\u00e4tswirtschaftsgesetz, ElWG), integrated electricity companies must publish separate balance sheets and income statements for activities involving the generation, trading, supply, transmission and distribution of electricity. However, pursuant to IFRS\u00a08, VERBUND\u2019s segment reporting should be based on internal management and reporting (management approach). Therefore, the structure of the operating segments and the contents of the reports correspond to the structure of the internal reports provided to the Executive Board as the primary decision-maker. This results in the following segmentation:
Definition of operating segments
\u00a0
Hydro
Generation from hydropower
New renewables
Generation from wind power, photovoltaic systems and flexible storage systems
Sales
Trading and sales activities as well as business activities related to battery storage systems in the core market
Grid
Regulated activities of Austrian Power Grid AG, Gas Connect Austria GmbH and Austrian Gas Grid Management AG
All other segments
\u00a0
Thermal generation
Electricity and thermal generation of VERBUND Thermal Power GmbH & Co KG
Services
Business activities of VERBUND Services GmbH and of VERBUND Business Solutions GmbH
Equity interests
Equity interest in KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
Segments that do not exceed the quantitative thresholds are combined in the \u201cAll other segments\u201d category. The reconciliation/consolidation column includes the activities of VERBUND AG, VERBUND Finanzierungsservice\u00a0GmbH, VERBUND Ventures\u00a0GmbH, VERBUND Green Hydrogen\u00a0GmbH and VERBUND Green Hydrogen Sales\u00a0GmbH as well as eliminations to be carried out at Group level.
The following key performance indicators are reported for the purpose of monitoring and managing the Group\u2019s operating segments:
Key performance indicators \u2013 segment reporting
\u00a0
EBITDA
Internal measure of performance for each operating segment. Transactions between operating segments are carried out at arm's length.
Result from interests accounted for using the equity method
Assessment of the Equity interest segment.
Capital employed
Total assets less those assets that do not (yet) contribute to the production and commercialisation process, less non-interest-bearing debt.
Other material non-cash items include measurement effects from energy derivatives, reversals of contributions to building costs, non-cash changes in provisions and write-downs of primary energy inventories, among other things.
All segment data is measured in accordance with IFRS.
Operating segment data
\u20acm
\u00a0
Hydro
New Renewables
Sales
Grid
All other segments
Reconciliation/
consolidation
Group total
2025
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
External revenue
157.9
244.7
6,016.7
1,558.6
32.1
3.6
8,013.6
Internal revenue
2,550.7
41.5
418.8
90.0
407.3
\u2013\u00a03,508.2
0.0
Total revenue
2,708.5
286.2
6,435.5
1,648.5
439.5
\u2013\u00a03,504.6
8,013.6
Expenses for electricity, grid, gas and certificate purchases
\u2013\u00a0116.3
\u2013\u00a046.0
\u2013\u00a06,056.2
\u2013\u00a0801.7
\u2013\u00a010.9
3,371.6
\u2013\u00a03,659.6
EBITDA
2,024.3
157.7
134.4
440.0
49.3
\u2013\u00a068.2
2,737.5
Depreciation and amortisation
\u2013\u00a0248.7
\u2013\u00a0132.5
\u2013\u00a012.1
\u2013\u00a0205.9
\u2013\u00a023.2
\u2013\u00a02.6
\u2013\u00a0625.0
Effects from impairment tests (operating result)
\u2013\u00a06.0
5.9
0.0
0.0
0.0
0.0
\u2013\u00a00.1
Other material non-cash items
43.0
16.2
\u2013\u00a017.4
24.9
11.3
1.9
79.9
Result from interests accounted for using the equity method
\u2013\u00a00.4
\u2013\u00a00.7
0.6
1.4
84.2
0.0
85.1
Capital employed
6,833.3
1,876.6
886.5
2,965.2
745.3
236.0
13,543.0
of which carrying amount of interests accounted for using the equity method
34.6
8.5
37.7
63.9
545.0
0.0
689.8
Additions to intangible assets and property, plant and equipment1
513.0
180.0
46.9
614.6
32.1
4.4
1,391.0
Additions to interests accounted for using the equity method
0.0
0.7
7.1
0.0
0.0
0.0
7.8
1 Incl. additions resulting from asset acquisitions in the amount of \u20ac58.8m (previous year: \u20ac116.4m).
Operating segment data
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Hydro
New renewables
Sales
Grid
All other segments
Reconciliation/
consolidation
Group total
2024
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
External revenue
203.5
270.6
6,355.5
1,384.6
26.6
3.7
8,244.6
Internal revenue
3,370.7
53.4
411.0
164.8
433.1
\u2013\u00a04,433.0
0.0
Total revenue
3,574.2
324.0
6,766.5
1,549.4
459.7
\u2013\u00a04,429.2
8,244.6
Expenses for electricity, grid, gas and certificate procurement
\u2013\u00a0210.2
\u2013\u00a081.1
\u2013\u00a06,719.5
\u2013\u00a0883.2
\u2013\u00a010.0
4,231.9
\u2013\u00a03,672.2
EBITDA
2,969.5
169.6
6.9
370.0
35.4
\u2013\u00a071.1
3,480.3
Depreciation and amortisation
\u2013\u00a0233.2
\u2013\u00a0125.7
\u2013\u00a09.2
\u2013\u00a0181.6
\u2013\u00a023.6
\u2013\u00a04.5
\u2013\u00a0577.8
Effects from impairment tests (operating result)
1.3
60.6
0.0
\u2013\u00a0172.4
\u2013\u00a066.1
0.0
\u2013\u00a0176.6
Other material non-cash items
37.8
2.6
\u2013\u00a019.7
10.7
\u2013\u00a043.7
\u2013\u00a053.2
\u2013\u00a065.5
Result from interests accounted for using the equity method
0.8
1.3
0.2
\u2013\u00a01.4
100.5
0.0
101.3
Effects from impairment tests (financial result)
0.0
0.0
0.0
13.5
0.0
0.1
13.6
Capital employed
6,105.3
1,954.3
794.0
2,690.9
713.6
\u2013\u00a027.0
12,231.1
of which carrying amount of interests accounted for using the equity method
35.2
8.5
30.0
63.0
496.3
0.0
633.0
Additions to intangible assets and property, plant and equipment
462.7
215.3
32.9
472.7
28.2
12.7
1,224.6
Additions to interests accounted for using the equity method
0.0
8.5
9.2
0.0
0.0
0.0
17.7
Reconciliations
EBITDA in the Total column corresponds with the EBITDA reported in VERBUND\u2019s income statement. Therefore, the reconciliation to profit before tax can be taken from the income statement.
The reconciliation of capital employed to VERBUND\u2019s total assets is as follows:
Reconciliation of total capital employed to total assets
\u00a0
\u20acm
\u00a0
2024
2025
Capital employed
12,231.1
13,543.0
Assets not used in the production and commercialisation process
2,578.4
1,455.3
Non-interest-bearing debt
3,908.8
3,611.3
Total assets of VERBUND
18,718.3
18,609.7
Entity-wide disclosures
Under IFRS\u00a08, entity-wide disclosures include geographical segment reporting with respect to revenue (based on the point of delivery) and non-current assets. In addition, information on major customers must be disclosed. The disclosures are presented in section\u00a03.2.1 \u201cRevenue\u201d. VERBUND does not have any customers whose revenue equals or exceeds 10% of the Group\u2019s total revenue.
Geographical segment reporting: non-current assets
\u00a0
\u20acm
\u00a0
2024
2025
Intangible assets and property, plant and equipment
14,175.1
14,931.6
of which in Austria
9,777.8
10,455.1
of which in Germany
2,747.6
2,824.4
of which in Spain
1,450.7
1,443.2
of which in other EU countries
199.0
209.0
Interests accounted for using the equity method
633.0
689.8
of which in Austria
562.9
613.5
of which in Germany
30.0
36.5
of which in Spain
8.5
8.5
of which in other countries1
31.6
31.3
1 This includes the equity interest in (Austrian) Ashta Beteiligungsverwaltung GmbH, which holds the equity interest in the Albanian entity Energji Ashta Shpk.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-44": { "value": "
3.1
Segment reporting
In accordance with Section 11 of the Austrian Electricity Industry Act (Elektrizit\u00e4tswirtschaftsgesetz, ElWG), integrated electricity companies must publish separate balance sheets and income statements for activities involving the generation, trading, supply, transmission and distribution of electricity. However, pursuant to IFRS\u00a08, VERBUND\u2019s segment reporting should be based on internal management and reporting (management approach). Therefore, the structure of the operating segments and the contents of the reports correspond to the structure of the internal reports provided to the Executive Board as the primary decision-maker. This results in the following segmentation:
Definition of operating segments
\u00a0
Hydro
Generation from hydropower
New renewables
Generation from wind power, photovoltaic systems and flexible storage systems
Sales
Trading and sales activities as well as business activities related to battery storage systems in the core market
Grid
Regulated activities of Austrian Power Grid AG, Gas Connect Austria GmbH and Austrian Gas Grid Management AG
All other segments
\u00a0
Thermal generation
Electricity and thermal generation of VERBUND Thermal Power GmbH & Co KG
Services
Business activities of VERBUND Services GmbH and of VERBUND Business Solutions GmbH
Equity interests
Equity interest in KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
Segments that do not exceed the quantitative thresholds are combined in the \u201cAll other segments\u201d category. The reconciliation/consolidation column includes the activities of VERBUND AG, VERBUND Finanzierungsservice\u00a0GmbH, VERBUND Ventures\u00a0GmbH, VERBUND Green Hydrogen\u00a0GmbH and VERBUND Green Hydrogen Sales\u00a0GmbH as well as eliminations to be carried out at Group level.
The following key performance indicators are reported for the purpose of monitoring and managing the Group\u2019s operating segments:
Key performance indicators \u2013 segment reporting
\u00a0
EBITDA
Internal measure of performance for each operating segment. Transactions between operating segments are carried out at arm's length.
Result from interests accounted for using the equity method
Assessment of the Equity interest segment.
Capital employed
Total assets less those assets that do not (yet) contribute to the production and commercialisation process, less non-interest-bearing debt.
Other material non-cash items include measurement effects from energy derivatives, reversals of contributions to building costs, non-cash changes in provisions and write-downs of primary energy inventories, among other things.
All segment data is measured in accordance with IFRS.
Entity-wide disclosures
Under IFRS\u00a08, entity-wide disclosures include geographical segment reporting with respect to revenue (based on the point of delivery) and non-current assets. In addition, information on major customers must be disclosed. The disclosures are presented in section\u00a03.2.1 \u201cRevenue\u201d. VERBUND does not have any customers whose revenue equals or exceeds 10% of the Group\u2019s total revenue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-45": { "value": "
3.2
Notes to the income statement

RevenueVERBUND primarily generates revenue from contracts with customers for the delivery of electricity and gas as well as from operation of the Austrian electricity and gas transmission and distribution networks. The accounting policies applied to such revenue are presented in the tables below:
Revenue from contracts with customers
\u00a0
\u00a0
\u00a0
Period allowed for payment
Significant financing components
Market participants from energy exchanges, traders and electric utilities
20 days
No
Industrial customers
14\u00a0\u2013\u00a060 days
No
Commercial customers
14 days
No
Household customers
14 days
No
Revenue from operating the Austrian gas transmission and distribution network
15 days
No
Revenue from operating the Austrian electricity transmission network
14 days
No
Measurement of contracts with customers in accordance with IFRS\u00a015\u00a0
Type of contract
Contracts with customers for the delivery of electricity and gas
Contracts with customers as a result of operating the Austrian electricity transmission network
Contracts with customers as a result of operating the Austrian gas transmission pipeline and distribution network
Performance/
consideration
The consideration received for contracts for the delivery of electricity and gas comprises a capacity price and an energy price. The capacity price is independent of volume, whereas the energy price depends on the volume of electricity and gas purchased.
Performance obligations mainly comprise system energy, control power and balancing energy as well as congestion management and redispatch services. The consideration received for these performance obligations depends largely on the electricity consumed by the customer and the costs incurred by VERBUND for the respective obligation.
Performance obligations comprise the marketing and provision of transportation capacities at border crossing points, i.e. entry and exit capacities, and the marketing and provision of transportation capacities for natural gas needed in Austria as well as dispatching and other services.
Revenue recognition
Revenue is recognised as soon as control over the goods or services has passed to the customer. Control is transferred over the period in which the performance obligation is fulfilled. Revenue is recognised in the amount in which VERBUND has fulfilled its obligations with respect to the delivery of electricity and gas (i.e. the customer could purchase electricity or gas at any given time) and there is a right to invoice for performance completed to date.
Revenue is recognised in the amount in which VERBUND has a right to invoice for performance completed to date. Control is transferred over the period in which the performance obligation is fulfilled.
Revenue is recognised in the amount in which VERBUND has a right to invoice for performance completed to date. Control is transferred over the period in which the performance obligation is fulfilled.
Special circumstances
Some contracts for the delivery of electricity or gas involve passing on grid costs to customers (without a surcharge). Since VERBUND does not have any control over grid services prior to transfer to the customer, VERBUND should be regarded as an agent with respect to these services. Therefore, no revenue is recognised for grid services.
None
None
Revenue by segment
\u20acm
\u00a0
2024
2025
2024
2025
2024
2025
\u00a0
Domestic
Domestic
Foreign
Foreign
Total
Total
Electricity revenue from resellers
87.0
87.2
85.4
59.5
172.4
146.6
Electricity revenue from traders
19.4
2.1
0.2
0.1
19.6
2.2
Electricity revenue \u2013 Hydro segment
106.4
89.3
85.6
59.6
192.0
148.9
Electricity revenue from resellers
0.0
0.0
119.5
117.9
119.5
117.9
Electricity revenue from traders
11.7
14.8
42.4
37.3
54.1
52.1
Electricity revenue from consumers
0.0
0.0
68.5
48.0
68.5
48.0
Electricity revenues \u2013 New Renewables segment
11.7
14.8
230.4
203.2
242.2
218.0
Electricity revenue from resellers
1,012.3
1,034.2
817.2
779.2
1,829.5
1,813.4
Electricity revenue from traders
1,137.4
855.7
1,692.9
1,580.7
2,830.4
2,436.3
Electricity revenue from consumers
779.2
786.9
708.6
758.4
1,487.8
1,545.4
Electricity revenue \u2013 Sales segment
2,928.9
2,676.8
3,218.8
3,118.3
6,147.7
5,795.1
Electricity revenue from resellers
352.1
256.5
79.8
105.3
431.9
361.8
Electricity revenue from traders
11.5
16.1
2.1
1.4
13.6
17.6
Electricity revenue \u2013 Grid segment
363.6
272.6
81.9
106.7
445.5
379.3
Total electricity sales revenue
3,410.6
3,053.5
3,616.7
3,487.8
7,027.3
6,541.3
Grid revenue electric utilities
453.1
554.7
34.1
32.3
487.2
587.0
Grid revenue industrial customers
15.7
14.4
0.0
0.0
15.7
14.4
Grid revenue other
118.8
208.4
290.5
311.5
409.3
519.9
Total grid revenue \u2013 Grid segment
587.5
777.6
324.6
343.8
912.2
1,121.4
Other revenue \u2013 Hydro segment
\u00a0
\u00a0
\u00a0
\u00a0
11.5
9.0
Other revenue \u2013 New Renewables segment
\u00a0
\u00a0
\u00a0
\u00a0
28.4
26.7
Other revenue \u2013 Sales segment
\u00a0
\u00a0
\u00a0
\u00a0
207.8
221.6
Other revenue \u2013 Grid segment
\u00a0
\u00a0
\u00a0
\u00a0
27.1
57.8
Other revenue \u2013 All other segments
\u00a0
\u00a0
\u00a0
\u00a0
26.6
32.1
Other revenue \u2013 reconciliation
\u00a0
\u00a0
\u00a0
\u00a0
3.7
3.6
Total of other revenue
\u00a0
\u00a0
\u00a0
\u00a0
305.1
350.8
Total revenue
\u00a0
\u00a0
\u00a0
\u00a0
8,244.6
8,013.6
Contracts for the purchase or sale of non-financial items that are not classified as own-use contracts under IFRS\u00a09 and are required to be accounted for as derivatives must be recognised in revenue or procurement costs in the amount of the market price applicable at the time of physical settlement. The difference between the contract price and the market price is recognised under Measurement and recognition of energy derivatives.
In the 2025 reporting period, \u20ac2.3m (previous year: \u20ac2.5m) from the measurement and recognition of derivative financial instruments was recognised as revenue in the trading area. To present business performance more accurately, revenue from energy trading is shown as a net amount, i.e. each of the amounts recognised and measured is presented net of expenses. As a result, \u20ac620.4m (previous year: \u20ac514.8m) in expenses was presented as a net amount in electricity revenue and \u20ac173.8m (previous year: \u20ac104.2m) in other revenue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-46": { "value": "
3.2
Notes to the income statement

RevenueVERBUND primarily generates revenue from contracts with customers for the delivery of electricity and gas as well as from operation of the Austrian electricity and gas transmission and distribution networks. The accounting policies applied to such revenue are presented in the tables below:
Revenue from contracts with customers
\u00a0
\u00a0
\u00a0
Period allowed for payment
Significant financing components
Market participants from energy exchanges, traders and electric utilities
20 days
No
Industrial customers
14\u00a0\u2013\u00a060 days
No
Commercial customers
14 days
No
Household customers
14 days
No
Revenue from operating the Austrian gas transmission and distribution network
15 days
No
Revenue from operating the Austrian electricity transmission network
14 days
No
Measurement of contracts with customers in accordance with IFRS\u00a015\u00a0
Type of contract
Contracts with customers for the delivery of electricity and gas
Contracts with customers as a result of operating the Austrian electricity transmission network
Contracts with customers as a result of operating the Austrian gas transmission pipeline and distribution network
Performance/
consideration
The consideration received for contracts for the delivery of electricity and gas comprises a capacity price and an energy price. The capacity price is independent of volume, whereas the energy price depends on the volume of electricity and gas purchased.
Performance obligations mainly comprise system energy, control power and balancing energy as well as congestion management and redispatch services. The consideration received for these performance obligations depends largely on the electricity consumed by the customer and the costs incurred by VERBUND for the respective obligation.
Performance obligations comprise the marketing and provision of transportation capacities at border crossing points, i.e. entry and exit capacities, and the marketing and provision of transportation capacities for natural gas needed in Austria as well as dispatching and other services.
Revenue recognition
Revenue is recognised as soon as control over the goods or services has passed to the customer. Control is transferred over the period in which the performance obligation is fulfilled. Revenue is recognised in the amount in which VERBUND has fulfilled its obligations with respect to the delivery of electricity and gas (i.e. the customer could purchase electricity or gas at any given time) and there is a right to invoice for performance completed to date.
Revenue is recognised in the amount in which VERBUND has a right to invoice for performance completed to date. Control is transferred over the period in which the performance obligation is fulfilled.
Revenue is recognised in the amount in which VERBUND has a right to invoice for performance completed to date. Control is transferred over the period in which the performance obligation is fulfilled.
Special circumstances
Some contracts for the delivery of electricity or gas involve passing on grid costs to customers (without a surcharge). Since VERBUND does not have any control over grid services prior to transfer to the customer, VERBUND should be regarded as an agent with respect to these services. Therefore, no revenue is recognised for grid services.
None
None
Revenue by segment
\u20acm
\u00a0
2024
2025
2024
2025
2024
2025
\u00a0
Domestic
Domestic
Foreign
Foreign
Total
Total
Electricity revenue from resellers
87.0
87.2
85.4
59.5
172.4
146.6
Electricity revenue from traders
19.4
2.1
0.2
0.1
19.6
2.2
Electricity revenue \u2013 Hydro segment
106.4
89.3
85.6
59.6
192.0
148.9
Electricity revenue from resellers
0.0
0.0
119.5
117.9
119.5
117.9
Electricity revenue from traders
11.7
14.8
42.4
37.3
54.1
52.1
Electricity revenue from consumers
0.0
0.0
68.5
48.0
68.5
48.0
Electricity revenues \u2013 New Renewables segment
11.7
14.8
230.4
203.2
242.2
218.0
Electricity revenue from resellers
1,012.3
1,034.2
817.2
779.2
1,829.5
1,813.4
Electricity revenue from traders
1,137.4
855.7
1,692.9
1,580.7
2,830.4
2,436.3
Electricity revenue from consumers
779.2
786.9
708.6
758.4
1,487.8
1,545.4
Electricity revenue \u2013 Sales segment
2,928.9
2,676.8
3,218.8
3,118.3
6,147.7
5,795.1
Electricity revenue from resellers
352.1
256.5
79.8
105.3
431.9
361.8
Electricity revenue from traders
11.5
16.1
2.1
1.4
13.6
17.6
Electricity revenue \u2013 Grid segment
363.6
272.6
81.9
106.7
445.5
379.3
Total electricity sales revenue
3,410.6
3,053.5
3,616.7
3,487.8
7,027.3
6,541.3
Grid revenue electric utilities
453.1
554.7
34.1
32.3
487.2
587.0
Grid revenue industrial customers
15.7
14.4
0.0
0.0
15.7
14.4
Grid revenue other
118.8
208.4
290.5
311.5
409.3
519.9
Total grid revenue \u2013 Grid segment
587.5
777.6
324.6
343.8
912.2
1,121.4
Other revenue \u2013 Hydro segment
\u00a0
\u00a0
\u00a0
\u00a0
11.5
9.0
Other revenue \u2013 New Renewables segment
\u00a0
\u00a0
\u00a0
\u00a0
28.4
26.7
Other revenue \u2013 Sales segment
\u00a0
\u00a0
\u00a0
\u00a0
207.8
221.6
Other revenue \u2013 Grid segment
\u00a0
\u00a0
\u00a0
\u00a0
27.1
57.8
Other revenue \u2013 All other segments
\u00a0
\u00a0
\u00a0
\u00a0
26.6
32.1
Other revenue \u2013 reconciliation
\u00a0
\u00a0
\u00a0
\u00a0
3.7
3.6
Total of other revenue
\u00a0
\u00a0
\u00a0
\u00a0
305.1
350.8
Total revenue
\u00a0
\u00a0
\u00a0
\u00a0
8,244.6
8,013.6
Contracts for the purchase or sale of non-financial items that are not classified as own-use contracts under IFRS\u00a09 and are required to be accounted for as derivatives must be recognised in revenue or procurement costs in the amount of the market price applicable at the time of physical settlement. The difference between the contract price and the market price is recognised under Measurement and recognition of energy derivatives.
In the 2025 reporting period, \u20ac2.3m (previous year: \u20ac2.5m) from the measurement and recognition of derivative financial instruments was recognised as revenue in the trading area. To present business performance more accurately, revenue from energy trading is shown as a net amount, i.e. each of the amounts recognised and measured is presented net of expenses. As a result, \u20ac620.4m (previous year: \u20ac514.8m) in expenses was presented as a net amount in electricity revenue and \u20ac173.8m (previous year: \u20ac104.2m) in other revenue.
3.2.2

Other revenue
Other revenue
\u00a0
\u20acm
\u00a0
2024
2025
Sale of gas
79.7
95.9
Consulting or planning services as well as other services
55.6
91.4
Sale of guarantees of origin and green electricity certificates
93.8
72.2
District heating deliveries
22.0
27.2
User and management fees
23.0
23.5
Miscellaneous
31.0
40.6
Other revenue
305.1
350.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-47": { "value": "
Measurement of contracts with customers in accordance with IFRS\u00a015\u00a0
Type of contract
Contracts with customers for the delivery of electricity and gas
Contracts with customers as a result of operating the Austrian electricity transmission network
Contracts with customers as a result of operating the Austrian gas transmission pipeline and distribution network
Performance/
consideration
The consideration received for contracts for the delivery of electricity and gas comprises a capacity price and an energy price. The capacity price is independent of volume, whereas the energy price depends on the volume of electricity and gas purchased.
Performance obligations mainly comprise system energy, control power and balancing energy as well as congestion management and redispatch services. The consideration received for these performance obligations depends largely on the electricity consumed by the customer and the costs incurred by VERBUND for the respective obligation.
Performance obligations comprise the marketing and provision of transportation capacities at border crossing points, i.e. entry and exit capacities, and the marketing and provision of transportation capacities for natural gas needed in Austria as well as dispatching and other services.
Revenue recognition
Revenue is recognised as soon as control over the goods or services has passed to the customer. Control is transferred over the period in which the performance obligation is fulfilled. Revenue is recognised in the amount in which VERBUND has fulfilled its obligations with respect to the delivery of electricity and gas (i.e. the customer could purchase electricity or gas at any given time) and there is a right to invoice for performance completed to date.
Revenue is recognised in the amount in which VERBUND has a right to invoice for performance completed to date. Control is transferred over the period in which the performance obligation is fulfilled.
Revenue is recognised in the amount in which VERBUND has a right to invoice for performance completed to date. Control is transferred over the period in which the performance obligation is fulfilled.
Special circumstances
Some contracts for the delivery of electricity or gas involve passing on grid costs to customers (without a surcharge). Since VERBUND does not have any control over grid services prior to transfer to the customer, VERBUND should be regarded as an agent with respect to these services. Therefore, no revenue is recognised for grid services.
None
None
Contracts for the purchase or sale of non-financial items that are not classified as own-use contracts under IFRS\u00a09 and are required to be accounted for as derivatives must be recognised in revenue or procurement costs in the amount of the market price applicable at the time of physical settlement. The difference between the contract price and the market price is recognised under Measurement and recognition of energy derivatives.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-49": { "value": "Other operating income
Other operating income
\u00a0
\u20acm
\u00a0
2024
2025
Changes in inventories and own work capitalised
86.6
98.6
Various goods and services
13.5
19.5
Income from (insurance) compensation
6.2
2.5
Rent and lease income
1.6
1.7
Disposal of property, plant and equipment and intangible assets
0.7
1.7
Miscellaneous
22.4
14.9
Other operating income
131.0
139.0
3.2.7

Other operating expenses
Other operating expenses
\u00a0
\u20acm
\u00a0
2024
2025
Third-party maintenance of power plants and line systems
178.2
194.7
Other third-party services received
74.3
130.3
IT expenses
63.8
65.3
Legal, consulting and audit expenses
30.2
27.9
Advertising expenses and donations
23.8
26.1
Expenses for supervision by E-Control
23.8
21.5
Travel expenses, advanced training
17.0
18.9
Costs for personnel provided
11.7
14.8
Insurance
9.3
10.0
Operating costs
8.7
9.7
Materials costs for motor vehicle operation and maintenance
6.7
9.3
Compensation payments
10.4
8.8
Fees
10.9
8.3
Rent and lease
4.6
5.5
Purchased telecommunication services
4.1
4.8
Membership fees
4.0
4.4
Usage fees
4.3
3.4
Miscellaneous
31.1
26.7
Other operating expenses
516.8
590.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-48": { "value": "Other operating income
Other operating income
\u00a0
\u20acm
\u00a0
2024
2025
Changes in inventories and own work capitalised
86.6
98.6
Various goods and services
13.5
19.5
Income from (insurance) compensation
6.2
2.5
Rent and lease income
1.6
1.7
Disposal of property, plant and equipment and intangible assets
0.7
1.7
Miscellaneous
22.4
14.9
Other operating income
131.0
139.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-50": { "value": "Expenses for electricity, grid, gas and certificate purchases
Expenses for electricity, grid, gas and certificate procurement
\u00a0
\u20acm
\u00a0
2024
2025
Expenses for electricity purchases
3,466.2
3,413.2
Expenses for grid purchases
124.7
142.9
Expenses for gas purchases
73.9
91.4
Purchase of emission rights (trade)
0.0
8.1
Expenses for guarantees of origin and green electricity certificate purchases
7.5
4.0
Expenses for electricity, grid, gas and certificate procurement
3,672.2
3,659.6
Fuel expenses and other usage-/revenue-dependent expenses
Fuel expenses and other usage-/revenue-dependent expenses
\u20acm
\u00a0
2024
2025
Natural gas usage
207.5
221.7
Windfall tax expenses
7.7
145.8
Other revenue-dependent expenses
57.4
103.9
Emission allowances acquired in exchange for consideration
35.7
57.7
Other usage-dependent expenses
11.7
15.5
Fuel expenses and other usage-/revenue-dependent expenses
319.9
544.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-51": { "value": "Personnel expenses
Personnel expenses
\u00a0
\u20acm
\u00a0
2024
2025
Wages and salaries
445.1
469.9
Expenses for social security contributions as required by law as well as income-based charges and compulsory contributions
95.1
105.6
Other social benefit expenses
8.6
9.1
Subtotal
548.8
584.6
Expenses for pensions and similar obligations
16.0
15.4
Expenses for termination benefits
6.0
6.5
Personnel expenses
570.8
606.5
Total pension fund contributions to the defined contribution investment and risk association totalled \u20ac10.5m in the 2025 reporting period (previous year: \u20ac10.3m). Expenses for termination benefits included a total of \u20ac5.5m in contributions to an employee pension fund (previous year: \u20ac4.8m).
Non-current and current provisions
Non-current and current provisions
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Provisions for pensions
321.0
277.2
\u2013
\u2013
Provisions for obligations
similar to pensions
121.0
113.8
\u2013
\u2013
Provisions for termination benefits
89.3
78.7
\u2013
\u2013
Provisions for partial retirement
2.2
2.1
1.2
1.4
Other personnel-related provisions
36.0
33.9
45.8
52.2
Other provisions
51.8
50.3
16.7
38.5
Non-current and current provisions
621.3
556.0
63.7
92.1
Personnel provisions
Provisions for current pensions, vested pensions and similar obligations are determined in accordance with IAS\u00a019 using the projected unit credit method (PUC method), whereby remeasurements of the net liability are recognised in other comprehensive income in the year in which the liability is incurred. With the exception of net interest expense, all expenses (and income) related to these obligations are recognised under personnel expenses. The net interest expense is reported under interest expenses.
These defined benefit pension plan obligations are partially covered by pension plan assets at APK\u00a0Pensionskasse\u00a0AG earmarked for this purpose. Contractual trust arrangements (CTAs) were set up in order to secure the entitlements from the company pension plan for employees of VERBUND Innkraftwerke\u00a0GmbH, Innwerk\u00a0AG and Grenzkraftwerke\u00a0GmbH. VERBUND is obligated to provide additional funding to the extent that the obligations are required to be fulfilled through the pension fund; there is no such obligation to provide additional funding for the CTA. Both the pension plan assets and the contractual trust arrangements are recognised as plan assets as defined in IAS\u00a019 and offset against provisions for current pensions and vested pension benefits.
Pension plan assets are invested in compliance with the provisions of the Austrian Pension Fund Act (Pensionskassengesetz) and the corresponding directives from the Financial Market Authority.
Similar obligations relate to employer contributions for supplementary health insurance premiums to be paid after retirement. The provisions are calculated in the same manner as provisions for pension obligations.
Measurement of pensions and similar obligations as well as statutory termination benefitsExisting provisions for pensions and similar obligations as well as obligations for termination benefits (carrying amount as at 31\u00a0December 2025: \u20ac467.5m; previous year: \u20ac529.1m) were measured based on assumptions and estimates as at the reporting date. The key factors of influence included the discount rate, the estimated retirement age and estimated life expectancy as well as future increases in salaries and pension benefits:
Actuarial assumptions for pension obligations
\u00a0
\u00a0
2024
2025
Discount rate or expected rate of return from plan assets
3.25%
3.75%
Pension increases
2.00%\u2013\u00a04.25%
2.00%\u2013\u00a03.50%
Salary increases
2.50%\u2013\u00a04.25%
2.50%\u2013\u00a03.25%
Employee turnover
None
none
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Actuarial assumptions for obligations similar to pensions
\u00a0
\u00a0
2024
2025
Discount rate
3.25%
4.00%
Employee turnover (depending on duration of employment)
0.00%\u2013\u00a05.80%
0.0%\u2013\u00a06.20%
Change in contributions based on hospital cost index for
new contracts
2.50%\u2013\u00a06.00%
2.50%\u2013\u00a06.00%
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Actuarial assumptions for termination benefit obligations
\u00a0
\u00a0
2024
2025
Discount rate
3.00%
3.50%
Salary increases
2.50%\u2013\u00a04.25%
2.50%\u2013\u00a03.25%
Employee turnover (depending on duration of employment)
0.00%\u2013\u00a00.60%
0.00%\u2013\u00a00.60%
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
VERBUND is exposed to investment risk, interest rate risk, life expectancy risk, salary risk, price risk and employee turnover risk based on its existing pensions and similar obligations as well as its obligations for statutory termination benefits. The following sensitivity analyses show the effects on these obligations of changes in significant actuarial assumptions. Changes in obligations were determined in a manner comparable with the determination of the actual obligation based on the PUC method in accordance with IAS\u00a019.
Sensitivity analysis for net pension liability 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in net liability of
If assumption decreases, change in net liability of
Discount rate
0.25%
\u2013\u00a02.37%
2.48%
Pension increases
0.50%
5.13%
\u2013\u00a04.72%
Longevity based on mortality table
1 year
5.23%
\u2013\u00a05.16%
Sensitivity analysis for obligations similar to pensions 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a03.11%
3.28%
Change in contributions based on
hospital cost index (new contracts)
0.50%
6.62%
\u2013\u00a06.02%
Longevity based on mortality table
1 year
6.09%
\u2013\u00a05.88%
Sensitivity analysis for termination benefit obligations 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a01.36%
1.59%
Salary increases
0.50%
3.37%
\u2013\u00a03.23%
Longevity based on mortality table
1 year
\u2013\u00a00.01%
0.01%
Sensitivity analysis for net pension liability 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in net liability of
If assumption decreases, change in net liability of
Discount rate
0.25%
\u2013\u00a02.48%
2.60%
Pension increases
0.50%
5.35%
\u2013\u00a04.91%
Longevity based on mortality table
1 year
5.27%
\u2013\u00a05.20%
Sensitivity analysis for obligations similar to pensions 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a03.33%
3.52%
Change in contributions based on
hospital cost index (new contracts)
0.50%
7.09%
\u2013\u00a06.41%
Longevity based on mortality table
1 year
6.26%
\u2013\u00a06.03%
Sensitivity analysis for termination benefit obligations 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a01.69%
1.73%
Salary increases
0.50%
3.65%
\u2013\u00a03.48%
Longevity based on mortality table
1 year
0.00%
0.00%
Provisions for pensions and similar obligations
Reconciliation from defined benefit obligation to provisions
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Pension obligations
Pension obligations
Obligations similar to pensions
Obligations similar to pensions
Defined benefit obligation covered
by plan assets
247.4
227.8
\u2013
\u2013
Fair value of plan assets
\u2013\u00a0164.5
\u2013\u00a0169.0
\u2013
\u2013
Net value of obligations covered
by plan assets
82.9
58.8
\u2013
\u2013
Defined benefit obligation not covered by plan assets
238.1
218.4
120.8
113.8
Carrying amount of provisions
as at 31/12
321.0
277.2
120.8
113.8
Pension expenses
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Pension obligations
Pension obligations
Obligations similar to pensions
Obligations similar to pensions
Service costs (vested claims)
1.5
1.6
1.0
1.2
Net interest expense
10.6
9.8
3.9
3.9
Pension expenses (recognised in profit for the period)
12.1
11.4
4.9
5.1
Remeasurements of the net liability
32.3
\u2013\u00a021.8
15.5
\u2013\u00a06.6
Pension expenses (recognised in total comprehensive income
for the period)
44.4
\u2013\u00a0\u00a010.4
20.4
\u2013\u00a0\u00a01.5
Change in defined benefit obligation\u00a0
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Pension obligations
Pension obligations
Obligations similar to pensions
Obligations similar to pensions
Defined benefit obligation as at 1/1
466.6
485.5
105.7
120.8
Service costs (vested claims)
1.5
1.6
1.0
1.2
Pension payments or contributions to supplementary health insurance (benefit payments)
\u2013\u00a037.8
\u2013\u00a037.4
\u2013\u00a05.3
\u2013\u00a05.5
Interest expenses
16.6
15.1
3.9
3.9
Remeasurements based on experience adjustments
3.3
\u2013\u00a02.0
3.5
1.1
Remeasurements arising from changes in demographic assumptions
0.0
0.0
0.0
\u2013\u00a01.3
Remeasurements arising from changes in financial assumptions
35.3
\u2013\u00a016.6
12.0
\u2013\u00a06.4
Defined benefit obligation as at 31/12
485.5
446.2
120.8
113.8
On 31\u00a0December 2025, the weighted average term of pension obligations was 10 years (previous year: 10 years) and that of obligations similar to pensions was 13\u00a0years (previous year: 14\u00a0years).
Change in plan assets
\u00a0
\u20acm
\u00a0
2024
2025
\u00a0
Pension obligations
Pension obligations
Fair value of plan assets as at 1/1
163.0
164.5
Contributions by VERBUND
5.4
12.3
Payouts (benefit payments)
\u2013\u00a016.2
\u2013\u00a016.3
Interest income
6.0
5.3
Other gains (+) or losses (\u2013)
6.3
3.2
Fair value of plan assets as at 31/12
164.5
169.0
The investment and risk pool attributable to VERBUND within the pension fund realised a gain of \u20ac8.5m in the 2025 reporting period (previous year: gain of \u20ac12.3m). The deficit represents the portion of pension obligations not covered by plan assets; these relate primarily to direct commitments to pension recipients. In the 2026 reporting period, current contributions to the pension fund for coverage of defined benefit pension plans are expected to amount to \u20ac0.8m (previous year: \u20ac6.3m).
Plan assets
\u00a0
in %
\u00a0
2024
2025
\u00a0
Quoted
Quoted
Shares
43.1
43.6
Bonds
29.8
29.5
Money market
4.1
3.0
Other investments
23.0
23.9
Total
100.0
100.0
VERBUND regularly coordinates its general investment guidelines with APK\u00a0Pensionskasse\u00a0AG. Risk management at APK\u00a0Pensionskasse\u00a0AG is guided by the provisions of the Austrian Pension Fund Act and the corresponding directives from the Financial Market Authority.
Provisions for termination benefits
Employees whose employment relationship began on or before 31\u00a0December 2002 are entitled to receive a one-time payment based on statutory provisions, in particular when they retire. This obligation is measured in accordance with IAS\u00a019 based on the PUC method with an accumulation period of 25\u00a0years, whereby remeasurements of the net liability are recognised immediately in other comprehensive income.
The employer is only obligated to make regular contributions for employees in Austria whose period of employment began after 31\u00a0December 2002. Such contributions are therefore accounted for as defined contribution plans in accordance with IAS\u00a019. For these employment contracts, the employer pays 1.53% of the gross monthly salary into an employee pension fund.
The weighted average term of the obligations from termination benefits was seven years as at 31\u00a0December 2025 (previous year: seven years).
Analysis of provisions for termination benefits
\u00a0
\u20acm
\u00a0
2024
2025
Provisions for statutory termination benefits
89.1
78.5
Provisions for termination benefits based on special agreements as defined in the Sozialplan concluded between management and the works council
0.2
0.2
Carrying amount of provisions as at 31/12
89.3
78.7
Termination benefit expenses
\u00a0
\u20acm
\u00a0
2024
2025
Service costs
0.8
0.7
Net interest expense
3.2
2.6
Termination benefit expenses (recognised in profit for the period)
4.0
3.3
Remeasurements of termination benefits
5.6
\u2013\u00a04.1
Termination benefit expenses (recognised in total comprehensive income for the period)
9.6
\u2013\u00a00.8
Change in defined benefit obligation for statutory termination benefits
\u00a0
\u20acm
\u00a0
2024
2025
Defined benefit obligation as at 1/1
89.9
89.1
Service costs (vested claims)
0.8
0.7
Interest expenses
3.2
2.6
Termination benefits (benefit payments)
\u2013\u00a010.4
\u2013\u00a09.8
Remeasurements based on experience adjustments
0.9
\u2013\u00a00.5
Remeasurements arising from changes in demographic assumptions
0.0
0.1
Remeasurements arising from changes in financial assumptions
4.7
\u2013\u00a03.7
Defined benefit obligation as at 31/12
89.1
78.5
Provisions for
partial retirement obligations
Partial retirement obligations are measured in accordance with IAS\u00a019 based on the PUC method, whereby remeasurements of the net liability are recognised immediately through profit or loss. The resulting expenses to be recognised are presented under pension expenses.
Reconciliation from defined benefit obligation to provisions
\u00a0
\u20acm
\u00a0
2024
2025
Defined benefit obligation covered by plan assets
6.7
5.7
Fair value of plan assets
\u2013\u00a03.2
\u2013\u00a02.2
Carrying amount of provisions as at 31/12
3.5
3.5
Expenses for partial retirement
\u00a0
\u20acm
\u00a0
2024
2025
Service costs
2.4
0.6
Net interest expense
0.2
0.1
Remeasurements
\u2013\u00a00.5
1.4
Expenses for partial retirement (recognised in profit for the period)
2.1
2.1
Change in defined benefit obligation
\u00a0
\u20acm
\u00a0
2024
2025
Defined benefit obligation as at 1/1
7.3
6.7
Service costs (vested claims)
2.4
0.6
Net interest expense
0.2
0.1
Payments for early retirement
\u2013\u00a02.6
\u2013\u00a02.1
Remeasurements
\u2013\u00a00.6
0.4
Defined benefit obligation as at 31/12
6.7
5.7
Change in plan assets
\u00a0
\u20acm
\u00a0
2024
2025
Fair value of plan assets as at 1/1
3.3
3.2
Other gains (+) or losses (\u2013)
\u2013\u00a00.1
\u2013\u00a01.0
Fair value of plan assets as at 31/12
3.2
2.2
Plan assets
\u00a0
in %
\u00a0
2024
2025
Bonds
100.0
100.0
Total
100.0
100.0
Other personnel-related provisions
Analysis of other personnel-related provisions
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Provision for bonuses from
the performance-based
remuneration system
\u2013
\u2013
43.1
50.0
Provision for anniversary bonuses
28.1
26.5
\u2013
\u2013
Miscellaneous1
7.9
7.4
2.7
2.2
Other personnel-related provisions
36.0
33.9
45.8
52.2
1 This item includes provisions for short-term and long-term remuneration (STI and LTI). See \u201cDisclosures regarding the governing bodies of the Group\u201d in section 13.3 for more information on the short-term remuneration (short-term incentive, STI) and long-term variable remuneration (long-term incentive, LTI) included here.
Change in other personnel-related provisions
\u00a0
\u20acm
\u00a0
2024
2025
Carrying amount as at 1/1
68.4
81.8
of which non-current
29.0
36.0
of which current
39.4
45.8
New provisions
46.4
38.9
Interest accrued
0.9
1.0
Appropriation
\u2013\u00a031.5
\u2013\u00a030.8
Reversal
\u2013\u00a02.4
\u2013\u00a04.8
Carrying amount as at 31/12
81.8
86.1
of which non-current
36.0
33.9
of which current
45.8
52.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-52": { "value": "
3.2.7

Other operating expenses
Other operating expenses
\u00a0
\u20acm
\u00a0
2024
2025
Third-party maintenance of power plants and line systems
178.2
194.7
Other third-party services received
74.3
130.3
IT expenses
63.8
65.3
Legal, consulting and audit expenses
30.2
27.9
Advertising expenses and donations
23.8
26.1
Expenses for supervision by E-Control
23.8
21.5
Travel expenses, advanced training
17.0
18.9
Costs for personnel provided
11.7
14.8
Insurance
9.3
10.0
Operating costs
8.7
9.7
Materials costs for motor vehicle operation and maintenance
6.7
9.3
Compensation payments
10.4
8.8
Fees
10.9
8.3
Rent and lease
4.6
5.5
Purchased telecommunication services
4.1
4.8
Membership fees
4.0
4.4
Usage fees
4.3
3.4
Miscellaneous
31.1
26.7
Other operating expenses
516.8
590.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-53": { "value": "
3.2.7

Other operating expenses
Other operating expenses
\u00a0
\u20acm
\u00a0
2024
2025
Third-party maintenance of power plants and line systems
178.2
194.7
Other third-party services received
74.3
130.3
IT expenses
63.8
65.3
Legal, consulting and audit expenses
30.2
27.9
Advertising expenses and donations
23.8
26.1
Expenses for supervision by E-Control
23.8
21.5
Travel expenses, advanced training
17.0
18.9
Costs for personnel provided
11.7
14.8
Insurance
9.3
10.0
Operating costs
8.7
9.7
Materials costs for motor vehicle operation and maintenance
6.7
9.3
Compensation payments
10.4
8.8
Fees
10.9
8.3
Rent and lease
4.6
5.5
Purchased telecommunication services
4.1
4.8
Membership fees
4.0
4.4
Usage fees
4.3
3.4
Miscellaneous
31.1
26.7
Other operating expenses
516.8
590.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-54": { "value": "
3.2.7

Other operating expenses
Other operating expenses
\u00a0
\u20acm
\u00a0
2024
2025
Third-party maintenance of power plants and line systems
178.2
194.7
Other third-party services received
74.3
130.3
IT expenses
63.8
65.3
Legal, consulting and audit expenses
30.2
27.9
Advertising expenses and donations
23.8
26.1
Expenses for supervision by E-Control
23.8
21.5
Travel expenses, advanced training
17.0
18.9
Costs for personnel provided
11.7
14.8
Insurance
9.3
10.0
Operating costs
8.7
9.7
Materials costs for motor vehicle operation and maintenance
6.7
9.3
Compensation payments
10.4
8.8
Fees
10.9
8.3
Rent and lease
4.6
5.5
Purchased telecommunication services
4.1
4.8
Membership fees
4.0
4.4
Usage fees
4.3
3.4
Miscellaneous
31.1
26.7
Other operating expenses
516.8
590.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-56": { "value": "
Measurement and recognition of energy derivatives
Measurement and recognition of energy derivatives
\u00a0
\u20acm
\u00a0
2024
2025
Realisation of futures
\u2013\u00a0195.7
\u2013\u00a011.9
of which negative
767.4
451.8
of which positive
\u2013\u00a0963.0
\u2013\u00a0463.7
Measurements
380.1
\u2013\u00a02.3
of which negative
899.5
527.4
of which positive
\u2013\u00a0519.5
\u2013\u00a0529.6
Measurement and recognition of energy derivatives
184.4
\u2013\u00a014.2
Other financial result
Other financial result
\u00a0
\u20acm
\u00a0
2024
2025
Income from securities and loans
7.6
7.0
Change in non-derivative financial instruments
0.0
\u2013\u00a03.0
Change in a profit participation right with respect to material assets1
13.0
0.0
Reversal of impairment losses on securities
4.4
0.0
Change in an obligation to return an interest2
\u2013\u00a054.0
\u2013\u00a031.6
Miscellaneous
\u2013\u00a01.2
1.2
Other financial result
\u2013\u00a030.2
\u2013\u00a026.3
1 The profit participation right with respect to the material assets of Trans Austria Gasleitung GmbH. It is measured at fair value through profit or loss in accordance with IFRS\u00a09. //
2 The obligation to transfer the 50% interest in Donaukraftwerk Jochenstein AG to the Free State of Bavaria without exchange of consideration is measured at amortised cost. The expected fair value of the interest at the transfer date (31\u00a0December\u00a02050) is calculated for the respective period and discounted based on the original effective interest rate (corresponding to the weighted average cost of capital at the acquisition date). Changes in the expected fair value of the interest are recognised in the other financial result. See section 8.2 Other non-current liabilities.Investments and other non-current receivables
Investments and other non-current receivables
\u00a0
\u20acm
\u00a0
2024
2025
Investments \u2013 closed items on the balance sheet
347.6
123.6
Other investments and other receivables
455.4
491.7
Total
803.0
615.3
Investments \u2013 cross-border leasing and closed items on the balance sheet
\u20acm
\u00a0
Securities (loan stock rights) under closed items on the balance sheet
Other loans under closed items on the balance sheet
Total
2025
\u00a0
\u00a0
\u00a0
(Amortised) cost as at 1/1
77.9
364.4
442.3
Foreign exchange differences
\u2013\u00a09.8
\u2013\u00a034.7
\u2013\u00a044.5
Additions
5.8
9.1
14.9
Capitalised interest
0.2
6.3
6.5
Disposals
0.0
\u2013\u00a093.4
\u2013\u00a093.4
Amortised acquisition cost as at 31/12
74.1
251.6
325.8
of which non-current assets
74.1
49.5
123.7
of which current assets
0.0
202.1
202.1
Investments \u2013 cross-border leasing and closed items on the balance sheet
\u20acm
\u00a0
Securities (loan stock rights) under closed items on the balance sheet
Other loans under closed items on the balance sheet
Total
2024
\u00a0
\u00a0
\u00a0
(Amortised) cost as at 1/1
71.9
329.5
401.4
Foreign exchange differences
4.4
19.0
23.5
Additions
2.8
8.7
11.5
Capitalised interest
0.0
12.3
12.3
Disposals
\u2013\u00a01.2
\u2013\u00a05.1
\u2013\u00a06.4
Amortised acquisition cost as at 31/12
77.9
364.4
442.3
of which non-current assets
77.9
269.7
347.6
of which current assets
0.0
94.7
94.7
As at 31\u00a0December 2025, securities consisted of medium-term notes in a notional amount of $84.1m (previous year: $78.1m) and with an amortised cost of \u20ac74.1m (previous year: \u20ac77.9m).
Securities in the amount of \u20ac71.4m (previous year: \u20ac77.9m) and loans in the amount of \u20ac251.6m (previous year: \u20ac364.4m) have been pledged. All of the securities and loans serve as collateral for bank loans.
Securities in the amount of \u20ac173.6m (previous year: \u20ac174.8m) primarily include shares in investment funds to cover employee benefit obligations. The securities were classified as measured at fair value through profit or loss.
Other investments and other non-current receivables\u00a0
\u20acm
\u00a0
Loans to affiliated companies \u2013 not included in the basis of consolidation
Loans to investees
Securities (loan stock rights)
Other loans
Total
2025
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cost as at 1/1
0.0
54.8
178.1
7.5
240.4
Additions
0.0
0.3
1.8
0.4
2.5
Disposals
0.0
0.0
0.0
0.0
0.0
Reclassifications
5.4
\u2013\u00a04.0
\u2013\u00a01.1
0.0
0.4
Cost as at 31/12
5.4
51.1
178.8
7.9
243.2
Accumulated value adjustments as at 1/1
0.0
0.0
\u2013\u00a03.3
0.0
\u2013\u00a03.3
Impairment losses
0.0
0.0
\u2013\u00a02.8
0.0
\u2013\u00a02.8
Fair value measurement in OCI
0.0
0.0
0.9
0.0
0.9
Accumulated value adjustments as at 31/12
0.0
0.0
\u2013\u00a05.2
0.0
\u2013\u00a05.2
Net carrying amount as at 31/12
5.4
51.1
173.6
7.9
238.0
Net carrying amount as at 1/1
0.0
54.8
174.8
7.5
237.2
Net carrying amount of other non-current receivables as at 31/12
\u00a0
\u00a0
\u00a0
\u00a0
253.7
Net carrying amount of other non-current receivables as at 1/1
\u00a0
\u00a0
\u00a0
\u00a0
218.2
Net carrying amount total as at 31/12
\u00a0
\u00a0
\u00a0
\u00a0
491.7
Net carrying amount total as at 1/1
\u00a0
\u00a0
\u00a0
\u00a0
455.4
Other investments and other non-current receivables\u00a0
\u20acm
\u00a0
Loans to investees
Securities (loan stock rights)
Other loans
Total
2024
\u00a0
\u00a0
\u00a0
\u00a0
Cost as at 1/1
46.1
177.4
5.8
229.4
Additions
0.0
3.3
1.7
5.0
Disposals
0.0
\u2013\u00a00.7
0.0
\u2013\u00a00.7
Reclassifications
8.7
\u2013\u00a01.9
0.0
6.8
Cost as at 31/12
54.8
178.1
7.5
240.5
Cumulative value adjustments
as at 1/1
0.0
\u20139.6
0.0
\u2013\u00a09.6
Reversals of impairment losses
0.0
4.5
0.0
4.5
Fair value through OCI
0.0
1.0
0.0
1.0
Disposals
0.0
0.8
0.0
0.8
Cumulative value adjustments
as at 31/12
0.0
\u2013\u00a03.3
0.0
\u2013\u00a03.3
Net carrying amount as at 31/12
54.8
174.8
7.5
237.2
Net carrying amount as at 1/1
46.1
167.8
5.9
219.8
Net carrying amount of other
non-current receivables as at 31/12
\u00a0
\u00a0
\u00a0
218.2
Net carrying amount of other
non-current receivables as at 1/1
\u00a0
\u00a0
\u00a0
198.0
Total net carrying amount as at 31/12
\u00a0
\u00a0
\u00a0
455.4
Total net carrying amount as at 1/1
\u00a0
\u00a0
\u00a0
417.8
5.
Financial instruments
5.1
Accounting treatment of financial instruments
Primary financial instruments
For information regarding accounting policies for primary financial instruments see:
\u25cf
Interests accounted for using the equity method \u2013 section\u00a04.5
\u25cf
Other equity interests \u2013 section\u00a04.6
\u25cf
Investments and other non-current receivables \u2013 section\u00a04.7
\u25cf
Working capital \u2013 section\u00a06
\u25cf
Liabilities \u2013 section\u00a08
Derivative financial instruments
Derivative financial instruments are recognised at fair value when the contract is entered into and are subsequently measured at fair value. As a rule, unrealised remeasurement gains or losses are recognised in the income statement if the requirements for recognition of hedging relationships (hedge accounting) in accordance with IFRS\u00a09 are not met (see section\u00a05.2 \u201cAccounting treatment of hedging relationships\u201d).
Derivative financial instruments with positive fair values are recognised under Receivables from derivative financial instruments, while those with negative fair values are recognised under Liabilities from derivative financial instruments. If a framework agreement including a netting arrangement has been entered into with a counterparty, the positive and negative fair values of the transactions entered into with the counterparty are offset over the corresponding periods for accounting purposes as the aim is to settle on a net basis.
So-called own-use contracts are not accounted for as derivative financial instruments, but instead as executory contracts (own-use exemption). If supplier contracts that previously represented own-use contracts lead to a net settlement within the meaning of IFRS\u00a09, they must be classified as freestanding derivatives and recognised at fair value through profit or loss.
Additional disclosures regarding financial instruments in accordance with IFRS 7
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Interests in unconsolidated subsidiaries
FVOCI
2
44.9
44.9
Interests in unconsolidated subsidiaries
FVOCI
AC
28.9
28.9
Other equity interests
FVOCI
1
22.1
22.1
Other equity interests
FVOCI
2
158.3
158.3
Other equity interests
FVOCI
AC
42.3
42.3
Other equity interests and
unconsolidated subsidiaries
\u00a0
\u00a0
296.5
\u00a0
Derivatives in the energy area
FVPL
2
33.2
33.2
Derivatives in the energy area
FVPL
3
24.5
24.5
Derivatives in the finance area
FVPL
2
24.0
24.0
Receivables from derivative financial instruments
\u00a0
\u00a0
81.6
\u00a0
Securities
FVPL
1
161.7
161.7
Securities
FVOCI
3
10.1
10.1
Securities
FVOCI
AC
1.9
1.9
Securities \u2013 closed items on the balance sheet
AC
2
74.1
73.3
Loans \u2013 closed items on the balance sheet
AC
2
49.5
52.9
Loans
AC
2
64.4
65.3
Other
FVPL
3
44.2
44.2
Other
AC
\u2013
169.2
\u2013
Other
\u2013
\u2013
40.3
\u2013
Other investments and non-current other receivables
\u00a0
\u00a0
615.3
\u00a0
Current tax receivables
\u2013
\u2013
113.0
\u2013
Derivatives in the energy area
FVPL
1
0.2
0.2
Derivatives in the energy area
FVPL
2
103.4
103.4
Derivatives in the energy area
FVPL
3
5.5
5.5
Derivatives in the finance area
FVPL
2
1.8
1.8
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
7.0
7.0
Receivables from derivative financial instruments
\u00a0
\u00a0
117.9
\u00a0
Trade receivables
AC
\u2013
758.3
\u2013
Receivables from investees
AC
\u2013
35.0
\u2013
Loans to investees
AC
2
5.1
5.0
Other loans
AC
2
0.1
0.1
Loans \u2013 closed items on the balance sheet
AC
2
202.2
196.1
Securities
FVPL
1
1.1
1.1
Emission rights
\u2013
\u2013
70.9
\u2013
Other
AC
\u2013
95.5
\u2013
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Other
\u2013
\u2013
173.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,341.6
\u00a0
Cash and cash equivalents
AC
\u2013
72.8
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
1,526.1
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
406.5
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
308.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value
as at 31/12
Bonds
AC
2
1,126.7
1,028.9
Financial liabilities to banks and to others
AC
2
799.8
779.6
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
126.3
129.6
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
206.5
206.5
Capital shares attributable to limited partners
\u2013
\u2013
13.4
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,272.8
\u00a0
Derivatives in the energy area
FVPL
2
36.7
36.7
Liabilities from derivative financial instruments
\u00a0
\u00a0
36.7
\u00a0
Electricity supply commitment
\u2013
\u2013
62.4
\u2013
Obligation to return an interest
AC
3
227.1
227.1
Trade payables
AC
\u2013
2.6
\u2013
Lease liabilities
\u2013
\u2013
171.0
\u00a0
Other
AC
\u2013
541.1
\u2013
Other non-current liabilities
\u00a0
\u00a0
1,004.2
\u00a0
Derivatives in the energy area
FVPL
2
152.4
152.4
Liabilities from derivative financial instruments
\u00a0
\u00a0
152.4
\u00a0
Trade payables
AC
\u2013
241.1
\u2013
Lease liabilities
\u2013
\u2013
15.9
\u00a0
Other
AC
\u2013
573.1
\u2013
Other
\u2013
\u2013
175.6
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,005.6
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,637.8
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
189.1
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
206.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Interests in unconsolidated subsidiaries
FVOCI
2
40.9
40.9
Interests in unconsolidated subsidiaries
FVOCI
AC
13.0
13.0
Interests in unconsolidated subsidiaries
FVPL
3
10.4
10.4
Other equity interests
FVOCI
1
21.1
21.1
Other equity interests
FVOCI
2
153.5
153.5
Other equity interests
FVOCI
AC
33.2
33.2
Other equity interests and unconsolidated subsidiaries
\u00a0
\u00a0
272.1
\u00a0
Derivatives in the energy area
FVPL
2
37.0
37.0
Derivatives in the energy area
FVPL
3
12.0
12.0
Derivatives in the finance area
FVPL
2
22.2
22.2
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
11.6
11.6
Receivables from derivative financial instruments
\u00a0
\u00a0
82.8
\u00a0
Securities
FVPL
1
164.1
164.1
Securities
FVOCI
3
9.1
9.1
Securities
FVOCI
AC
1.6
1.6
Securities \u2013 closed items on the balance sheet
AC
2
77.9
78.1
Loans \u2013 closed items on the balance sheet
AC
2
269.7
270.5
Loans
AC
2
62.3
63.4
Other
FVPL
3
42.8
42.8
Other
AC
\u2013
143.9
\u2013
Other
\u2013
\u2013
31.5
\u2013
Investments and other receivables
\u00a0
\u00a0
803.0
\u00a0
Current tax receivables
\u2013
\u2013
16.8
\u2013
Derivatives in the energy area
FVPL
1
0.1
0.1
Derivatives in the energy area
FVPL
2
329.7
329.7
Derivatives in the finance area
FVPL
2
3.0
3.0
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
4.3
4.3
Receivables from derivative financial instruments
\u00a0
\u00a0
337.1
\u00a0
Trade receivables
AC
\u2013
865.9
\u2013
Receivables from investees
AC
\u2013
39.6
\u2013
Loans to investees
AC
2
4.0
3.9
Loans \u2013 closed items on the balance sheet
AC
2
94.7
90.5
Securities
FVPL
1
2.5
2.5
Money market transactions
AC
2
30.0
30.0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Emission rights
\u2013
\u2013
48.9
\u2013
Other
AC
\u2013
120.9
\u2013
Other
\u2013
\u2013
48.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,255.1
\u00a0
Cash and cash equivalents
AC
\u2013
795.1
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
2,504.0
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
639.7
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
272.4
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Bonds
AC
2
1,135.4
1,094.1
Financial liabilities to banks and to others
AC
2
670.9
671.9
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
137.8
144.1
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
320.4
320.4
Capital shares attributable to limited partners
\u2013
\u2013
10.7
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,275.2
\u00a0
Derivatives in the energy area
FVPL
2
138.1
138.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
138.1
\u00a0
Electricity supply commitment
\u2013
\u2013
81.2
\u2013
Obligation to return an interest
AC
3
184.7
236.0
Trade payables
AC
\u2013
9.9
\u2013
Lease liabilities
\u2013
\u2013
168.1
\u00a0
Other
AC
\u2013
508.3
\u2013
Other non-current liabilities
\u00a0
\u00a0
952.4
\u00a0
Derivatives in the energy area
FVPL
2
101.2
101.2
Derivatives in the energy area
FVPL
3
1.8
1.8
Derivatives in the finance area
FVPL
2
0.1
\u2013\u00a00.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
103.0
\u00a0
Trade payables
AC
\u2013
370.8
\u2013
Lease liabilities
\u2013
\u2013
10.9
\u00a0
Other
AC
\u2013
572.5
\u2013
Other
\u2013
\u2013
130.2
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,084.4
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,590.4
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
241.2
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
320.4
\u00a0
For financial liabilities (arising from closed items on the balance sheet) classified as FVPL in the above table, the difference between the carrying amount as at 31\u00a0December 2025 and the amount that VERBUND would have to pay upon maturity is \u20ac6.6m (previous year: \u20ac0.9m). The amount due upon maturity was translated using the exchange rate at the reporting date (\u20ac1 = $1.175) (previous year: \u20ac1 = $1.038). In the event of insolvency, derivative financial instruments in the finance area (under closed items on the balance sheet) can be netted against financial liabilities classified as FVPL (under closed items on the balance sheet) (see section\u00a011.1 \u201cRisk management in the finance area\u201d).
Of the derivative financial instruments in the energy area classified as FVPL in the above table, positive fair values in the amount of \u20ac73.7m (previous year: \u20ac405.7m) and negative fair values in the amount of \u20ac118.9m (previous year: \u20ac222.7m) relate to hedging relationships designated as cash flow hedges. These fair values represent gross amounts; following the inter-portfolio netting carried out in accordance with VERBUND\u2019s accounting policies (see section\u00a011.2 \u201cRisk management in the energy area\u201d), cash flow hedges can no longer be isolated.
The shares in unconsolidated subsidiaries, other equity interests and other securities classified as FVOCI in the above table are held for the long term due to strategic considerations. Details regarding the fair value and dividend distributions of individual financial instruments classified as FVOCI can be taken from the following table:
FVOCI equity interests in 2025
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Fair value as at 31/12/2024
Fair value as at 31/12/2025
Dividend as at 31/12/2024
Dividend as at 31/12/2025
Energie AG Ober\u00f6sterreich
153.5
158.3
3.5
2.8
VERBUND Tourismus GmbH
28.7
28.7
0.0
0.0
Burgenland Holding Aktiengesellschaft
21.1
22.1
1.1
1.2
VUM Verfahren Umwelt Management GmbH
12.2
16.2
1.8
2.0
Gestionnaires du R\u00e9seau de
Transport d\u2019\u00c9lectricit\u00e9 (RTE)
4.8
11.6
0.8
0.9
Wiener B\u00f6rse AG
9.1
10.1
0.7
0.8
SOLAVOLTA Energie- und
Umwelttechnik GmbH
8.8
9.2
0.0
0.0
VERBUND Green Power Albania Sh.p.k.
3.5
3.5
0.0
0.0
CISMO GmbH
2.8
2.8
0.4
0.5
Infraestructuras de Illora S.L.
3.4
1.1
0.0
0.0
Miscellaneous
24.2
44.2
1.0
0.3
Total
272.1
307.9
9.3
8.5
No interests in unconsolidated subsidiaries, other equity interests or other securities classified as FVOCI were sold in the reporting period. An amount of \u20ac17.6m (previous year: \u20ac\u2013\u00a04.3m) resulting from fair value measurement was recognised in other comprehensive income in the reporting period.
Valuation techniques and input factors for determining fair values
\u00a0
Level
Financial instruments
Valuation technique
Input factor
1
Energy forwards
Market approach
Settlement price published by the stock exchange
1
Securities, other equity interest in Burgenland Holding AG
Market approach
Stock exchange price
2
Securities and other loans under closed items on the balance sheet, long-term loans, liabilities to banks, bonds and other financial liabilities
Net present value approach
Payments associated with financial instruments, yield curves and counterparties\u2019 credit risk (credit default swaps or credit spread curves)
2
Interests in unconsolidated subsidiaries and other equity interests in Energie AG Ober\u00f6sterreich, among other interests
Market approach
Trading multiple, transaction price
2
Non-listed energy forwards
Net present value approach
Forward price curve derived from market prices, yield curves and counterparties\u2019 credit risk
2
Other assets and liabilities measured at fair value in the finance area
Net present value approach
Cash flows already fixed or calculated from forward rates, yield curves or counterparties\u2019 credit risk
3
Return obligation (obligation to transfer back the 50% interest acquired in Donaukraftwerk Jochenstein AG)
Net present value approach
Price forecasts for electricity, weighted average cost of capital after taxes
3
Securities (shares in Wiener B\u00f6rse AG)
Net present value approach
Expected profit distributions, cost of equity
3
Other non-current receivables (profit participation right with respect to material assets of TAG)
Net present value approach
Expected profit distributions, cost of equity
AC
Other interests in unconsolidated subsidiaries, other equity interests and securities
\u2013
Cost as a best estimate of fair value
\u2013
Cash and cash equivalents, trade receivables and payables, other current receivables, other borrowings within current credit lines as well as other current liabilities
\u2013
Carrying amounts as a best estimate of fair value
Expected cash outflows as at 31/12/2025
\u00a0
\u00a0
\u00a0
\u20acm
Maturity
2026
2027
2028\u20132030
From 2031
Bonds
36.2
36.2
104.2
1,153.5
Financial liabilities to banks
49.3
45.1
228.7
257.7
Financial liabilities to others
5.6
140.6
2.1
12.5
Financial liabilities to banks \u2013
closed items on the balance sheet1
277.8
31.9
24.8
0.0
Capital shares attributable to limited partners
0.0
13.4
0.0
0.0
Cash outflows on financial liabilities
368.9
267.2
359.7
1,423.7
Trade payables
241.1
0.3
2.3
0.0
Other
573.1
464.9
27.9
275.4
Cash outflows on trade payables and other payables
814.1
465.3
30.1
275.4
Derivatives in the energy area2
655.9
304.4
50.7
0.0
Derivatives in the finance area
0.02
0.00
0.00
0.00
Cash outflows on liabilities from derivative financial instruments
655.9
304.4
50.7
0.0
Cash outflows on liabilities in accordance with IFRS\u00a07
1,838.9
1,036.9
440.6
1,699.1
1 1 Cash outflows on closed items on the balance sheet are matched by the corresponding cash inflows from associated investments. // 2 Applies to cash outflows (contract prices) for forward contracts reported in the balance sheet under Receivables or Liabilities from derivative financial instruments.
Expected cash outflows as at 31/12/2024
\u00a0
\u00a0
\u00a0
\u20acm
Maturity
2025
2026
2027\u20132029
From 2030
Bonds
37.2
36.2
106.4
1,187.6
Financial liabilities to banks
60.3
50.0
232.4
283.8
Financial liabilities to others
6.5
6.3
142.7
13.4
Financial liabilities to banks \u2013
closed items on the balance sheet
100.5
314.2
37.3
26.8
Capital shares attributable to limited partners
0.0
10.7
0.0
0.0
Cash outflows on financial liabilities
204.5
417.4
518.8
1,511.7
Trade payables
370.8
0.6
9.3
0.0
Other
572.5
449.7
102.3
141.0
Cash outflows on trade payables and other payables
943.3
450.4
111.6
141.0
Derivatives in the energy area
670.6
140.2
24.7
0.0
Derivative financial instruments in the finance area
0.1
0.0
0.0
0.0
Cash outflows on liabilities from derivative financial instruments
670.7
140.2
24.7
0.0
Cash outflows on liabilities in accordance with IFRS\u00a07
1,818.5
1,008.0
655.0
1,652.7
Net gains or losses by measurement category
Net gains or net losses in accordance with IFRS\u00a07 mainly comprise impairment losses and reversals of impairment losses, foreign exchange gains and losses and the cumulative gain or loss realised on disposal.
Net results by measurement category
\u00a0
\u20acm
\u00a0
2024
2025
Financial assets measured at amortised cost
15.7
44.9
Financial assets measured at fair value through other comprehensive income
\u2013\u00a04.3
17.6
Financial assets and liabilities measured at fair value through profit or loss \u2013 designated
\u2013\u00a014.2
35.1
Financial liabilities measured at amortised cost
\u2013\u00a059.2
\u2013\u00a012,1
Financial assets and liabilities measured at fair value through profit or loss
\u2013\u00a0109.9
\u2013\u00a07.8
Total interest income from financial assets measured at amortised cost
89.4
57.8
Total interest expenses from financial liabilities measured at amortised cost
\u2013\u00a0104.2
\u2013\u00a094.6
Components of net gains or losses
\u00a0
Measurement category
Remark
Financial assets and liabilities measured at fair value through profit or loss
The net gains or losses arose from the measurement of derivative financial instruments in the energy area (wholesale and trading) in the operating result, as well as from the measurement of (other) derivative and non-derivative financial instruments in the finance area in the other financial result
Financial assets and liabilities measured at fair value through profit or loss \u2013 designated
The net gains or losses arose from the measurement of financial liabilities to banks (closed items on the balance sheet). These gains and losses are offset by net gains and losses from financial assets and liabilities measured at fair value through profit or loss and net gains and losses from financial assets and liabilities measured at cost in the corresponding amounts.
Financial assets and liabilities measured at amortised cost
The net gains and losses relate primarily to financial instruments associated with closed items on the balance sheet in the other financial result as well as to valuation allowances on trade receivables in the operating result.
All interest expenses were recognised under interest expenses; interest income was recognised partly under interest income and partly under the other financial result.
5.2
Accounting treatment of hedging relationships
VERBUND applies special accounting policies to hedging relationships in the energy area as well as in the finance area.
5.2.1 Hedging relationships in the energy area
VERBUND employs electricity forward contracts and electricity futures contracts as derivatives within the meaning of IFRS\u00a09 as part of cash flow hedges in the energy area. The objective of hedging relationships is to reduce the cash flow volatility resulting from market price fluctuations by hedging prices for the following transactions:
\u25cf
sale of own generation and marketing of electricity from renewable energy plants not owned by VERBUND;
\u25cf
reinsurance for electricity deliveries to customers; and
\u25cf
reinsurance for gas deliveries to customers.
The timing and amount of the hedging of future electricity deliveries depends in each case on the current price trend. Hedges are generally entered into successively. A portion of the entire volume anticipated is hedged in accordance with the risk management strategy. As a rule, once the relevant contractual terms of the electricity futures and forwards entered into coincide with those of the hedged items, a qualitative measurement of hedge effectiveness is carried out. It can generally be assumed that changes in the value of the hedging instruments will entirely offset the changes in future cash flows.
The exception to this rule involves hedges of electricity deliveries on a market differing from the place of delivery. Such hedges have been used since 1\u00a0October 2018 as a consequence of the restriction on unlimited trading on the German-Austrian electricity market. Due to the higher liquidity, the majority of Austrian electricity deliveries are hedged with German futures market products. The Austrian price is derived from the German price plus a DE/AT spread. Hence German forward products are used to hedge Austrian electricity deliveries, whereby the terms of the hedging instruments and those of the projected cash flows largely also match in these cases.
Accounting treatment of hedging relationships in the energy area
In the case of derivative financial instruments that are designated as cash flow hedges in accordance with IFRS\u00a09, the portion of the unrealised gains or losses that is determined to be an effective hedge is recognised under other comprehensive income. In contrast, the ineffective portions of the hedge are recognised in profit or loss.
Unrealised gains or losses are only reclassified (\u201crecycled\u201d) to the income statement when the hedged item affects profit or loss.
Electricity, gas and CO2 derivatives for future delivery periods that are not designated as hedging instruments are allocated to the wholesale portfolio. Fair value changes in (freestanding) electricity and gas derivatives in the wholesale portfolio that have not been designated as hedging instruments are recognised in profit or loss net of previously realised futures after netting the positive and negative fair values.
5.2.2 Hedging relationships in the finance area
Apart from derivative financial instruments associated with closed items on the balance sheet, interest rate swaps are used to hedge future payments of financial liabilities bearing interest at variable rates in order to reduce the cash flow risk associated with an increase in market interest rates. The hedging instruments\u2019 contract terms are almost identical to those of the hedged items (\u201ccritical terms match\u201d). The qualitative basis of the economic relationship is regularly reviewed by VERBUND. As a general rule, it can be assumed that changes in the value of the hedging instruments will entirely offset changes in future cash flows. The entire risk of an increase in market interest rates for variable-interest-bearing financial liabilities is not always hedged, i.e. the hedge ratio does not always amount to 100%. Hedge ineffectiveness can only result from changes in the credit risk of the counterparty or of VERBUND.
Payments are made on interest rate swaps every six months. The underlying variable market interest rate is the 6-month EURIBOR. The future interest payments hedged by the interest rate swaps will arise over the next 11\u00a0years (2026 to 2036) and will be recognised in profit or loss accordingly.
Accounting treatment of hedging relationships in the finance area
Some of the interest rate swaps are designated as cash flow hedges in accordance with IFRS\u00a09. The investments associated with certain closed items on the balance sheet (see section\u00a08.1 \u201cFinancial liabilities\u201d and section\u00a011.1 \u201cRisk management in the finance area\u201d) generate variable income and fixed expenses. To mitigate risk, interest rate swaps were entered into for the corresponding financial liabilities. These interest rate swaps exhibit a risk profile that mirrors that of the associated balance sheet items. Therefore, the carrying amount of the associated financial liabilities is adjusted to reflect the hedged risk to compensate for the fair value measurement of the interest rate swaps.
The fair value of interest rate swaps is the amount that VERBUND would receive or have to pay if the transaction were settled on the reporting date. When calculating that amount, current market conditions\u00a0\u2013 particularly current interest rates, yield curves and counterparty credit risk\u00a0\u2013 are taken into account (see section\u00a05.1 \u201cAccounting treatment of financial instruments\u201d).
5.2.3 Information regarding hedging relationships in the energy and finance areas
Cash flow hedges \u2013 hedging instruments as at 31/12/2025
\u20acm
\u00a0
Carrying amount
Balance sheet item
Notional amount
Change in fair value for the measurement of hedge ineffectiveness
Electricity futures and forwards \u2013 sales
54.3
Receivables from derivative financial instruments
9,288\u00a0GWh
73.7
Electricity futures and forwards \u2013 sales
\u2013\u00a090.9
Liabilities from derivative financial instruments
9,011\u00a0GWh
\u2013\u00a08.8
Electricity futures and forwards \u2013 purchases
19.4
Receivables from derivative financial instruments
\u2013\u00a03,354\u00a0GWh
11.5
Electricity futures and forwards \u2013 purchases
\u2013\u00a023.2
Liabilities from derivative financial instruments
\u2013\u00a03,324\u00a0GWh
\u2013\u00a015.4
Gas forwards \u2013 purchases
0.0
Receivables from derivative financial instruments
\u2013\u00a057\u00a0GWh
0.0
Gas forwards \u2013 purchases
\u2013\u00a02.3
Liabilities from derivative financial instruments
\u2013\u00a0441\u00a0GWh
\u2013\u00a02.3
Interest rate swaps
25.7
Receivables from derivative financial instruments
202.3
0.6
Cash flow hedges \u2013 hedged items as at 31/12/2025 in \u20acm
\u00a0
Change in fair value for the measurement of hedge ineffectiveness
Balance of the cash flow hedge valuation reserve
Future electricity sales volumes
\u2013\u00a064.9
\u2013\u00a036.6
Future electricity purchases
3.9
\u2013\u00a03.7
Future gas purchases
2.3
\u2013\u00a02.3
Variable-rate financial liabilities
\u2013\u00a00.8
\u2013\u00a04.0
Cash flow hedges \u2013 effects on the statement of comprehensive income and balance sheet 2025
\u20acm
\u00a0
Gains/losses recognised in other comprehensive income
Ineffective portion of the hedge recognised in profit or loss
Line items in the income statement in which hedge ineffectiveness was recognised
Reclassifications from reserves to profit or loss
Line items in the income statement in which the reclassification was recognised
Electricity futures and forwards \u2013 sales
64.9
0.1
Revenue
313.7
Revenue
Electricity futures and forwards \u2013 purchases
\u2013\u00a03.9
0.0
Electricity purchase
\u2013\u00a026.9
Electricity purchase
Gas forwards \u2013 purchases
\u2013\u00a02.3
0.0
Gas purchases
0.0
Gas purchases
Interest rate swaps
\u2013\u00a03.7
0.2
Other financial result
3.0
Interest expenses
Notional amount and average price or interest rate as at 31/12/2025
\u00a0
\u00a0
2026
2027
2028
2029
From 2030
Electricity futures and forwards \u2013 sales
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Notional amount
14,483\u00a0GWh
2,786\u00a0GWh
329\u00a0GWh
292\u00a0GWh
409\u00a0GWh
Average hedged price
\u20ac79.8/MWh
\u20ac77.2/MWh
\u20ac51.3/MWh
\u20ac40.7/MWh
\u20ac36.0/MWh
Electricity futures and forwards \u2013 purchases
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Notional amount
\u2013\u00a03,774\u00a0GWh
\u2013\u00a01,779\u00a0GWh
\u2013\u00a0969\u00a0GWh
\u2013\u00a0158\u00a0GWh
0\u00a0GWh
Average hedged price
\u20ac89.6/MWh
\u20ac79.6/MWh
\u20ac74.3/MWh
\u20ac71.7/MWh
\u20ac0.0/MWh
Gas forwards \u2013 purchases
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Notional amount
\u2013\u00a0284\u00a0GWh
\u2013\u00a0215\u00a0GWh
0\u00a0GWh
0\u00a0GWh
0\u00a0GWh
Average hedged price
\u20ac36.4/MWh
\u20ac32.8/MWh
\u20ac0.0/MWh
\u20ac0.0/MWh
\u20ac0.0/MWh
Interest rate swaps
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Average notional amount in \u20acm
196.9
179.5
163.4
147.2
92.2
Average fixed interest rate
0.3%
0.3%
0.3%
0.3%
0.4%
Cash flow hedges \u2013 hedging instruments 31/12/2024
\u00a0
\u20acm
\u00a0
Carrying amount
Balance sheet item
Notional amount
Change in fair value for the measurement of ineffectiveness
Electricity futures and forwards \u2013 sales
363.1
Receivables from derivative financial instruments
12,759\u00a0GWh
12.2
Electricity futures and forwards \u2013 sales
\u2013\u00a0150.9
Liabilities from derivative financial instruments
13,523\u00a0GWh
\u2013\u00a0161.2
Electricity futures and forwards \u2013 purchases
42.5
Receivables from derivative financial instruments
\u2013\u00a04,098\u00a0GWh
42.0
Electricity futures and forwards \u2013 purchases
\u2013\u00a069.2
Liabilities from derivative financial instruments
\u2013\u00a02,753\u00a0GWh
\u2013\u00a02.4
Gas forwards \u2013 purchases
0.0
Receivables from derivative financial instruments
0\u00a0GWh
0.9
Gas forwards \u2013 purchases
0.0
Liabilities from derivative financial instruments
\u2013\u00a09\u00a0GWh
0.0
Interest rate swaps
25.1
Receivables from derivative financial instruments
229.3
\u2013\u00a05.1
Cash flow hedges \u2013 hedged items 31/12/2024
\u20acm
\u00a0
Change in fair value for the measurement of ineffectiveness
Carrying amount of the reserve for measurements of cash flow hedges
Future electricity sales volumes
148.9
212.1
Future electricity purchases
\u2013\u00a039.6
\u2013\u00a026.7
Future gas purchases
\u2013\u00a00.9
0.0
Variable-rate financial liabilities
4.6
\u2013\u00a03.2
Cash flow hedges \u2013 effects on the statement of
comprehensive income and balance sheet 2024
\u00a0
\u20acm
\u00a0
Gains/losses recognised in other comprehensive income
Hedging costs
Ineffective portion of the hedge recognised in profit or loss
Line items in the income statement in which hedge ineffectiveness was recognised
Reclassifications from reserves to profit or loss
Line items in the income statement in which the reclassification was recognised
Electricity futures and forwards \u2013 sales
\u2013\u00a0149.0
0.0
0.1
Revenue
702.9
Revenue
Electricity futures and forwards \u2013 purchases
39.6
0.0
0.0
Electricity purchase
\u2013\u00a0294.8
Electricity purchase
Gas forwards \u2013 purchases
0.9
0.0
0.0
Gas purchases
\u2013\u00a015.3
Gas purchases
Interest rate swaps
\u2013\u00a00.1
0.4
0.0
Other financial result
4.5
Interest expenses
Notional amount and average price or interest rate as at 31/12/2024
\u20acm
\u00a0
2025
2026
2027
2028
From 2029
Electricity futures and forwards \u2013 sales
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Notional amount
15,192\u00a0GWh
9,891\u00a0GWh
303\u00a0GWh
262\u00a0GWh
635\u00a0GWh
Average hedged price
\u20ac116.7/MWh
\u20ac77.3/MWh
\u20ac48.6/MWh
\u20ac50.1/MWh
\u20ac36.1/MWh
Electricity futures and forwards \u2013 purchases
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Notional amount
\u2013\u00a04,837\u00a0GWh
\u2013\u00a01,275\u00a0GWh
\u2013\u00a0625\u00a0GWh
\u2013\u00a0114\u00a0GWh
0\u00a0GWh
Average hedged price
\u20ac103.8/MWh
\u20ac92.8/MWh
\u20ac76.4/MWh
\u20ac69.5/MWh
\u20ac0.0/MWh
Gas forwards \u2013 purchases
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Notional amount
\u2013\u00a09\u00a0GWh
0\u00a0GWh
0\u00a0GWh
0\u00a0GWh
0\u00a0GWh
Average hedged price
\u20ac54.2/MWh
\u20ac0.0/MWh
\u20ac0.0/MWh
\u20ac0.0/MWh
\u20ac0.0/MWh
Interest rate swaps
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Average notional amount in \u20acm
220.1
196.9
179.5
163.4
100.0
Average fixed interest rate
0.4%
0.3%
0.3%
0.3%
0.4%
5.3
Recoverability of financial assets
Valuation allowances are recognised at every reporting date for expected credit losses relating to financial assets classified as measured at amortised cost (AC) and debt instruments classified as measured at fair value through other comprehensive income (FVOCI), receivables under leases, contract assets and financial guarantee contracts.
Expected credit losses are taken into account in the following stages (for quantitative disclosures see section\u00a011.1 \u201cRisk management in the finance area\u201d):
Impairment of assets
\u00a0
\u00a0
\u00a0
\u00a0
Stage 1
Stage 2
Stage 3
Credit risk
Low credit risk \u2013 (credit risk has not increased significantly since initial recognition)
Elevated credit risk \u2013 (credit risk has increased significantly since initial recognition)
Significant financial difficulties on the part of the borrower or the issuer (breach of contract)
Recognition of loss allowance
Impairment in the amount of the 12-month expected losses
Impairment in the amount of expected lifetime losses
Impairment in the amount of expected lifetime losses
Calculation of interest income
Based on the effective interest rate on the gross carrying amount
Based on the effective interest rate on the gross carrying amount
Based on the effective interest rate on the net carrying amount
\u25cf
Credit risk is presumed to be low if the internal rating corresponds to an external investment grade rating (Standard & Poor\u2019s: > BBB\u2013; Moody\u2019s: > Baa3).
\u25cf
Credit risk is presumed to have increased significantly if a financial asset is more than 30\u00a0days overdue. Financial assets are reclassified to Stage 3 as soon as the asset has become credit impaired or is more than 90\u00a0days overdue, or if a breach of contract has been ascertained.
\u25cf
Probabilities of default depending on the rating category and collection rates serve to determine the amount of impairment losses to be recognised. The valuation allowance is recognised in the amount of the present value of the expected credit losses.
For trade receivables, contract assets and lease receivables, a simplified method is applied to measure the valuation allowance. For these receivables and assets, a valuation allowance derived from a valuation allowance table is recognised in the amount of the lifetime expected credit loss.
6.2
Receivables from derivative financial instruments
Receivables from derivative financial instruments include derivatives and hedging instruments from both the financial and the energy areas.Receivables from derivative financial instruments
Receivables from derivative financial instruments
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Derivatives in the energy area
49.0
57.7
329.8
109.1
Derivatives in the finance area
33.8
24.0
7.3
8.8
Receivables from derivative financial instruments
82.8
81.6
337.1
117.9
Further details on receivables from derivative financial instruments can be found in sections 11.1 \u201cRisk management in the finance area\u201d and 11.2 \u201cRisk management in the energy area\u201d.
6.3
Trade receivables, other receivables and securities
Trade receivables, other receivables and securities
Trade receivables, other receivables and securities
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Trade receivables
\u2013
\u2013
865.9
758.3
Receivables from investees
\u2013
\u2013
39.6
35.0
Loans \u2013 closed items on the balance sheet
269.7
49.5
94.7
202.2
Loans to investees
54.8
51.1
4.0
5.1
Other receivables and assets
(excluding current tax receivables)
218.2
253.7
251.0
341.1
Trade receivables, other receivables and securities
542.7
354.3
1,255.1
1,341.6
Current tax receivables plus other receivables and assets
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Current tax receivables
\u2013
\u2013
16.8
113.0
Securities
\u2013
\u2013
2.5
1.1
Guarantees in electricity trading
132.0
136.6
77.2
63.4
Emission rights
\u2013
\u2013
48.9
70.9
Receivables from tax clearing
(excluding current tax receivables)
\u2013
\u2013
8.3
117.0
Other
86.2
117.1
113.8
88.8
Other receivables and assets
218.2
253.7
250.9
341.1
6.4
Liabilities from derivative financial instruments
Liabilities from derivative financial instruments
Liabilities from derivative financial instruments
\u20acm
\u00a0
2024
Non-current
2025
Non-current
2024
Current
2025
Current
Derivatives in the energy area
138.1
36.7
102.9
152.4
Derivatives in the finance area
0.0
0.0
0.1
0.0
Liabilities from derivative financial instruments
138.1
36.7
103.0
152.4
Further details on liabilities from derivative financial instruments can be found in section 11.2 \u201cRisk management in the energy area\u201d.
Trade payables and other current liabilitiesTrade payables and other current liabilities
Trade payables and current other liabilities
\u00a0
\u20acm
\u00a0
2024
2025
Trade payables
370.8
241.1
Outstanding invoices for capital expenditure
224.0
207.2
Liabilities to unconsolidated subsidiaries and investees
100.1
136.7
Other liabilities for maintenance expenses
69.4
100.9
Other personnel-related liabilities
58.2
64.1
Liabilities to the emissions registry
38.6
59.0
Advance payments received
5.4
49.8
Other liabilities from electricity deliveries and grid services
67.9
24.7
Accruals and deferred income
14.1
23.7
Security deposits for transport services
33.1
21.3
Electricity supply commitment
16.7
18.8
Lease liabilities
10.9
15.9
Liabilities to tax authorities
27.2
9.5
Other
47.7
33.0
Trade payables and other current liabilities
1,084.4
1,005.6
Financial instruments
The primary financial instruments held by VERBUND include, in particular, investments such as securities, loans, equity interests, trade receivables, cash at banks, securitised and non-securitised financial liabilities and trade payables.
The derivative financial instruments used in the finance area comprise the following and are recognised under the balance sheet items listed:
Receivables from derivative financial instruments
\u20acm
\u00a0
Reference value1
Positive fair values
Positive fair values
\u00a0
\u00a0
31/12/2024
31/12/2025
Interest rate swaps \u2013 closed items on the balance sheet (fixed interest recipient)
$221.3m
(previous year: $297.5m)
15.8
7.0
Interest rate swaps \u2013 hedges
(fixed interest payer)
\u20ac199.5m
(previous year: \u20ac216.4m)
25.2
25.8
1 The reference value includes the reference basis of the derivative instruments. The actual cash flows only represent a fraction of these values.
Liabilities from derivative financial instruments
\u20acm
\u00a0
Reference value1
Negative fair values
Negative fair values
\u00a0
\u00a0
31/12/2024
31/12/2025
Interest rate swaps \u2013 hedges
(fixed interest payer)
\u20ac2.8m
(previous year: \u20ac12.9m)
0.1
0.0
1 The reference value represents the notional amount of the derivative instruments. The actual cash flows only represent a fraction of those amounts.
The derivative financial instruments listed serve exclusively as financial hedges against existing currency and interest rate risks (see the section entitled \u201cInterest rate risk\u201d for explanatory disclosures on the interest rate swaps entered into for financial liabilities bearing variable interest).
Financial instruments subject to credit risk by assigned rating group 2025
\u20acm
Credit rating group
Equivalent Moody\u2019s rating
Financial instruments \u2013 closed items on the balance sheet
Securities
Non-current and current other receivables1
Trade receivables
Investments as well as cash and cash equivalents2
A
up to Aa3
196.1
2.5
0.0
88.4
\u2013\u00a010.3
B
up to A3
136.7
2.0
27.1
97.9
53.1
C1\u2013C3
up to Baa3
0.0
0.0
44.2
299.9
30.0
D1\u2013D5
below Baa3
0.0
0.0
0.0
30.4
0.0
Not rated
\u00a0
0.0
170.1
342.1
241.7
0.0
Total
\u00a0
332.8
174.7
413.4
758.3
72.8
1 Incl. receivables from investees and loans to investees // 2 Other non-current and current loans and money market transactions have been combined under investments in this table.
Financial instruments subject to credit risk by assigned rating group 2024
\u20acm
Credit rating group
Equivalent Moody\u2019s rating
Financial instruments \u2013 closed items on the balance sheet
Securities
Non-current and current other receivables
Trade receivables
Investments as well as cash and cash equivalents
A
up to Aa3
299.3
3.1
0.0
31.3
337.5
B
up to A3
158.8
1.9
22.1
165.7
453.2
C1\u2013C3
up to Baa3
0.0
0.0
42.8
352.5
34.4
D1\u2013D5
below Baa3
0.0
0.0
0.0
34.5
0.0
Not rated
\u00a0
0.0
172.4
348.5
281.8
0.0
Total
\u00a0
458.1
177.4
413.5
865.9
825.2
11.2
Risk management in the energy area
Within its core business, VERBUND is active in international energy markets and is thus exposed to market, counterparty and operational risks that have to be weighed against the corresponding opportunities. Market risks are managed by means of rule books and the limits established therein. Counterparty risk is approached using separate guidelines at both Group level and subsidiary level. There is a process manual for the management of operational risks.
Financial instruments subject to credit risk by assigned rating group
\u00a0
\u00a0
\u20acm
\u00a0
\u00a0
2024
2025
Credit rating group
Equivalent Moody\u2019s rating
Derivatives in the energy area
Derivatives in the energy area
A
up to Aa3
0.1
0.2
B
up to A3
123.1
110.6
C1\u2013C3
up to Baa3
247.7
52.7
D1\u2013D5
below Baa3
8.0
3.2
Total
\u00a0
378.8
166.8
As at 31\u00a0December 2025, derivative financial instruments in the energy area (electricity futures and electricity forwards as well as gas futures and gas forwards, CO2 futures and CO2 forwards) comprised the following:
Sales and procurement (cash flow hedges) as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
47.8
105.6
\u2013\u00a057.9
Forwards
26.0
10.7
15.3
Total before netting
73.7
116.3
\u2013\u00a042.6
of which current
60.4
115.1
\u2013\u00a054.7
of which non-current
13.3
1.3
12.1
of which in other comprehensive income
\u00a0
\u00a0
\u2013\u00a042.6
Wholesale as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
149.2
75.5
73.7
Forwards
177.5
216.0
\u2013\u00a038.5
Total before netting
326.7
291.6
35.2
of which current
236.3
211.1
25.3
of which non-current
90.4
80.5
9.9
Futures already realised
\u2013\u00a067.3
\u2013\u00a042.4
\u2013\u00a024.8
Total
\u00a0
\u00a0
10.3
Trading as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
15.4
17.2
\u2013\u00a01.9
Forwards
132.5
131.7
0.8
Total before netting
147.9
149.0
\u2013\u00a01.1
of which current
117.5
118.6
\u2013\u00a01.1
of which non-current
30.4
30.4
0.0
Total as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
212.3
198.4
13.9
Forwards
336.0
358.4
\u2013\u00a022.4
Total before netting
548.3
556.9
\u2013\u00a08.5
Including netting agreements
\u2013\u00a0367.8
\u2013\u00a0367.8
0.0
Total after netting
180.5
189.1
\u2013\u00a08.5
EEX/ECX clearing variation margins for futures
\u2013\u00a013.7
0.0
\u2013\u00a013.7
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments
166.8
189.1
\u2013\u00a022.3
of which current
109.1
152.4
\u2013\u00a043.3
of which non-current
57.7
36.7
21.0
As at 31\u00a0December 2024, derivative financial instruments in the energy area (electricity futures and electricity forwards as well as options, gas futures and gas forwards, CO2 futures and CO2 forwards) were as follows:
Sales and procurement (cash flow hedges) as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
253.6
177.6
76.0
Forwards
152.1
42.6
109.5
Total before netting
405.7
220.2
185.5
of which current
393.4
204.9
188.5
of which non-current
12.3
15.3
\u2013\u00a03.0
of which in other comprehensive income
\u00a0
\u00a0
185.5
Wholesale as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
227.7
313.7
\u2013\u00a086.1
Forwards
454.1
424.9
29.2
Total before netting
681.8
738.7
\u2013\u00a056.9
of which current
573.4
544.1
29.4
of which non-current
108.4
194.6
\u2013\u00a086.2
Futures already realised
187.9
124.9
62.9
Total
\u00a0
\u00a0
6.1
Trading as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
12.2
12.8
\u2013\u00a00.6
Forwards
115.7
116.7
\u2013\u00a01.0
Total before netting
127.8
129.5
\u2013\u00a01.7
of which current
89.1
90.7
\u2013\u00a01.7
of which non-current
38.8
38.8
0.0
Total as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
493.4
504.2
\u2013\u00a010.8
Forwards
721.9
584.2
137.7
Total before netting
1,215.3
1,088.4
127.0
Including netting agreements
\u2013\u00a0847.3
\u2013\u00a0847.3
0.0
Total after netting
368.0
241.0
127.0
EEX/ECX clearing variation margins for futures
10.8
0.0
10.8
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments
378.8
241.0
137.8
of which current
329.8
102.9
226.9
of which non-current
49.0
138.1
\u2013\u00a089.1
Sensitivity analyses were used to measure the impact of potential price fluctuations on the electricity market (\u201310.0% to +10.0%):
Sensitivity: market price fluctuation of +10%
\u00a0
\u20acm
\u00a0
2024
2025
Effect on operating result (wholesale and trading portfolio)
\u2013\u00a019.5
\u2013\u00a05.4
Effect on equity (revaluation reserve from cash flow hedges)
\u2013\u00a0171.5
\u2013\u00a086.5
\u00a0
\u00a0
\u00a0
Sensitivity: market price fluctuation of \u201310%
\u00a0
\u20acm
\u00a0
2024
2025
Effect on operating result (wholesale and trading portfolio)
19.5
5.4
Effect on equity (revaluation reserve from cash flow hedges)
171.5
86.5
The future sales and purchase transactions that are hedged by cash flow hedges will arise over the next seven years (2026 to 2032) and be recognised in profit or loss accordingly. See section\u00a05 \u201cFinancial instruments\u201d for further details regarding electricity futures and forwards designated as cash flow hedges.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-55": { "value": "
Measurement and recognition of energy derivatives
Measurement and recognition of energy derivatives
\u00a0
\u20acm
\u00a0
2024
2025
Realisation of futures
\u2013\u00a0195.7
\u2013\u00a011.9
of which negative
767.4
451.8
of which positive
\u2013\u00a0963.0
\u2013\u00a0463.7
Measurements
380.1
\u2013\u00a02.3
of which negative
899.5
527.4
of which positive
\u2013\u00a0519.5
\u2013\u00a0529.6
Measurement and recognition of energy derivatives
184.4
\u2013\u00a014.2
Net gains or losses by measurement category
Net gains or net losses in accordance with IFRS\u00a07 mainly comprise impairment losses and reversals of impairment losses, foreign exchange gains and losses and the cumulative gain or loss realised on disposal.
Net results by measurement category
\u00a0
\u20acm
\u00a0
2024
2025
Financial assets measured at amortised cost
15.7
44.9
Financial assets measured at fair value through other comprehensive income
\u2013\u00a04.3
17.6
Financial assets and liabilities measured at fair value through profit or loss \u2013 designated
\u2013\u00a014.2
35.1
Financial liabilities measured at amortised cost
\u2013\u00a059.2
\u2013\u00a012,1
Financial assets and liabilities measured at fair value through profit or loss
\u2013\u00a0109.9
\u2013\u00a07.8
Total interest income from financial assets measured at amortised cost
89.4
57.8
Total interest expenses from financial liabilities measured at amortised cost
\u2013\u00a0104.2
\u2013\u00a094.6
Components of net gains or losses
\u00a0
Measurement category
Remark
Financial assets and liabilities measured at fair value through profit or loss
The net gains or losses arose from the measurement of derivative financial instruments in the energy area (wholesale and trading) in the operating result, as well as from the measurement of (other) derivative and non-derivative financial instruments in the finance area in the other financial result
Financial assets and liabilities measured at fair value through profit or loss \u2013 designated
The net gains or losses arose from the measurement of financial liabilities to banks (closed items on the balance sheet). These gains and losses are offset by net gains and losses from financial assets and liabilities measured at fair value through profit or loss and net gains and losses from financial assets and liabilities measured at cost in the corresponding amounts.
Financial assets and liabilities measured at amortised cost
The net gains and losses relate primarily to financial instruments associated with closed items on the balance sheet in the other financial result as well as to valuation allowances on trade receivables in the operating result.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-57": { "value": "
Measurement and recognition of energy derivatives
\u00a0
\u20acm
\u00a0
2024
2025
Realisation of futures
\u2013\u00a0195.7
\u2013\u00a011.9
of which negative
767.4
451.8
of which positive
\u2013\u00a0963.0
\u2013\u00a0463.7
Measurements
380.1
\u2013\u00a02.3
of which negative
899.5
527.4
of which positive
\u2013\u00a0519.5
\u2013\u00a0529.6
Measurement and recognition of energy derivatives
184.4
\u2013\u00a014.2
Other financial result
Other financial result
\u00a0
\u20acm
\u00a0
2024
2025
Income from securities and loans
7.6
7.0
Change in non-derivative financial instruments
0.0
\u2013\u00a03.0
Change in a profit participation right with respect to material assets1
13.0
0.0
Reversal of impairment losses on securities
4.4
0.0
Change in an obligation to return an interest2
\u2013\u00a054.0
\u2013\u00a031.6
Miscellaneous
\u2013\u00a01.2
1.2
Other financial result
\u2013\u00a030.2
\u2013\u00a026.3
1 The profit participation right with respect to the material assets of Trans Austria Gasleitung GmbH. It is measured at fair value through profit or loss in accordance with IFRS\u00a09. //
2 The obligation to transfer the 50% interest in Donaukraftwerk Jochenstein AG to the Free State of Bavaria without exchange of consideration is measured at amortised cost. The expected fair value of the interest at the transfer date (31\u00a0December\u00a02050) is calculated for the respective period and discounted based on the original effective interest rate (corresponding to the weighted average cost of capital at the acquisition date). Changes in the expected fair value of the interest are recognised in the other financial result. See section 8.2 Other non-current liabilities.
Changes in the value of derivative financial instruments associated with closed items on the balance sheet and of liabilities measured at fair value through profit or loss are generally recognised under other financial result. However, the effects on profit or loss of these two line items essentially offset each other and were therefore not included in the above table.
Additional disclosures regarding financial instruments in accordance with IFRS 7
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Interests in unconsolidated subsidiaries
FVOCI
2
44.9
44.9
Interests in unconsolidated subsidiaries
FVOCI
AC
28.9
28.9
Other equity interests
FVOCI
1
22.1
22.1
Other equity interests
FVOCI
2
158.3
158.3
Other equity interests
FVOCI
AC
42.3
42.3
Other equity interests and
unconsolidated subsidiaries
\u00a0
\u00a0
296.5
\u00a0
Derivatives in the energy area
FVPL
2
33.2
33.2
Derivatives in the energy area
FVPL
3
24.5
24.5
Derivatives in the finance area
FVPL
2
24.0
24.0
Receivables from derivative financial instruments
\u00a0
\u00a0
81.6
\u00a0
Securities
FVPL
1
161.7
161.7
Securities
FVOCI
3
10.1
10.1
Securities
FVOCI
AC
1.9
1.9
Securities \u2013 closed items on the balance sheet
AC
2
74.1
73.3
Loans \u2013 closed items on the balance sheet
AC
2
49.5
52.9
Loans
AC
2
64.4
65.3
Other
FVPL
3
44.2
44.2
Other
AC
\u2013
169.2
\u2013
Other
\u2013
\u2013
40.3
\u2013
Other investments and non-current other receivables
\u00a0
\u00a0
615.3
\u00a0
Current tax receivables
\u2013
\u2013
113.0
\u2013
Derivatives in the energy area
FVPL
1
0.2
0.2
Derivatives in the energy area
FVPL
2
103.4
103.4
Derivatives in the energy area
FVPL
3
5.5
5.5
Derivatives in the finance area
FVPL
2
1.8
1.8
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
7.0
7.0
Receivables from derivative financial instruments
\u00a0
\u00a0
117.9
\u00a0
Trade receivables
AC
\u2013
758.3
\u2013
Receivables from investees
AC
\u2013
35.0
\u2013
Loans to investees
AC
2
5.1
5.0
Other loans
AC
2
0.1
0.1
Loans \u2013 closed items on the balance sheet
AC
2
202.2
196.1
Securities
FVPL
1
1.1
1.1
Emission rights
\u2013
\u2013
70.9
\u2013
Other
AC
\u2013
95.5
\u2013
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Other
\u2013
\u2013
173.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,341.6
\u00a0
Cash and cash equivalents
AC
\u2013
72.8
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
1,526.1
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
406.5
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
308.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value
as at 31/12
Bonds
AC
2
1,126.7
1,028.9
Financial liabilities to banks and to others
AC
2
799.8
779.6
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
126.3
129.6
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
206.5
206.5
Capital shares attributable to limited partners
\u2013
\u2013
13.4
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,272.8
\u00a0
Derivatives in the energy area
FVPL
2
36.7
36.7
Liabilities from derivative financial instruments
\u00a0
\u00a0
36.7
\u00a0
Electricity supply commitment
\u2013
\u2013
62.4
\u2013
Obligation to return an interest
AC
3
227.1
227.1
Trade payables
AC
\u2013
2.6
\u2013
Lease liabilities
\u2013
\u2013
171.0
\u00a0
Other
AC
\u2013
541.1
\u2013
Other non-current liabilities
\u00a0
\u00a0
1,004.2
\u00a0
Derivatives in the energy area
FVPL
2
152.4
152.4
Liabilities from derivative financial instruments
\u00a0
\u00a0
152.4
\u00a0
Trade payables
AC
\u2013
241.1
\u2013
Lease liabilities
\u2013
\u2013
15.9
\u00a0
Other
AC
\u2013
573.1
\u2013
Other
\u2013
\u2013
175.6
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,005.6
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,637.8
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
189.1
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
206.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Interests in unconsolidated subsidiaries
FVOCI
2
40.9
40.9
Interests in unconsolidated subsidiaries
FVOCI
AC
13.0
13.0
Interests in unconsolidated subsidiaries
FVPL
3
10.4
10.4
Other equity interests
FVOCI
1
21.1
21.1
Other equity interests
FVOCI
2
153.5
153.5
Other equity interests
FVOCI
AC
33.2
33.2
Other equity interests and unconsolidated subsidiaries
\u00a0
\u00a0
272.1
\u00a0
Derivatives in the energy area
FVPL
2
37.0
37.0
Derivatives in the energy area
FVPL
3
12.0
12.0
Derivatives in the finance area
FVPL
2
22.2
22.2
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
11.6
11.6
Receivables from derivative financial instruments
\u00a0
\u00a0
82.8
\u00a0
Securities
FVPL
1
164.1
164.1
Securities
FVOCI
3
9.1
9.1
Securities
FVOCI
AC
1.6
1.6
Securities \u2013 closed items on the balance sheet
AC
2
77.9
78.1
Loans \u2013 closed items on the balance sheet
AC
2
269.7
270.5
Loans
AC
2
62.3
63.4
Other
FVPL
3
42.8
42.8
Other
AC
\u2013
143.9
\u2013
Other
\u2013
\u2013
31.5
\u2013
Investments and other receivables
\u00a0
\u00a0
803.0
\u00a0
Current tax receivables
\u2013
\u2013
16.8
\u2013
Derivatives in the energy area
FVPL
1
0.1
0.1
Derivatives in the energy area
FVPL
2
329.7
329.7
Derivatives in the finance area
FVPL
2
3.0
3.0
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
4.3
4.3
Receivables from derivative financial instruments
\u00a0
\u00a0
337.1
\u00a0
Trade receivables
AC
\u2013
865.9
\u2013
Receivables from investees
AC
\u2013
39.6
\u2013
Loans to investees
AC
2
4.0
3.9
Loans \u2013 closed items on the balance sheet
AC
2
94.7
90.5
Securities
FVPL
1
2.5
2.5
Money market transactions
AC
2
30.0
30.0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Emission rights
\u2013
\u2013
48.9
\u2013
Other
AC
\u2013
120.9
\u2013
Other
\u2013
\u2013
48.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,255.1
\u00a0
Cash and cash equivalents
AC
\u2013
795.1
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
2,504.0
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
639.7
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
272.4
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Bonds
AC
2
1,135.4
1,094.1
Financial liabilities to banks and to others
AC
2
670.9
671.9
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
137.8
144.1
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
320.4
320.4
Capital shares attributable to limited partners
\u2013
\u2013
10.7
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,275.2
\u00a0
Derivatives in the energy area
FVPL
2
138.1
138.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
138.1
\u00a0
Electricity supply commitment
\u2013
\u2013
81.2
\u2013
Obligation to return an interest
AC
3
184.7
236.0
Trade payables
AC
\u2013
9.9
\u2013
Lease liabilities
\u2013
\u2013
168.1
\u00a0
Other
AC
\u2013
508.3
\u2013
Other non-current liabilities
\u00a0
\u00a0
952.4
\u00a0
Derivatives in the energy area
FVPL
2
101.2
101.2
Derivatives in the energy area
FVPL
3
1.8
1.8
Derivatives in the finance area
FVPL
2
0.1
\u2013\u00a00.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
103.0
\u00a0
Trade payables
AC
\u2013
370.8
\u2013
Lease liabilities
\u2013
\u2013
10.9
\u00a0
Other
AC
\u2013
572.5
\u2013
Other
\u2013
\u2013
130.2
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,084.4
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,590.4
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
241.2
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
320.4
\u00a0
Of the derivative financial instruments in the energy area classified as FVPL in the above table, positive fair values in the amount of \u20ac73.7m (previous year: \u20ac405.7m) and negative fair values in the amount of \u20ac118.9m (previous year: \u20ac222.7m) relate to hedging relationships designated as cash flow hedges. These fair values represent gross amounts; following the inter-portfolio netting carried out in accordance with VERBUND\u2019s accounting policies (see section\u00a011.2 \u201cRisk management in the energy area\u201d), cash flow hedges can no longer be isolated.
Expected cash outflows as at 31/12/2025
\u00a0
\u00a0
\u00a0
\u20acm
Maturity
2026
2027
2028\u20132030
From 2031
Bonds
36.2
36.2
104.2
1,153.5
Financial liabilities to banks
49.3
45.1
228.7
257.7
Financial liabilities to others
5.6
140.6
2.1
12.5
Financial liabilities to banks \u2013
closed items on the balance sheet1
277.8
31.9
24.8
0.0
Capital shares attributable to limited partners
0.0
13.4
0.0
0.0
Cash outflows on financial liabilities
368.9
267.2
359.7
1,423.7
Trade payables
241.1
0.3
2.3
0.0
Other
573.1
464.9
27.9
275.4
Cash outflows on trade payables and other payables
814.1
465.3
30.1
275.4
Derivatives in the energy area2
655.9
304.4
50.7
0.0
Derivatives in the finance area
0.02
0.00
0.00
0.00
Cash outflows on liabilities from derivative financial instruments
655.9
304.4
50.7
0.0
Cash outflows on liabilities in accordance with IFRS\u00a07
1,838.9
1,036.9
440.6
1,699.1
1 1 Cash outflows on closed items on the balance sheet are matched by the corresponding cash inflows from associated investments. // 2 Applies to cash outflows (contract prices) for forward contracts reported in the balance sheet under Receivables or Liabilities from derivative financial instruments.
Expected cash outflows as at 31/12/2024
\u00a0
\u00a0
\u00a0
\u20acm
Maturity
2025
2026
2027\u20132029
From 2030
Bonds
37.2
36.2
106.4
1,187.6
Financial liabilities to banks
60.3
50.0
232.4
283.8
Financial liabilities to others
6.5
6.3
142.7
13.4
Financial liabilities to banks \u2013
closed items on the balance sheet
100.5
314.2
37.3
26.8
Capital shares attributable to limited partners
0.0
10.7
0.0
0.0
Cash outflows on financial liabilities
204.5
417.4
518.8
1,511.7
Trade payables
370.8
0.6
9.3
0.0
Other
572.5
449.7
102.3
141.0
Cash outflows on trade payables and other payables
943.3
450.4
111.6
141.0
Derivatives in the energy area
670.6
140.2
24.7
0.0
Derivative financial instruments in the finance area
0.1
0.0
0.0
0.0
Cash outflows on liabilities from derivative financial instruments
670.7
140.2
24.7
0.0
Cash outflows on liabilities in accordance with IFRS\u00a07
1,818.5
1,008.0
655.0
1,652.7
5.2.3 Information regarding hedging relationships in the energy and finance areas
Cash flow hedges \u2013 hedging instruments as at 31/12/2025
\u20acm
\u00a0
Carrying amount
Balance sheet item
Notional amount
Change in fair value for the measurement of hedge ineffectiveness
Electricity futures and forwards \u2013 sales
54.3
Receivables from derivative financial instruments
9,288\u00a0GWh
73.7
Electricity futures and forwards \u2013 sales
\u2013\u00a090.9
Liabilities from derivative financial instruments
9,011\u00a0GWh
\u2013\u00a08.8
Electricity futures and forwards \u2013 purchases
19.4
Receivables from derivative financial instruments
\u2013\u00a03,354\u00a0GWh
11.5
Electricity futures and forwards \u2013 purchases
\u2013\u00a023.2
Liabilities from derivative financial instruments
\u2013\u00a03,324\u00a0GWh
\u2013\u00a015.4
Gas forwards \u2013 purchases
0.0
Receivables from derivative financial instruments
\u2013\u00a057\u00a0GWh
0.0
Gas forwards \u2013 purchases
\u2013\u00a02.3
Liabilities from derivative financial instruments
\u2013\u00a0441\u00a0GWh
\u2013\u00a02.3
Interest rate swaps
25.7
Receivables from derivative financial instruments
202.3
0.6
Cash flow hedges \u2013 hedged items as at 31/12/2025 in \u20acm
\u00a0
Change in fair value for the measurement of hedge ineffectiveness
Balance of the cash flow hedge valuation reserve
Future electricity sales volumes
\u2013\u00a064.9
\u2013\u00a036.6
Future electricity purchases
3.9
\u2013\u00a03.7
Future gas purchases
2.3
\u2013\u00a02.3
Variable-rate financial liabilities
\u2013\u00a00.8
\u2013\u00a04.0
Cash flow hedges \u2013 effects on the statement of comprehensive income and balance sheet 2025
\u20acm
\u00a0
Gains/losses recognised in other comprehensive income
Ineffective portion of the hedge recognised in profit or loss
Line items in the income statement in which hedge ineffectiveness was recognised
Reclassifications from reserves to profit or loss
Line items in the income statement in which the reclassification was recognised
Electricity futures and forwards \u2013 sales
64.9
0.1
Revenue
313.7
Revenue
Electricity futures and forwards \u2013 purchases
\u2013\u00a03.9
0.0
Electricity purchase
\u2013\u00a026.9
Electricity purchase
Gas forwards \u2013 purchases
\u2013\u00a02.3
0.0
Gas purchases
0.0
Gas purchases
Interest rate swaps
\u2013\u00a03.7
0.2
Other financial result
3.0
Interest expenses
Notional amount and average price or interest rate as at 31/12/2025
\u00a0
\u00a0
2026
2027
2028
2029
From 2030
Electricity futures and forwards \u2013 sales
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Notional amount
14,483\u00a0GWh
2,786\u00a0GWh
329\u00a0GWh
292\u00a0GWh
409\u00a0GWh
Average hedged price
\u20ac79.8/MWh
\u20ac77.2/MWh
\u20ac51.3/MWh
\u20ac40.7/MWh
\u20ac36.0/MWh
Electricity futures and forwards \u2013 purchases
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Notional amount
\u2013\u00a03,774\u00a0GWh
\u2013\u00a01,779\u00a0GWh
\u2013\u00a0969\u00a0GWh
\u2013\u00a0158\u00a0GWh
0\u00a0GWh
Average hedged price
\u20ac89.6/MWh
\u20ac79.6/MWh
\u20ac74.3/MWh
\u20ac71.7/MWh
\u20ac0.0/MWh
Gas forwards \u2013 purchases
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Notional amount
\u2013\u00a0284\u00a0GWh
\u2013\u00a0215\u00a0GWh
0\u00a0GWh
0\u00a0GWh
0\u00a0GWh
Average hedged price
\u20ac36.4/MWh
\u20ac32.8/MWh
\u20ac0.0/MWh
\u20ac0.0/MWh
\u20ac0.0/MWh
Interest rate swaps
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Average notional amount in \u20acm
196.9
179.5
163.4
147.2
92.2
Average fixed interest rate
0.3%
0.3%
0.3%
0.3%
0.4%
Cash flow hedges \u2013 hedging instruments 31/12/2024
\u00a0
\u20acm
\u00a0
Carrying amount
Balance sheet item
Notional amount
Change in fair value for the measurement of ineffectiveness
Electricity futures and forwards \u2013 sales
363.1
Receivables from derivative financial instruments
12,759\u00a0GWh
12.2
Electricity futures and forwards \u2013 sales
\u2013\u00a0150.9
Liabilities from derivative financial instruments
13,523\u00a0GWh
\u2013\u00a0161.2
Electricity futures and forwards \u2013 purchases
42.5
Receivables from derivative financial instruments
\u2013\u00a04,098\u00a0GWh
42.0
Electricity futures and forwards \u2013 purchases
\u2013\u00a069.2
Liabilities from derivative financial instruments
\u2013\u00a02,753\u00a0GWh
\u2013\u00a02.4
Gas forwards \u2013 purchases
0.0
Receivables from derivative financial instruments
0\u00a0GWh
0.9
Gas forwards \u2013 purchases
0.0
Liabilities from derivative financial instruments
\u2013\u00a09\u00a0GWh
0.0
Interest rate swaps
25.1
Receivables from derivative financial instruments
229.3
\u2013\u00a05.1
Cash flow hedges \u2013 hedged items 31/12/2024
\u20acm
\u00a0
Change in fair value for the measurement of ineffectiveness
Carrying amount of the reserve for measurements of cash flow hedges
Future electricity sales volumes
148.9
212.1
Future electricity purchases
\u2013\u00a039.6
\u2013\u00a026.7
Future gas purchases
\u2013\u00a00.9
0.0
Variable-rate financial liabilities
4.6
\u2013\u00a03.2
Cash flow hedges \u2013 effects on the statement of
comprehensive income and balance sheet 2024
\u00a0
\u20acm
\u00a0
Gains/losses recognised in other comprehensive income
Hedging costs
Ineffective portion of the hedge recognised in profit or loss
Line items in the income statement in which hedge ineffectiveness was recognised
Reclassifications from reserves to profit or loss
Line items in the income statement in which the reclassification was recognised
Electricity futures and forwards \u2013 sales
\u2013\u00a0149.0
0.0
0.1
Revenue
702.9
Revenue
Electricity futures and forwards \u2013 purchases
39.6
0.0
0.0
Electricity purchase
\u2013\u00a0294.8
Electricity purchase
Gas forwards \u2013 purchases
0.9
0.0
0.0
Gas purchases
\u2013\u00a015.3
Gas purchases
Interest rate swaps
\u2013\u00a00.1
0.4
0.0
Other financial result
4.5
Interest expenses
Notional amount and average price or interest rate as at 31/12/2024
\u20acm
\u00a0
2025
2026
2027
2028
From 2029
Electricity futures and forwards \u2013 sales
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Notional amount
15,192\u00a0GWh
9,891\u00a0GWh
303\u00a0GWh
262\u00a0GWh
635\u00a0GWh
Average hedged price
\u20ac116.7/MWh
\u20ac77.3/MWh
\u20ac48.6/MWh
\u20ac50.1/MWh
\u20ac36.1/MWh
Electricity futures and forwards \u2013 purchases
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Notional amount
\u2013\u00a04,837\u00a0GWh
\u2013\u00a01,275\u00a0GWh
\u2013\u00a0625\u00a0GWh
\u2013\u00a0114\u00a0GWh
0\u00a0GWh
Average hedged price
\u20ac103.8/MWh
\u20ac92.8/MWh
\u20ac76.4/MWh
\u20ac69.5/MWh
\u20ac0.0/MWh
Gas forwards \u2013 purchases
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Notional amount
\u2013\u00a09\u00a0GWh
0\u00a0GWh
0\u00a0GWh
0\u00a0GWh
0\u00a0GWh
Average hedged price
\u20ac54.2/MWh
\u20ac0.0/MWh
\u20ac0.0/MWh
\u20ac0.0/MWh
\u20ac0.0/MWh
Interest rate swaps
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Average notional amount in \u20acm
220.1
196.9
179.5
163.4
100.0
Average fixed interest rate
0.4%
0.3%
0.3%
0.3%
0.4%
6.2
Receivables from derivative financial instruments
Receivables from derivative financial instruments include derivatives and hedging instruments from both the financial and the energy areas.
Receivables from derivative financial instruments
Receivables from derivative financial instruments
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Derivatives in the energy area
49.0
57.7
329.8
109.1
Derivatives in the finance area
33.8
24.0
7.3
8.8
Receivables from derivative financial instruments
82.8
81.6
337.1
117.9
Further details on receivables from derivative financial instruments can be found in sections 11.1 \u201cRisk management in the finance area\u201d and 11.2 \u201cRisk management in the energy area\u201d.
6.4
Liabilities from derivative financial instruments
Liabilities from derivative financial instruments
Liabilities from derivative financial instruments
\u20acm
\u00a0
2024
Non-current
2025
Non-current
2024
Current
2025
Current
Derivatives in the energy area
138.1
36.7
102.9
152.4
Derivatives in the finance area
0.0
0.0
0.1
0.0
Liabilities from derivative financial instruments
138.1
36.7
103.0
152.4
Further details on liabilities from derivative financial instruments can be found in section 11.2 \u201cRisk management in the energy area\u201d.
Financial instruments
Receivables from derivative financial instruments
\u20acm
\u00a0
Reference value1
Positive fair values
Positive fair values
\u00a0
\u00a0
31/12/2024
31/12/2025
Interest rate swaps \u2013 closed items on the balance sheet (fixed interest recipient)
$221.3m
(previous year: $297.5m)
15.8
7.0
Interest rate swaps \u2013 hedges
(fixed interest payer)
\u20ac199.5m
(previous year: \u20ac216.4m)
25.2
25.8
1 The reference value includes the reference basis of the derivative instruments. The actual cash flows only represent a fraction of these values.
Liabilities from derivative financial instruments
\u20acm
\u00a0
Reference value1
Negative fair values
Negative fair values
\u00a0
\u00a0
31/12/2024
31/12/2025
Interest rate swaps \u2013 hedges
(fixed interest payer)
\u20ac2.8m
(previous year: \u20ac12.9m)
0.1
0.0
1 The reference value represents the notional amount of the derivative instruments. The actual cash flows only represent a fraction of those amounts.
The derivative financial instruments listed serve exclusively as financial hedges against existing currency and interest rate risks (see the section entitled \u201cInterest rate risk\u201d for explanatory disclosures on the interest rate swaps entered into for financial liabilities bearing variable interest).
11.2
Risk management in the energy area
Within its core business, VERBUND is active in international energy markets and is thus exposed to market, counterparty and operational risks that have to be weighed against the corresponding opportunities. Market risks are managed by means of rule books and the limits established therein. Counterparty risk is approached using separate guidelines at both Group level and subsidiary level. There is a process manual for the management of operational risks.
The current utilisation of the various limits for market risk (value at risk, stress limit, stop-loss limits and exposure limits) is monitored, managed and reported on a daily basis, as is the risk position of (derivative) financial instruments in the energy area.
Financial instruments subject to credit risk by assigned rating group
\u00a0
\u00a0
\u20acm
\u00a0
\u00a0
2024
2025
Credit rating group
Equivalent Moody\u2019s rating
Derivatives in the energy area
Derivatives in the energy area
A
up to Aa3
0.1
0.2
B
up to A3
123.1
110.6
C1\u2013C3
up to Baa3
247.7
52.7
D1\u2013D5
below Baa3
8.0
3.2
Total
\u00a0
378.8
166.8
As at 31\u00a0December 2025, derivative financial instruments in the energy area (electricity futures and electricity forwards as well as gas futures and gas forwards, CO2 futures and CO2 forwards) comprised the following:
Sales and procurement (cash flow hedges) as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
47.8
105.6
\u2013\u00a057.9
Forwards
26.0
10.7
15.3
Total before netting
73.7
116.3
\u2013\u00a042.6
of which current
60.4
115.1
\u2013\u00a054.7
of which non-current
13.3
1.3
12.1
of which in other comprehensive income
\u00a0
\u00a0
\u2013\u00a042.6
Wholesale as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
149.2
75.5
73.7
Forwards
177.5
216.0
\u2013\u00a038.5
Total before netting
326.7
291.6
35.2
of which current
236.3
211.1
25.3
of which non-current
90.4
80.5
9.9
Futures already realised
\u2013\u00a067.3
\u2013\u00a042.4
\u2013\u00a024.8
Total
\u00a0
\u00a0
10.3
Trading as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
15.4
17.2
\u2013\u00a01.9
Forwards
132.5
131.7
0.8
Total before netting
147.9
149.0
\u2013\u00a01.1
of which current
117.5
118.6
\u2013\u00a01.1
of which non-current
30.4
30.4
0.0
Total as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
212.3
198.4
13.9
Forwards
336.0
358.4
\u2013\u00a022.4
Total before netting
548.3
556.9
\u2013\u00a08.5
Including netting agreements
\u2013\u00a0367.8
\u2013\u00a0367.8
0.0
Total after netting
180.5
189.1
\u2013\u00a08.5
EEX/ECX clearing variation margins for futures
\u2013\u00a013.7
0.0
\u2013\u00a013.7
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments
166.8
189.1
\u2013\u00a022.3
of which current
109.1
152.4
\u2013\u00a043.3
of which non-current
57.7
36.7
21.0
As at 31\u00a0December 2024, derivative financial instruments in the energy area (electricity futures and electricity forwards as well as options, gas futures and gas forwards, CO2 futures and CO2 forwards) were as follows:
Sales and procurement (cash flow hedges) as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
253.6
177.6
76.0
Forwards
152.1
42.6
109.5
Total before netting
405.7
220.2
185.5
of which current
393.4
204.9
188.5
of which non-current
12.3
15.3
\u2013\u00a03.0
of which in other comprehensive income
\u00a0
\u00a0
185.5
Wholesale as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
227.7
313.7
\u2013\u00a086.1
Forwards
454.1
424.9
29.2
Total before netting
681.8
738.7
\u2013\u00a056.9
of which current
573.4
544.1
29.4
of which non-current
108.4
194.6
\u2013\u00a086.2
Futures already realised
187.9
124.9
62.9
Total
\u00a0
\u00a0
6.1
Trading as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
12.2
12.8
\u2013\u00a00.6
Forwards
115.7
116.7
\u2013\u00a01.0
Total before netting
127.8
129.5
\u2013\u00a01.7
of which current
89.1
90.7
\u2013\u00a01.7
of which non-current
38.8
38.8
0.0
Total as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
493.4
504.2
\u2013\u00a010.8
Forwards
721.9
584.2
137.7
Total before netting
1,215.3
1,088.4
127.0
Including netting agreements
\u2013\u00a0847.3
\u2013\u00a0847.3
0.0
Total after netting
368.0
241.0
127.0
EEX/ECX clearing variation margins for futures
10.8
0.0
10.8
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments
378.8
241.0
137.8
of which current
329.8
102.9
226.9
of which non-current
49.0
138.1
\u2013\u00a089.1
Sensitivity analyses were used to measure the impact of potential price fluctuations on the electricity market (\u201310.0% to +10.0%):
Sensitivity: market price fluctuation of +10%
\u00a0
\u20acm
\u00a0
2024
2025
Effect on operating result (wholesale and trading portfolio)
\u2013\u00a019.5
\u2013\u00a05.4
Effect on equity (revaluation reserve from cash flow hedges)
\u2013\u00a0171.5
\u2013\u00a086.5
\u00a0
\u00a0
\u00a0
Sensitivity: market price fluctuation of \u201310%
\u00a0
\u20acm
\u00a0
2024
2025
Effect on operating result (wholesale and trading portfolio)
19.5
5.4
Effect on equity (revaluation reserve from cash flow hedges)
171.5
86.5
The future sales and purchase transactions that are hedged by cash flow hedges will arise over the next seven years (2026 to 2032) and be recognised in profit or loss accordingly. See section\u00a05 \u201cFinancial instruments\u201d for further details regarding electricity futures and forwards designated as cash flow hedges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-58": { "value": "
Depreciation and amortisation
\u20acm
\u00a0
2024
2025
Depreciation of property, plant and equipment
537.0
576.3
Amortisation of intangible assets
25.1
30.6
Depreciation of right-of-use assets
15.7
18.1
Depreciation and amortisation
577.8
625.0
Intangible assets
\u00a0
\u00a0
\u20acm
\u00a0
Concessions, rights, licences
Goodwill
Total
2025
\u00a0
\u00a0
\u00a0
Cost as at 1/1
1,055.7
1,034.3
2,090.0
Foreign exchange differences
\u2013\u00a00.1
0.0
\u2013\u00a00.1
Change in the scope of consolidation
\u2013\u00a0139.9
0.0
\u2013\u00a0139.9
Additions
92.8
0.0
92.8
Disposals
\u2013\u00a02.9
0.0
\u2013\u00a02.9
Reclassifications
3.4
0.0
3.4
Cost as at 31/12
1,009.0
1,034.3
2,043.3
Accumulated amortisation as at 1/1
585.0
399.8
984.8
Change in the scope of consolidation
\u2013\u00a034.2
0.0
\u2013\u00a034.2
Depreciation and amortisation
30.6
0.0
30.6
Impairment losses
2.7
0.0
2.7
Reversals of impairment losses
\u2013\u00a027.8
0.0
\u2013\u00a027.8
Disposals
\u2013\u00a01.4
0.0
\u2013\u00a01.4
Reclassifications
\u2013\u00a00.2
0.0
\u2013\u00a00.2
Accumulated amortisation as at 31/12
554.6
399.8
954.4
Net carrying amount as at 31/12
454.4
634.5
1,088.9
Net carrying amount as at 1/1
470.8
634.5
1,105.2
Intangible assets
\u00a0
\u00a0
\u20acm
\u00a0
Concessions, rights, licences
Goodwill
Total
2024
\u00a0
\u00a0
\u00a0
Cost as at 1/1
976.2
1,034.3
2,010.5
Additions
63.4
0.0
63.4
Disposals
\u2013\u00a02.7
0.0
\u2013\u00a02.7
Reclassifications
18.8
0.0
18.8
Cost as at 31/12
1,055.7
1,034.3
2,090.0
Accumulated amortisation as at 1/1
610.5
399.8
1,010.3
Depreciation and amortisation
25.1
0.0
25.1
Impairment losses
24.7
0.0
24.7
Reversals of impairment losses
\u2013\u00a086.1
0.0
\u2013\u00a086.1
Disposals
\u2013\u00a02.4
0.0
\u2013\u00a02.4
Reclassifications
13.2
0.0
13.2
Accumulated amortisation as at 31/12
585.0
399.8
984.8
Net carrying amount as at 31/12
470.8
634.5
1,105.2
Net carrying amount as at 1/1
365.7
634.5
1,000.2
Property, plant and equipment\u00a0
\u20acm
\u00a0
Land and buildings
Machi-
nery
Electrical installations
Power lines
Office and plant equipment
Gas pipelines
Plants under construction and projects
Total
2025
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cost as at 1/1
8,889.6
5,857.6
5,250.6
1,704.6
333.7
778.1
2,220.7
25,034.7
Foreign exchange differences
\u2013\u00a01.4
\u2013\u00a05.8
\u2013\u00a00.4
0.0
0.0
0.0
0.0
\u2013\u00a07.6
Change in the scope of consolidation
0.0
0.0
0.0
0.0
0.0
0.0
139.4
139.4
Additions from asset acquisitions
0.0
37.8
0.0
0.0
0.0
0.0
21.0
58.8
Additions
65.1
53.9
75.6
0.5
25.7
5.1
1,013.4
1,239.3
Disposals
\u2013\u00a04.3
\u2013\u00a011.5
\u2013\u00a042.8
\u2013\u00a015.5
\u2013\u00a023.6
\u2013\u00a00.4
\u2013\u00a04.2
\u2013\u00a0102.4
Reclassifications1
414.1
139.9
437.8
674.4
23.0
1.2
\u2013\u00a01,694.0
\u2013\u00a03.5
Cost as at 31/12
9,363.2
6,071.9
5,720.8
2,364.0
358.7
784.1
1,696.2
26,358.6
Accumulated depreciation as at 1/1
3,895.8
3,274.8
3,056.1
949.8
219.9
553.7
14.9
11,964.9
Foreign exchange differences
\u2013\u00a00.7
\u2013\u00a02.9
\u2013\u00a00.2
0.0
0.0
0.0
0.0
\u2013\u00a03.8
Change in the scope of consolidation
0.0
0.0
0.0
0.0
0.0
0.0
34.2
34.2
Depreciation and amortisation
130.4
167.5
186.1
46.0
29.3
17.1
0.0
576.3
Impairment losses
2.8
10.7
22.0
0.0
0.0
0.0
12.8
48.4
Reversals of impairment losses
\u2013\u00a00.1
\u2013\u00a01.2
\u2013\u00a00.1
0.0
0.0
0.0
\u2013\u00a021.7
\u2013\u00a023.1
Disposals
\u2013\u00a02.1
\u2013\u00a08.2
\u2013\u00a039.2
\u2013\u00a08.3
\u2013\u00a022.9
\u2013\u00a00.4
\u2013\u00a00.1
\u2013\u00a081.1
Reclassifications
5.2
\u2013\u00a02.6
0.3
0.0
0.3
\u2013\u00a04.7
1.7
0.3
Accumulated depreciation
as at 31/12
4,031.3
3,438.2
3,225.0
987.5
226.5
565.8
41.9
12,516.0
Net carrying amount as at 31/12
5,331.8
2,633.8
2,495.8
1,376.5
132.2
218.3
1,654.3
13,842.6
Net carrying amount as at 1/1
4,993.9
2,582.8
2,194.5
754.9
113.8
224.4
2,205.8
13,069.9
Property, plant and equipment\u00a0
\u20acm
\u00a0
Land and buildings
Machinery
Electrical installations
Power lines
Office and plant equipment
Gas pipelines
Plants under construction and projects
Total
2024
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cost as at 1/1
8,597.7
5,580.6
4,952.3
1,688.6
297.8
771.9
1,998.4
23,887.2
Additions
96.4
170.0
114.5
4.8
39.4
6.8
752.5
1,184.5
Disposals
\u2013\u00a02.0
\u2013\u00a010.3
\u2013\u00a08.6
\u2013\u00a00.4
\u2013\u00a08.6
\u2013\u00a00.7
\u2013\u00a01.7
\u2013\u00a032.2
Reclassifications
197.5
117.2
192.3
11.5
5.1
0.1
\u2013\u00a0528.5
\u2013\u00a04.8
Cost as at 31/12
8,889.6
5,857.6
5,250.6
1,704.6
333.7
778.1
2,220.7
25,034.7
Accumulated depreciation as at 1/1
3,728.1
3,031.4
2,867.9
912.2
196.9
437.0
15.8
11,189.2
Additions
0.0
23.4
0.0
0.0
0.0
0.0
0.0
23.4
Depreciation and amortisation
122.6
165.0
165.4
35.4
28.6
20.0
0.0
537.0
Impairment losses
40.6
78.0
37.4
2.2
2.5
97.4
8.7
266.9
Reversals of impairment losses
\u2013\u00a05.7
\u2013\u00a013.2
\u2013\u00a09.3
0.0
0.0
0.0
0.0
\u2013\u00a028.3
Disposals
\u2013\u00a00.6
\u2013\u00a07.8
\u2013\u00a07.0
0.0
\u2013\u00a08.2
\u2013\u00a00.7
0.0
\u2013\u00a024.2
Reclassifications
10.8
\u2013\u00a02.0
1.7
0.0
0.1
0.0
\u2013\u00a09.6
0.9
Accumulated depreciation as at 31/12
3,895.8
3,274.8
3,056.1
949.8
219.9
553.7
14.9
11,964.9
Net carrying amount
as at 31/12
4,993.9
2,582.8
2,194.5
754.9
113.8
224.4
2,205.8
13,069.9
Net carrying amount
as at 1/1
4,869.5
2,549.3
2,084.4
776.5
100.9
334.9
1,982.5
12,697.9
Right-of-use assets
\u00a0
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Land and buildings
Electrical installations
Power lines
Operating and office equipment
Total
As at 1/1/2025
150.5
8.4
28.5
7.3
194.6
Additions
19.5
0.0
17.4
5.3
42.3
Depreciation
\u2013\u00a013.5
\u2013\u00a00.7
\u2013\u00a00.4
\u2013\u00a03.4
\u2013\u00a018.1
Disposals
0.0
0.0
\u2013\u00a00.2
\u2013\u00a01.2
\u2013\u00a01.4
As at 31/12/2025
156.4
7.7
45.3
8.0
217.4
Right-of-use assets
\u00a0
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Land and buildings
Electrical installations
Power lines
Operating and office equipment
Total
As at 1/1/2024
129.9
13.1
21.1
5.7
169.7
Additions
33.0
0.3
7.4
4.5
45.2
Depreciation
\u2013\u00a012.2
\u2013\u00a00.7
0.0
\u2013\u00a02.7
\u2013\u00a015.7
Disposals
\u2013\u00a00.2
\u2013\u00a04.2
0.0
\u2013\u00a00.2
\u2013\u00a04.6
As at 31/12/2024
150.5
8.4
28.5
7.3
194.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-59": { "value": "Result from interests accounted for using the equity method
The result from interests accounted for using the equity method can be attributed mainly to KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft (KELAG), which operates lines of business providing electricity, gas and heat. See section\u00a04.5 \u201cInterests accounted for using the equity method\u201d for the relevant details.
Impairment losses and reversals of impairment losses
The financial result includes impairment losses and reversals of impairment losses from other equity interests (see section 4.6.1 \u201cOther equity interests\u201d). No impairment losses were recognised on other equity interests at the reporting date (previous year: \u20ac0.0m), nor were any reversals of impairment losses recognised (previous year: \u20ac13.6m).
Interests accounted for using the equity method
The carrying amounts of interests accounted for using the equity method are adjusted to reflect changes in the investee\u2019s net assets in accordance with IAS 28. The adjustment is made no later than one quarter following the underlying changes. If VERBUND\u2019s share of losses from an interest accounted for using the equity method corresponds to or exceeds the carrying amount of the equity interest, additional losses are only taken into account and recognised as a liability to the extent that legal or constructive obligations have been entered into or payments have been made for the equity-accounted interest. The carrying amount of the equity interest includes the share accounted for using the equity method plus all non-current interests that are to be allocated to the net investment in the interest accounted for using the equity method based on their economic substance.
Net investments in associated companies and joint ventures are reviewed for objective indications of impairment at the reporting date. If there are any such indications, interests accounted for using the equity method must be tested for impairment in accordance with IAS\u00a036.
Interests accounted for using the equity method
Interests accounted for using the equity method
\u20acm
\u00a0
2024
2025
(Amortised) cost as at 1/1
549.9
652.6
Additions1
17.7
7.8
Dividends2
\u2013\u00a015.6
\u2013\u00a023.3
Result from equity accounting
101.3
85.1
Other comprehensive income from equity accounting
1.4
\u2013\u00a010.8
Change in consolidation method
\u2013\u00a02.7
0.0
Other changes
0.8
\u2013\u00a02.0
(Amortised) cost as at 31/12
652.6
709.4
Accumulated value adjustments as at 1/1
\u2013\u00a033.1
\u2013\u00a019.7
Reversals of impairment losses
13.5
0.0
Accumulated value adjustments as at 31/12
\u2013\u00a019.7
\u2013\u00a019.7
Net carrying amount as at 31/12
633.0
689.7
Net carrying amount as at 1/1
516.7
633.0
1 Of which additions from acquisitions of shares in the amount of \u20ac1.2m (previous year: \u20ac8.3m)// 2 Of which distributions from KELAG in the amount of \u20ac75.6m (previous year: \u20ac80.9m), less the prorated dividend from VERBUND Hydro Power GmbH (VHP) to KELAG in the amount of \u20ac52.9m (previous year: \u20ac67.0m)
A summary of aggregated financial information for material interests accounted for using the equity method is presented in section\u00a013.4 \u201cSubsidiaries, joint ventures and associates of VERBUND\u201d.
The tables below show a summary of aggregated financial information for KELAG, a material associate accounted for by VERBUND using the equity method. The reference date for financial information is 30\u00a0September 2025 (see section\u00a01.2 \u201cFinancial reporting principles\u201d); the financial information is based on data updated to the best of VERBUND\u2019s knowledge.
Material associates: statement of comprehensive income
\u00a0
\u20acm
\u00a0
2024
2025
\u00a0
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
Revenue
1,928.9
1,938.0
Profit after tax
456.3
367.7
Ownership interest of VERBUND
35.17%
35.17%
Profit or loss for the period attributable to VERBUND
160.4
129.3
Differences due to the application of the equity method of accounting
\u2013\u00a060.0
\u2013\u00a045.1
Share of profit or loss from associates accounted for
using the equity method
100.5
84.2
\u00a0
\u00a0
\u00a0
Profit after tax
456.3
367.7
Other comprehensive income
4.0
\u2013\u00a036.3
Total comprehensive income for the period
460.2
331.4
Ownership interest of VERBUND
35.17%
35.17%
Total comprehensive income for the period attributable to VERBUND
161.8
116.5
Differences due to the application of the equity method of accounting
\u2013\u00a060.0
\u2013\u00a045.1
Total comprehensive income for the period from
associates accounted for using the equity method
101.9
71.4
Dividends received from associates
80.9
75.6
At KELAG, resolutions on the distribution of dividends can be adopted by simple majority. K\u00e4rntner Energieholding Beteiligungs\u00a0GmbH holds 51% of the shares in KELAG and therefore determines its distribution policy.
Material associates: balance sheet
\u00a0
\u20acm
\u00a0
31/12/2024
31/12/2025
\u00a0
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
Non-current assets
2,428.1
2,616.2
Current assets
1,032.1
776.3
Non-current liabilities
\u2013\u00a01,102.2
\u2013\u00a0957.6
Current liabilities
\u2013\u00a0586.5
\u2013\u00a0542.9
Equity attributable to non-controlling interests
\u2013\u00a018.7
\u2013\u00a022.9
Net assets
1,752.8
1,869.2
Ownership interest of VERBUND
35.17%
35.17%
Net assets attributable to VERBUND
616.4
657.3
Differences due to the application of the equity method of accounting
\u2013\u00a0120.0
\u2013\u00a0112.3
Carrying amount of associates accounted for using the equity method
496.3
545.0
The following list of Group companies shows VERBUND\u2019s subsidiaries, joint ventures and associates in accordance with Section\u00a0245a(1) in conjunction with Section\u00a0265(2) of the Austrian Commercial Code (UGB). The list also includes unconsolidated subsidiaries and other joint ventures, associates and equity interests in which VERBUND\u2019s interest is \u2265 20% and which are not accounted for using the equity method.
Segment: Hydro
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH \u2013 Hydro
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
Innwerk AG (VHP-IW)
Stammham
CS
VH
100.00%
Stammham
CS
VH
100.00%
VERBUND Hydro Power GmbH (VHP)
Vienna
CS
VH
80.54%
Vienna
CS
VH
80.54%
VERBUND Innkraftwerke GmbH
T\u00f6ging
CS
VH
70.27%
T\u00f6ging
CS
VH
70.27%
Donaukraftwerk Jochenstein Aktiengesellschaft
Passau
CS
VH
VHP-IW
50.00%
50.00%
Passau
CS
VH
VHP-IW
50.00%
50.00%
Grenzkraftwerke GmbH
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Simbach
CS
VH
VHP-IW
50.00%
50.00%
\u00d6sterreichisch-Bayerische Kraftwerke Aktiengesellschaft
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Ennskraftwerke Aktiengesellschaft
Steyr
JO
VH
50.00%
Steyr
JO
VH
50.00%
Kraftwerk Nu\u00dfdorf Errichtungs- und Betriebs GmbH & Co KG
Vienna
EM1
VHP
33.33%
Vienna
EM1
VHP
33.33%
Kraftwerk Nu\u00dfdorf Errichtungs- und Betriebs GmbH
Vienna
EM1
VHP
33.33%
Vienna
EM1
VHP
33.33%
Ashta Beteiligungsverwaltung GmbH (VHP-AL-HII)
Vienna
EM1
VHP
50.01%
Vienna
EM1
VHP
50.01%
Energji Ashta Shpk
Bushat
EM1
VHP-AL-HII
100.00%
Bushat
EM1
VHP-AL-HII
100.00%
Lestin Tauch- und Bergungsunternehmen GmbH (LESTIN)
Vienna
UC
VHP
100.00%
Vienna
UC
VHP
100.00%
Murkraftwerk Graz Errichtungs- und BetriebsgmbH
Graz
UC
VHP
25.10%
Graz
UC
VHP
25.10%
VERBUND Tourismus GmbH
Vienna
UC
VHP
LESTIN
99.90%
0.10%
Vienna
UC
VHP
LESTIN
99.90%
0.10%
Manara HPP Operation Ltd.
Tel Aviv
UC
VHP
80.00%
Tel Aviv
UC
VHP
80.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Green Power GmbH (VGP)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Wind Power Austria GmbH (VRP-AT)
Vienna
CS
VHP
100.00%
Vienna
CS
VHP
100.00%
VERBUND Green Power Deutschland GmbH (VGP-DE)
Berlin
CS
VGP
100.00%
Berlin
CS
VGP
100.00%
VERBUND Green Power \u00d6sterreich GmbH (VGP-AT)
Vienna
CS
VGP
100.00%
Vienna
CS
VGP
100.00%
VERBUND Green Power Iberia, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
VERBUND Wind Power Romania SRL (VRP-RO)
Bucha-
rest
CS
VGP
100.00%
Bucha-
rest
CS
VGP
100.00%
Infrastrukturgesellschaft Bischheim GmbH & Co. KG
W\u00f6rr-
stadt
CS
VGP
80.60%
W\u00f6rrstadt
CS
VGP
80.60%
VERBUND Green Power Deutschland Photovoltaik GmbH
Berlin
CS
VGP
100.00%
Berlin
CS
VGP
100.00%
VERBUND Green Power Italia S.R.L. (VGP-IT)
Milan
CS
VGP
100.00%
Milan
CS
VGP
100.00%
ICA One S.R.L.
Milan
CS
VGP-IT
100.00%
Milan
CS
VGP-IT
100.00%
PV Novoli S.R.L.
Milan
CS
VGP-IT
100.00%
\u2013
\u2013
\u2013
\u2013
Tenuta del Campo S.R.L.
Milan
CS
VGP-IT
100.00%
\u2013
\u2013
\u2013
\u2013
Watt Development SPV 5 S.L.U. (VGP-IB-IL1)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Watt Development SPV 6 S.L.U. (VGP-IB-IL2)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Watt Development SPV 7 S.L.U. (VGP-IB-IL3)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Ayamonte S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Buseco S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Parque E\u00f3lico El Barroso S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Loma de los Pinos S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Lusitania Renovables S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Anselma Issuer, S.A.U. (VGP-IB-ANI)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Topacio Energy, S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Tejo Solar, S.L.U. (VGP-IB-TES)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
VERBUND Green Power Renewable Projects, S.L.U. (VGP-IB-GRP)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Sica Desarrollos Cuerva, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Los Navalmorales, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Albarreal, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Totan\u00e9s, S.L.U. (VGP-IB-SDT)
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
VERBUND Windpark M\u00fcnster GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Quelkhorn GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Mariengarten GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Oedelum GmbH
Schellerten
CS
VGP-DE
100.00%
Schellerten
CS
VGP-DE
100.00%
VERBUND Windpark Frielendorf GmbH & Co. KG (VGP-DE-FS)
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
MSH B\u00fcrger-Windpark-Feldatal GmbH & Co. KG
\u2013
\u2013
\u2013
\u2013
Feldatal
CS
VGP-DE-PV
100.00%
Cyopsa-El Molino Energia E\u00f3lica, S.A.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Energias Renovables de Musas, S.L.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Energias Renovables de Ofion, S.L.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Green Power Wind Spain 1, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
Green Power Wind Marquesado, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
Camareta Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Cornamusa Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Cruceta Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Natera Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Panol Solar, S.L.
Madrid
UC
VGP-IB-TES
51.00%
Madrid
CS
VGP-IB-TES
100.00%
Obenque Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Orla Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Reclamo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Rehala Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
PH Tambre Energy, s.l.
Madrid
EM1
VGP
50.00%
Madrid
EM1
VGP
50.00%
Amaranta Energy, s.l.
Madrid
EM1
VGP
50.00%
Madrid
EM1
VGP
50.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Infraestructuras de Illora S.L.
Madrid
UC
VGP-IB-IL1
VGP-IB-IL2
VGP-IB-IL3
20.00%
20.00%
20.00%
Madrid
UC
VGP-IB-IL1
VGP-IB-IL2
VGP-IB-IL3
20.00%
20.00%
20.00%
Windpark Frielendorf GmbH & Co. KG
Gilserberg
UC
VGP-DE-FS
32.50%
Gilserberg
UC
VGP-DE-FS
32.50%
cos phi gmbh
Vienna
UC
VGP-AT
100.00%
Vienna
UC
VGP-AT
100.00%
DA1 S.R.L.
Milan
UC
VGP-IT
100.00%
Milan
UC
VGP-IT
100.00%
SY05 S.R.L.
\u2013
\u2013
\u2013
\u2013
Milan
UC
VGP-IT
100.00%
Corleto S.r.l.
\u2013
\u2013
\u2013
\u2013
Faenza
UC
VGP-IT
100.00%
Totan\u00e9s Infraestructuras Comunes, S.L.
Madrid
UC
VGP-IB-SDT
38.89%
Madrid
UC
VGP-IB-SDT
38.89%
Murcia Solar Park GmbH (VGP-IB-MUR)
Berlin
UC
VGP-IB-ANI
100.00%
Berlin
UC
VGP-IB-ANI
100.00%
Baluma Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Baviera Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Bolardo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Boyante Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Braganza Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Cairo Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Carmesi Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Cenida Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Comunidad de Bienes del Huerto Solar del Hinojar, C.B.
Lorca
UC
VGP-IB-SVL
92.72%
Lorca
UC
VGP-IB-SVL
92.72%
Faballones Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Feanor Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Galadriel Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Helice Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Imai Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Koe Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Lima Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Miriel Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Mosqueton Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Nairobi Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Orion Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Penalara Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Perdiguero Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Peregrino Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Posets Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Radar Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Rotor Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Sentina Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Sextante Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Stopper Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Stein Von Liebig Balears I, S.L.U. (VGP-IB-SVL)
Madrid
UC
VGP-IB-MUR
100.00%
Madrid
UC
VGP-IB-MUR
100.00%
Trufa Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Volateo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Zelanda Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Zuncho Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
TOPWIND Energy S.R.L.
\u2013
\u2013
\u2013
\u2013
Bucharest
UC
VRP-RO
51.00%
Wind Energy Green Park S.R.L.
\u2013
\u2013
\u2013
\u2013
Bucharest
UC
VRP-RO
51.00%
VERBUND Green Power Albania Sh.p.k.
Tirana
UC
VGP
100.00%
Tirana
UC
VGP
100.00%
VERBUND Green Power Albania Wind Sh.p.k.
Tirana
UC
VGP
100.00%
Tirana
UC
VGP
100.00%
Segment: Sales
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH) \u2013 Sales activities
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
VERBUND Energy4Business GmbH (VEB)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Energy4Business Germany GmbH
Munich
CS
VEB
100.00%
Munich
CS
VEB
100.00%
VERBUND Energy4Customers GmbH (VEC)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Energy4Flex GmbH
Vienna
CS
VEB
100.00%
Vienna
CS
VEB
100.00%
VERBUND Energy4Future GmbH
Vienna
CS
VEB
100.00%
Vienna
CS
VEB
100.00%
VERBUND Engineers4Energy GmbH (was: MSP Solarpower GmbH)
Feldkirchen an der Donau
CS
VEB
100.00%
Feldkirchen an der Donau
CS
VEB
100.00%
Electriply GmbH
(vormals: iFix Solar
GmbH)
Feldkirchen an der Donau
CS
VEB
100.00%
Feldkirchen an der Donau
CS
VEB
100.00%
SMATRICS GmbH & Co KG (SMATRICS)
Vienna
CS
VEB
74.90%
Vienna
CS
VEB
74.90%
SMATRICS EnBW GmbH
Vienna
EM
00.01.1900
49.00%
Vienna
EM
00.01.1900
49.00%
Batteriespeicher M\u00fcnster GmbH
\u2013
\u2013
\u2013
\u2013
M\u00fcnster
EM
VEB
51.00%
E-Mobility Provider Austria GmbH
Vienna
UC
VEB
74.90%
Vienna
UC
VEB
74.90%
smart Energy Services GmbH
Vienna
UC
VEC
50.00%
Vienna
UC
VEC
50.00%
SOLAVOLTA Energie- und Umwelttechnik GmbH
Sankt Margarethen im Bgld.
UC
VEC
100.00%
Sankt Margarethen im Bgld.
UC
VEC
100.00%
Segment: Grid
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Austrian Power Grid AG (APG)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
Gas Connect Austria GmbH (GCA)
Vienna
CS
VH
51.00%
Vienna
CS
VH
51.00%
Austrian Gas Grid Management AG (AGGM)
Vienna
CS
GCA
51.00%
Vienna
CS
GCA
51.00%
Trans Austria Gasleitung GmbH (TAG)
Vienna
EM
GCA
15.53%
Vienna
EM
GCA
15.53%
OeMAG Abwicklungsstelle f\u00fcr \u00d6kostrom AG
Vienna
EM
APG
24.40%
Vienna
EM
APG
24.40%
AGCS Gas Clearing and Settlement AG
Vienna
UC
GCA
23.13%
Vienna
UC
GCA
23.13%
ASGM Austrian Strategic Gas Storage Management GmbH
Vienna
UC
AGGM
100.00%
Vienna
UC
AGGM
100.00%
VUM Verfahren Umwelt Management GmbH
Klagenfurt
UC
APG
100.00%
Klagenfurt
UC
APG
100.00%
Equigy B.V.
Arnheim
UC
APG
20.00%
Arnheim
UC
APG
20.00%
All other segments: Equity interests
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH) \u2013 Equity interests
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
Klagenfurt
EM
VH
35.17%
Klagenfurt
EM
VH
35.17%
C2PAT GmbH
Vienna
UC
VH
25.00%
\u2013
\u2013
\u2013
\u2013
CS = consolidated subsidiary / EM = investee accounted for using the equity method / JO = joint operation, proportionate inclusion of assets and liabilities as well as income and expenses / UC = unconsolidated entities due to immateriality or lack of significant influence1 Joint ventures // 2 VERBUND Thermal Power GmbH holds an interest of < 0.01% in VERBUND Thermal Power GmbH & Co KG as a limited partner.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-62": { "value": "Interest income
Interest income
\u00a0
\u20acm
\u00a0
2024
2025
Interest from investments under closed items on the balance sheet
33.3
28.5
Interest from money market transactions
37.7
12.8
Interest from clearing and trading banks
4.3
2.4
Other interest and similar income
6.5
7.2
Interest income
81.8
50.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-61": { "value": "Interest income
Interest income
\u00a0
\u20acm
\u00a0
2024
2025
Interest from investments under closed items on the balance sheet
33.3
28.5
Interest from money market transactions
37.7
12.8
Interest from clearing and trading banks
4.3
2.4
Other interest and similar income
6.5
7.2
Interest income
81.8
50.9
Interest expenses
Interest expenses
\u00a0
\u20acm
\u00a0
2024
2025
Interest on financial liabilities under closed items on the balance sheet
33.3
28.4
Interest on bonds
17.9
26.2
Net interest expense on personnel-related liabilities
18.7
17.4
Interest on a share redemption obligation
8.2
10.8
Interest on bank loans
11.8
10.3
Interest on other liabilities from electricity supply commitments
10.2
8.7
Provision fees and cost of procuring credit
16.3
6.1
Interest on other non-current provisions
3.4
2.6
Interest on money market transactions
2.6
0.2
Borrowing costs capitalised in accordance with IAS\u00a023
\u2013\u00a011.7
\u2013\u00a011.9
Other interest and similar expenses
14.5
14.5
Interest expenses
125.2
113.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-60": { "value": "Interest income
Interest income
\u00a0
\u20acm
\u00a0
2024
2025
Interest from investments under closed items on the balance sheet
33.3
28.5
Interest from money market transactions
37.7
12.8
Interest from clearing and trading banks
4.3
2.4
Other interest and similar income
6.5
7.2
Interest income
81.8
50.9
Interest expenses
Interest expenses
\u00a0
\u20acm
\u00a0
2024
2025
Interest on financial liabilities under closed items on the balance sheet
33.3
28.4
Interest on bonds
17.9
26.2
Net interest expense on personnel-related liabilities
18.7
17.4
Interest on a share redemption obligation
8.2
10.8
Interest on bank loans
11.8
10.3
Interest on other liabilities from electricity supply commitments
10.2
8.7
Provision fees and cost of procuring credit
16.3
6.1
Interest on other non-current provisions
3.4
2.6
Interest on money market transactions
2.6
0.2
Borrowing costs capitalised in accordance with IAS\u00a023
\u2013\u00a011.7
\u2013\u00a011.9
Other interest and similar expenses
14.5
14.5
Interest expenses
125.2
113.3
Other financial result
Other financial result
\u00a0
\u20acm
\u00a0
2024
2025
Income from securities and loans
7.6
7.0
Change in non-derivative financial instruments
0.0
\u2013\u00a03.0
Change in a profit participation right with respect to material assets1
13.0
0.0
Reversal of impairment losses on securities
4.4
0.0
Change in an obligation to return an interest2
\u2013\u00a054.0
\u2013\u00a031.6
Miscellaneous
\u2013\u00a01.2
1.2
Other financial result
\u2013\u00a030.2
\u2013\u00a026.3
1 The profit participation right with respect to the material assets of Trans Austria Gasleitung GmbH. It is measured at fair value through profit or loss in accordance with IFRS\u00a09. //
2 The obligation to transfer the 50% interest in Donaukraftwerk Jochenstein AG to the Free State of Bavaria without exchange of consideration is measured at amortised cost. The expected fair value of the interest at the transfer date (31\u00a0December\u00a02050) is calculated for the respective period and discounted based on the original effective interest rate (corresponding to the weighted average cost of capital at the acquisition date). Changes in the expected fair value of the interest are recognised in the other financial result. See section 8.2 Other non-current liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-63": { "value": "
Interest income
\u00a0
\u20acm
\u00a0
2024
2025
Interest from investments under closed items on the balance sheet
33.3
28.5
Interest from money market transactions
37.7
12.8
Interest from clearing and trading banks
4.3
2.4
Other interest and similar income
6.5
7.2
Interest income
81.8
50.9
Other financial result
Other financial result
\u00a0
\u20acm
\u00a0
2024
2025
Income from securities and loans
7.6
7.0
Change in non-derivative financial instruments
0.0
\u2013\u00a03.0
Change in a profit participation right with respect to material assets1
13.0
0.0
Reversal of impairment losses on securities
4.4
0.0
Change in an obligation to return an interest2
\u2013\u00a054.0
\u2013\u00a031.6
Miscellaneous
\u2013\u00a01.2
1.2
Other financial result
\u2013\u00a030.2
\u2013\u00a026.3
1 The profit participation right with respect to the material assets of Trans Austria Gasleitung GmbH. It is measured at fair value through profit or loss in accordance with IFRS\u00a09. //
2 The obligation to transfer the 50% interest in Donaukraftwerk Jochenstein AG to the Free State of Bavaria without exchange of consideration is measured at amortised cost. The expected fair value of the interest at the transfer date (31\u00a0December\u00a02050) is calculated for the respective period and discounted based on the original effective interest rate (corresponding to the weighted average cost of capital at the acquisition date). Changes in the expected fair value of the interest are recognised in the other financial result. See section 8.2 Other non-current liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-66": { "value": "Interest expenses
Interest expenses
\u00a0
\u20acm
\u00a0
2024
2025
Interest on financial liabilities under closed items on the balance sheet
33.3
28.4
Interest on bonds
17.9
26.2
Net interest expense on personnel-related liabilities
18.7
17.4
Interest on a share redemption obligation
8.2
10.8
Interest on bank loans
11.8
10.3
Interest on other liabilities from electricity supply commitments
10.2
8.7
Provision fees and cost of procuring credit
16.3
6.1
Interest on other non-current provisions
3.4
2.6
Interest on money market transactions
2.6
0.2
Borrowing costs capitalised in accordance with IAS\u00a023
\u2013\u00a011.7
\u2013\u00a011.9
Other interest and similar expenses
14.5
14.5
Interest expenses
125.2
113.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-65": { "value": "Interest expenses
Interest expenses
\u00a0
\u20acm
\u00a0
2024
2025
Interest on financial liabilities under closed items on the balance sheet
33.3
28.4
Interest on bonds
17.9
26.2
Net interest expense on personnel-related liabilities
18.7
17.4
Interest on a share redemption obligation
8.2
10.8
Interest on bank loans
11.8
10.3
Interest on other liabilities from electricity supply commitments
10.2
8.7
Provision fees and cost of procuring credit
16.3
6.1
Interest on other non-current provisions
3.4
2.6
Interest on money market transactions
2.6
0.2
Borrowing costs capitalised in accordance with IAS\u00a023
\u2013\u00a011.7
\u2013\u00a011.9
Other interest and similar expenses
14.5
14.5
Interest expenses
125.2
113.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-64": { "value": "Interest expenses
Interest expenses
\u00a0
\u20acm
\u00a0
2024
2025
Interest on financial liabilities under closed items on the balance sheet
33.3
28.4
Interest on bonds
17.9
26.2
Net interest expense on personnel-related liabilities
18.7
17.4
Interest on a share redemption obligation
8.2
10.8
Interest on bank loans
11.8
10.3
Interest on other liabilities from electricity supply commitments
10.2
8.7
Provision fees and cost of procuring credit
16.3
6.1
Interest on other non-current provisions
3.4
2.6
Interest on money market transactions
2.6
0.2
Borrowing costs capitalised in accordance with IAS\u00a023
\u2013\u00a011.7
\u2013\u00a011.9
Other interest and similar expenses
14.5
14.5
Interest expenses
125.2
113.3
Other financial result
Other financial result
\u00a0
\u20acm
\u00a0
2024
2025
Income from securities and loans
7.6
7.0
Change in non-derivative financial instruments
0.0
\u2013\u00a03.0
Change in a profit participation right with respect to material assets1
13.0
0.0
Reversal of impairment losses on securities
4.4
0.0
Change in an obligation to return an interest2
\u2013\u00a054.0
\u2013\u00a031.6
Miscellaneous
\u2013\u00a01.2
1.2
Other financial result
\u2013\u00a030.2
\u2013\u00a026.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-68": { "value": "1 The profit participation right with respect to the material assets of Trans Austria Gasleitung GmbH. It is measured at fair value through profit or loss in accordance with IFRS\u00a09. //
2 The obligation to transfer the 50% interest in Donaukraftwerk Jochenstein AG to the Free State of Bavaria without exchange of consideration is measured at amortised cost. The expected fair value of the interest at the transfer date (31\u00a0December\u00a02050) is calculated for the respective period and discounted based on the original effective interest rate (corresponding to the weighted average cost of capital at the acquisition date). Changes in the expected fair value of the interest are recognised in the other financial result. See section 8.2 Other non-current liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-67": { "value": "1 The profit participation right with respect to the material assets of Trans Austria Gasleitung GmbH. It is measured at fair value through profit or loss in accordance with IFRS\u00a09. //
2 The obligation to transfer the 50% interest in Donaukraftwerk Jochenstein AG to the Free State of Bavaria without exchange of consideration is measured at amortised cost. The expected fair value of the interest at the transfer date (31\u00a0December\u00a02050) is calculated for the respective period and discounted based on the original effective interest rate (corresponding to the weighted average cost of capital at the acquisition date). Changes in the expected fair value of the interest are recognised in the other financial result. See section 8.2 Other non-current liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-69": { "value": "
Changes in the value of derivative financial instruments associated with closed items on the balance sheet and of liabilities measured at fair value through profit or loss are generally recognised under other financial result. However, the effects on profit or loss of these two line items essentially offset each other and were therefore not included in the above table.
Derivative financial instruments
Derivative financial instruments are recognised at fair value when the contract is entered into and are subsequently measured at fair value. As a rule, unrealised remeasurement gains or losses are recognised in the income statement if the requirements for recognition of hedging relationships (hedge accounting) in accordance with IFRS\u00a09 are not met (see section\u00a05.2 \u201cAccounting treatment of hedging relationships\u201d).
Derivative financial instruments with positive fair values are recognised under Receivables from derivative financial instruments, while those with negative fair values are recognised under Liabilities from derivative financial instruments. If a framework agreement including a netting arrangement has been entered into with a counterparty, the positive and negative fair values of the transactions entered into with the counterparty are offset over the corresponding periods for accounting purposes as the aim is to settle on a net basis.
So-called own-use contracts are not accounted for as derivative financial instruments, but instead as executory contracts (own-use exemption). If supplier contracts that previously represented own-use contracts lead to a net settlement within the meaning of IFRS\u00a09, they must be classified as freestanding derivatives and recognised at fair value through profit or loss.
In the event of insolvency, derivative financial instruments in the finance area (under closed items on the balance sheet) can be netted against financial liabilities classified as FVPL (under closed items on the balance sheet) (see section\u00a011.1 \u201cRisk management in the finance area\u201d).
5.2
Accounting treatment of hedging relationships
VERBUND applies special accounting policies to hedging relationships in the energy area as well as in the finance area.
5.2.1 Hedging relationships in the energy area
VERBUND employs electricity forward contracts and electricity futures contracts as derivatives within the meaning of IFRS\u00a09 as part of cash flow hedges in the energy area. The objective of hedging relationships is to reduce the cash flow volatility resulting from market price fluctuations by hedging prices for the following transactions:
\u25cf
sale of own generation and marketing of electricity from renewable energy plants not owned by VERBUND;
\u25cf
reinsurance for electricity deliveries to customers; and
\u25cf
reinsurance for gas deliveries to customers.
The timing and amount of the hedging of future electricity deliveries depends in each case on the current price trend. Hedges are generally entered into successively. A portion of the entire volume anticipated is hedged in accordance with the risk management strategy. As a rule, once the relevant contractual terms of the electricity futures and forwards entered into coincide with those of the hedged items, a qualitative measurement of hedge effectiveness is carried out. It can generally be assumed that changes in the value of the hedging instruments will entirely offset the changes in future cash flows.
The exception to this rule involves hedges of electricity deliveries on a market differing from the place of delivery. Such hedges have been used since 1\u00a0October 2018 as a consequence of the restriction on unlimited trading on the German-Austrian electricity market. Due to the higher liquidity, the majority of Austrian electricity deliveries are hedged with German futures market products. The Austrian price is derived from the German price plus a DE/AT spread. Hence German forward products are used to hedge Austrian electricity deliveries, whereby the terms of the hedging instruments and those of the projected cash flows largely also match in these cases.
Accounting treatment of hedging relationships in the energy area
In the case of derivative financial instruments that are designated as cash flow hedges in accordance with IFRS\u00a09, the portion of the unrealised gains or losses that is determined to be an effective hedge is recognised under other comprehensive income. In contrast, the ineffective portions of the hedge are recognised in profit or loss.
Unrealised gains or losses are only reclassified (\u201crecycled\u201d) to the income statement when the hedged item affects profit or loss.
Electricity, gas and CO2 derivatives for future delivery periods that are not designated as hedging instruments are allocated to the wholesale portfolio. Fair value changes in (freestanding) electricity and gas derivatives in the wholesale portfolio that have not been designated as hedging instruments are recognised in profit or loss net of previously realised futures after netting the positive and negative fair values.
5.2.2 Hedging relationships in the finance area
Apart from derivative financial instruments associated with closed items on the balance sheet, interest rate swaps are used to hedge future payments of financial liabilities bearing interest at variable rates in order to reduce the cash flow risk associated with an increase in market interest rates. The hedging instruments\u2019 contract terms are almost identical to those of the hedged items (\u201ccritical terms match\u201d). The qualitative basis of the economic relationship is regularly reviewed by VERBUND. As a general rule, it can be assumed that changes in the value of the hedging instruments will entirely offset changes in future cash flows. The entire risk of an increase in market interest rates for variable-interest-bearing financial liabilities is not always hedged, i.e. the hedge ratio does not always amount to 100%. Hedge ineffectiveness can only result from changes in the credit risk of the counterparty or of VERBUND.
Payments are made on interest rate swaps every six months. The underlying variable market interest rate is the 6-month EURIBOR. The future interest payments hedged by the interest rate swaps will arise over the next 11\u00a0years (2026 to 2036) and will be recognised in profit or loss accordingly.
Accounting treatment of hedging relationships in the finance area
Some of the interest rate swaps are designated as cash flow hedges in accordance with IFRS\u00a09. The investments associated with certain closed items on the balance sheet (see section\u00a08.1 \u201cFinancial liabilities\u201d and section\u00a011.1 \u201cRisk management in the finance area\u201d) generate variable income and fixed expenses. To mitigate risk, interest rate swaps were entered into for the corresponding financial liabilities. These interest rate swaps exhibit a risk profile that mirrors that of the associated balance sheet items. Therefore, the carrying amount of the associated financial liabilities is adjusted to reflect the hedged risk to compensate for the fair value measurement of the interest rate swaps.
The fair value of interest rate swaps is the amount that VERBUND would receive or have to pay if the transaction were settled on the reporting date. When calculating that amount, current market conditions\u00a0\u2013 particularly current interest rates, yield curves and counterparty credit risk\u00a0\u2013 are taken into account (see section\u00a05.1 \u201cAccounting treatment of financial instruments\u201d).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-70": { "value": "
Changes in the value of derivative financial instruments associated with closed items on the balance sheet and of liabilities measured at fair value through profit or loss are generally recognised under other financial result. However, the effects on profit or loss of these two line items essentially offset each other and were therefore not included in the above table.
Interests accounted for using the equity method
The carrying amounts of interests accounted for using the equity method are adjusted to reflect changes in the investee\u2019s net assets in accordance with IAS 28. The adjustment is made no later than one quarter following the underlying changes. If VERBUND\u2019s share of losses from an interest accounted for using the equity method corresponds to or exceeds the carrying amount of the equity interest, additional losses are only taken into account and recognised as a liability to the extent that legal or constructive obligations have been entered into or payments have been made for the equity-accounted interest. The carrying amount of the equity interest includes the share accounted for using the equity method plus all non-current interests that are to be allocated to the net investment in the interest accounted for using the equity method based on their economic substance.
Net investments in associated companies and joint ventures are reviewed for objective indications of impairment at the reporting date. If there are any such indications, interests accounted for using the equity method must be tested for impairment in accordance with IAS\u00a036.
4.6
Other equity interests
Interests in unconsolidated (for lack of materiality) subsidiaries, associates and joint ventures not accounted for using the equity method and other equity interests are accounted for in accordance with IFRS\u00a09. If these equity interests are held for the long term based on strategic considerations, they are classified as measured at fair value through other comprehensive income (FVOCI). Otherwise, they are classified as measured at fair value through profit or loss (FVPL). Depending on the situation, the fair value of equity interests is derived from market quotations, comparable recent transactions, valuations based on discounted cash flow or market multiples methods or from the cost of the equity interest.
4.7
Investments and other non-current receivables
Investments and loans are classified pursuant to the provisions of IFRS\u00a09. Acquisitions and disposals of investments are recognised as at the trading date. The carrying amount of financial assets measured at amortised cost is determined using the effective interest method in consideration of any impairment losses. The carrying amount of financial assets measured at fair value in the balance sheet is derived pursuant to the IFRS\u00a013 fair value hierarchy (see section\u00a05 \u201cFinancial instruments\u201d). The notes regarding closed items on the balance sheet can be found in section\u00a08.1 \u201cFinancial liabilities\u201d as well as in section\u00a011.1 \u201cRisk management in the finance area\u201d.
5.1
Accounting treatment of financial instruments
Primary financial instruments
For information regarding accounting policies for primary financial instruments see:
\u25cf
Interests accounted for using the equity method \u2013 section\u00a04.5
\u25cf
Other equity interests \u2013 section\u00a04.6
\u25cf
Investments and other non-current receivables \u2013 section\u00a04.7
\u25cf
Working capital \u2013 section\u00a06
\u25cf
Liabilities \u2013 section\u00a08
Derivative financial instruments
Derivative financial instruments are recognised at fair value when the contract is entered into and are subsequently measured at fair value. As a rule, unrealised remeasurement gains or losses are recognised in the income statement if the requirements for recognition of hedging relationships (hedge accounting) in accordance with IFRS\u00a09 are not met (see section\u00a05.2 \u201cAccounting treatment of hedging relationships\u201d).
Derivative financial instruments with positive fair values are recognised under Receivables from derivative financial instruments, while those with negative fair values are recognised under Liabilities from derivative financial instruments. If a framework agreement including a netting arrangement has been entered into with a counterparty, the positive and negative fair values of the transactions entered into with the counterparty are offset over the corresponding periods for accounting purposes as the aim is to settle on a net basis.
So-called own-use contracts are not accounted for as derivative financial instruments, but instead as executory contracts (own-use exemption). If supplier contracts that previously represented own-use contracts lead to a net settlement within the meaning of IFRS\u00a09, they must be classified as freestanding derivatives and recognised at fair value through profit or loss.
In the event of insolvency, derivative financial instruments in the finance area (under closed items on the balance sheet) can be netted against financial liabilities classified as FVPL (under closed items on the balance sheet) (see section\u00a011.1 \u201cRisk management in the finance area\u201d).
5.2
Accounting treatment of hedging relationships
VERBUND applies special accounting policies to hedging relationships in the energy area as well as in the finance area.
5.2.1 Hedging relationships in the energy area
VERBUND employs electricity forward contracts and electricity futures contracts as derivatives within the meaning of IFRS\u00a09 as part of cash flow hedges in the energy area. The objective of hedging relationships is to reduce the cash flow volatility resulting from market price fluctuations by hedging prices for the following transactions:
\u25cf
sale of own generation and marketing of electricity from renewable energy plants not owned by VERBUND;
\u25cf
reinsurance for electricity deliveries to customers; and
\u25cf
reinsurance for gas deliveries to customers.
The timing and amount of the hedging of future electricity deliveries depends in each case on the current price trend. Hedges are generally entered into successively. A portion of the entire volume anticipated is hedged in accordance with the risk management strategy. As a rule, once the relevant contractual terms of the electricity futures and forwards entered into coincide with those of the hedged items, a qualitative measurement of hedge effectiveness is carried out. It can generally be assumed that changes in the value of the hedging instruments will entirely offset the changes in future cash flows.
The exception to this rule involves hedges of electricity deliveries on a market differing from the place of delivery. Such hedges have been used since 1\u00a0October 2018 as a consequence of the restriction on unlimited trading on the German-Austrian electricity market. Due to the higher liquidity, the majority of Austrian electricity deliveries are hedged with German futures market products. The Austrian price is derived from the German price plus a DE/AT spread. Hence German forward products are used to hedge Austrian electricity deliveries, whereby the terms of the hedging instruments and those of the projected cash flows largely also match in these cases.
Accounting treatment of hedging relationships in the energy area
In the case of derivative financial instruments that are designated as cash flow hedges in accordance with IFRS\u00a09, the portion of the unrealised gains or losses that is determined to be an effective hedge is recognised under other comprehensive income. In contrast, the ineffective portions of the hedge are recognised in profit or loss.
Unrealised gains or losses are only reclassified (\u201crecycled\u201d) to the income statement when the hedged item affects profit or loss.
Electricity, gas and CO2 derivatives for future delivery periods that are not designated as hedging instruments are allocated to the wholesale portfolio. Fair value changes in (freestanding) electricity and gas derivatives in the wholesale portfolio that have not been designated as hedging instruments are recognised in profit or loss net of previously realised futures after netting the positive and negative fair values.
5.2.2 Hedging relationships in the finance area
Apart from derivative financial instruments associated with closed items on the balance sheet, interest rate swaps are used to hedge future payments of financial liabilities bearing interest at variable rates in order to reduce the cash flow risk associated with an increase in market interest rates. The hedging instruments\u2019 contract terms are almost identical to those of the hedged items (\u201ccritical terms match\u201d). The qualitative basis of the economic relationship is regularly reviewed by VERBUND. As a general rule, it can be assumed that changes in the value of the hedging instruments will entirely offset changes in future cash flows. The entire risk of an increase in market interest rates for variable-interest-bearing financial liabilities is not always hedged, i.e. the hedge ratio does not always amount to 100%. Hedge ineffectiveness can only result from changes in the credit risk of the counterparty or of VERBUND.
Payments are made on interest rate swaps every six months. The underlying variable market interest rate is the 6-month EURIBOR. The future interest payments hedged by the interest rate swaps will arise over the next 11\u00a0years (2026 to 2036) and will be recognised in profit or loss accordingly.
Accounting treatment of hedging relationships in the finance area
Some of the interest rate swaps are designated as cash flow hedges in accordance with IFRS\u00a09. The investments associated with certain closed items on the balance sheet (see section\u00a08.1 \u201cFinancial liabilities\u201d and section\u00a011.1 \u201cRisk management in the finance area\u201d) generate variable income and fixed expenses. To mitigate risk, interest rate swaps were entered into for the corresponding financial liabilities. These interest rate swaps exhibit a risk profile that mirrors that of the associated balance sheet items. Therefore, the carrying amount of the associated financial liabilities is adjusted to reflect the hedged risk to compensate for the fair value measurement of the interest rate swaps.
The fair value of interest rate swaps is the amount that VERBUND would receive or have to pay if the transaction were settled on the reporting date. When calculating that amount, current market conditions\u00a0\u2013 particularly current interest rates, yield curves and counterparty credit risk\u00a0\u2013 are taken into account (see section\u00a05.1 \u201cAccounting treatment of financial instruments\u201d).
6.
Working capital
Working capital includes the following balance sheet items:
\u25cf
Inventories
\u25cf
Trade receivables, other current receivables and securities
\u25cf
Receivables and liabilities from derivative financial instruments
\u25cf
Trade payables and other current liabilities
Trade receivables and receivables from investees are classified as \u201cmeasured at amortised cost\u201d (AC) and thus accounted for at cost less any impairment losses (see section\u00a05 \u201cFinancial instruments\u201d).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-71": { "value": "
Changes in the value of derivative financial instruments associated with closed items on the balance sheet and of liabilities measured at fair value through profit or loss are generally recognised under other financial result. However, the effects on profit or loss of these two line items essentially offset each other and were therefore not included in the above table.
Derivative financial instruments
Derivative financial instruments are recognised at fair value when the contract is entered into and are subsequently measured at fair value. As a rule, unrealised remeasurement gains or losses are recognised in the income statement if the requirements for recognition of hedging relationships (hedge accounting) in accordance with IFRS\u00a09 are not met (see section\u00a05.2 \u201cAccounting treatment of hedging relationships\u201d).
Derivative financial instruments with positive fair values are recognised under Receivables from derivative financial instruments, while those with negative fair values are recognised under Liabilities from derivative financial instruments. If a framework agreement including a netting arrangement has been entered into with a counterparty, the positive and negative fair values of the transactions entered into with the counterparty are offset over the corresponding periods for accounting purposes as the aim is to settle on a net basis.
So-called own-use contracts are not accounted for as derivative financial instruments, but instead as executory contracts (own-use exemption). If supplier contracts that previously represented own-use contracts lead to a net settlement within the meaning of IFRS\u00a09, they must be classified as freestanding derivatives and recognised at fair value through profit or loss.
In the event of insolvency, derivative financial instruments in the finance area (under closed items on the balance sheet) can be netted against financial liabilities classified as FVPL (under closed items on the balance sheet) (see section\u00a011.1 \u201cRisk management in the finance area\u201d).
5.2
Accounting treatment of hedging relationships
VERBUND applies special accounting policies to hedging relationships in the energy area as well as in the finance area.
5.2.1 Hedging relationships in the energy area
VERBUND employs electricity forward contracts and electricity futures contracts as derivatives within the meaning of IFRS\u00a09 as part of cash flow hedges in the energy area. The objective of hedging relationships is to reduce the cash flow volatility resulting from market price fluctuations by hedging prices for the following transactions:
\u25cf
sale of own generation and marketing of electricity from renewable energy plants not owned by VERBUND;
\u25cf
reinsurance for electricity deliveries to customers; and
\u25cf
reinsurance for gas deliveries to customers.
The timing and amount of the hedging of future electricity deliveries depends in each case on the current price trend. Hedges are generally entered into successively. A portion of the entire volume anticipated is hedged in accordance with the risk management strategy. As a rule, once the relevant contractual terms of the electricity futures and forwards entered into coincide with those of the hedged items, a qualitative measurement of hedge effectiveness is carried out. It can generally be assumed that changes in the value of the hedging instruments will entirely offset the changes in future cash flows.
The exception to this rule involves hedges of electricity deliveries on a market differing from the place of delivery. Such hedges have been used since 1\u00a0October 2018 as a consequence of the restriction on unlimited trading on the German-Austrian electricity market. Due to the higher liquidity, the majority of Austrian electricity deliveries are hedged with German futures market products. The Austrian price is derived from the German price plus a DE/AT spread. Hence German forward products are used to hedge Austrian electricity deliveries, whereby the terms of the hedging instruments and those of the projected cash flows largely also match in these cases.
Accounting treatment of hedging relationships in the energy area
In the case of derivative financial instruments that are designated as cash flow hedges in accordance with IFRS\u00a09, the portion of the unrealised gains or losses that is determined to be an effective hedge is recognised under other comprehensive income. In contrast, the ineffective portions of the hedge are recognised in profit or loss.
Unrealised gains or losses are only reclassified (\u201crecycled\u201d) to the income statement when the hedged item affects profit or loss.
Electricity, gas and CO2 derivatives for future delivery periods that are not designated as hedging instruments are allocated to the wholesale portfolio. Fair value changes in (freestanding) electricity and gas derivatives in the wholesale portfolio that have not been designated as hedging instruments are recognised in profit or loss net of previously realised futures after netting the positive and negative fair values.
5.2.2 Hedging relationships in the finance area
Apart from derivative financial instruments associated with closed items on the balance sheet, interest rate swaps are used to hedge future payments of financial liabilities bearing interest at variable rates in order to reduce the cash flow risk associated with an increase in market interest rates. The hedging instruments\u2019 contract terms are almost identical to those of the hedged items (\u201ccritical terms match\u201d). The qualitative basis of the economic relationship is regularly reviewed by VERBUND. As a general rule, it can be assumed that changes in the value of the hedging instruments will entirely offset changes in future cash flows. The entire risk of an increase in market interest rates for variable-interest-bearing financial liabilities is not always hedged, i.e. the hedge ratio does not always amount to 100%. Hedge ineffectiveness can only result from changes in the credit risk of the counterparty or of VERBUND.
Payments are made on interest rate swaps every six months. The underlying variable market interest rate is the 6-month EURIBOR. The future interest payments hedged by the interest rate swaps will arise over the next 11\u00a0years (2026 to 2036) and will be recognised in profit or loss accordingly.
Accounting treatment of hedging relationships in the finance area
Some of the interest rate swaps are designated as cash flow hedges in accordance with IFRS\u00a09. The investments associated with certain closed items on the balance sheet (see section\u00a08.1 \u201cFinancial liabilities\u201d and section\u00a011.1 \u201cRisk management in the finance area\u201d) generate variable income and fixed expenses. To mitigate risk, interest rate swaps were entered into for the corresponding financial liabilities. These interest rate swaps exhibit a risk profile that mirrors that of the associated balance sheet items. Therefore, the carrying amount of the associated financial liabilities is adjusted to reflect the hedged risk to compensate for the fair value measurement of the interest rate swaps.
The fair value of interest rate swaps is the amount that VERBUND would receive or have to pay if the transaction were settled on the reporting date. When calculating that amount, current market conditions\u00a0\u2013 particularly current interest rates, yield curves and counterparty credit risk\u00a0\u2013 are taken into account (see section\u00a05.1 \u201cAccounting treatment of financial instruments\u201d).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-72": { "value": "
Changes in the value of derivative financial instruments associated with closed items on the balance sheet and of liabilities measured at fair value through profit or loss are generally recognised under other financial result. However, the effects on profit or loss of these two line items essentially offset each other and were therefore not included in the above table.
4.7
Investments and other non-current receivables
Investments and loans are classified pursuant to the provisions of IFRS\u00a09. Acquisitions and disposals of investments are recognised as at the trading date. The carrying amount of financial assets measured at amortised cost is determined using the effective interest method in consideration of any impairment losses. The carrying amount of financial assets measured at fair value in the balance sheet is derived pursuant to the IFRS\u00a013 fair value hierarchy (see section\u00a05 \u201cFinancial instruments\u201d). The notes regarding closed items on the balance sheet can be found in section\u00a08.1 \u201cFinancial liabilities\u201d as well as in section\u00a011.1 \u201cRisk management in the finance area\u201d.
Derivative financial instruments
Derivative financial instruments are recognised at fair value when the contract is entered into and are subsequently measured at fair value. As a rule, unrealised remeasurement gains or losses are recognised in the income statement if the requirements for recognition of hedging relationships (hedge accounting) in accordance with IFRS\u00a09 are not met (see section\u00a05.2 \u201cAccounting treatment of hedging relationships\u201d).
Derivative financial instruments with positive fair values are recognised under Receivables from derivative financial instruments, while those with negative fair values are recognised under Liabilities from derivative financial instruments. If a framework agreement including a netting arrangement has been entered into with a counterparty, the positive and negative fair values of the transactions entered into with the counterparty are offset over the corresponding periods for accounting purposes as the aim is to settle on a net basis.
So-called own-use contracts are not accounted for as derivative financial instruments, but instead as executory contracts (own-use exemption). If supplier contracts that previously represented own-use contracts lead to a net settlement within the meaning of IFRS\u00a09, they must be classified as freestanding derivatives and recognised at fair value through profit or loss.
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Interests in unconsolidated subsidiaries
FVOCI
2
44.9
44.9
Interests in unconsolidated subsidiaries
FVOCI
AC
28.9
28.9
Other equity interests
FVOCI
1
22.1
22.1
Other equity interests
FVOCI
2
158.3
158.3
Other equity interests
FVOCI
AC
42.3
42.3
Other equity interests and
unconsolidated subsidiaries
\u00a0
\u00a0
296.5
\u00a0
Derivatives in the energy area
FVPL
2
33.2
33.2
Derivatives in the energy area
FVPL
3
24.5
24.5
Derivatives in the finance area
FVPL
2
24.0
24.0
Receivables from derivative financial instruments
\u00a0
\u00a0
81.6
\u00a0
Securities
FVPL
1
161.7
161.7
Securities
FVOCI
3
10.1
10.1
Securities
FVOCI
AC
1.9
1.9
Securities \u2013 closed items on the balance sheet
AC
2
74.1
73.3
Loans \u2013 closed items on the balance sheet
AC
2
49.5
52.9
Loans
AC
2
64.4
65.3
Other
FVPL
3
44.2
44.2
Other
AC
\u2013
169.2
\u2013
Other
\u2013
\u2013
40.3
\u2013
Other investments and non-current other receivables
\u00a0
\u00a0
615.3
\u00a0
Current tax receivables
\u2013
\u2013
113.0
\u2013
Derivatives in the energy area
FVPL
1
0.2
0.2
Derivatives in the energy area
FVPL
2
103.4
103.4
Derivatives in the energy area
FVPL
3
5.5
5.5
Derivatives in the finance area
FVPL
2
1.8
1.8
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
7.0
7.0
Receivables from derivative financial instruments
\u00a0
\u00a0
117.9
\u00a0
Trade receivables
AC
\u2013
758.3
\u2013
Receivables from investees
AC
\u2013
35.0
\u2013
Loans to investees
AC
2
5.1
5.0
Other loans
AC
2
0.1
0.1
Loans \u2013 closed items on the balance sheet
AC
2
202.2
196.1
Securities
FVPL
1
1.1
1.1
Emission rights
\u2013
\u2013
70.9
\u2013
Other
AC
\u2013
95.5
\u2013
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Other
\u2013
\u2013
173.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,341.6
\u00a0
Cash and cash equivalents
AC
\u2013
72.8
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
1,526.1
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
406.5
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
308.5
\u00a0
8.
Liabilities
The explanatory notes relate to non-current and current financial liabilities as well as other non-current liabilities. See section\u00a06 \u201cWorking capital\u201d for details regarding trade payables and other current liabilities.
8.1
Financial liabilities
Financial liabilities are recognised at fair value upon addition. As a rule, the fair value recognised corresponds to the amount actually received. Any premiums or discounts are allocated over the financing term by applying the effective interest method and are presented on an accrual basis in interest expenses.
Individual financial liabilities originally incurred in connection with cross-border leasing transactions are classified at fair value through profit or loss upon initial recognition using the fair value option. This enables measurement inconsistencies that would have otherwise arisen to be eliminated.
The closed items on the balance sheet reported under financial liabilities as well as under investments relate to cross-border leasing transactions that were terminated early. Some of the transactions were terminated in their entirety, i.e. all investments and all liabilities (A-loans and B-loans) were repaid. Some of the transactions were only partially terminated, whereby the existing B-loans and the corresponding investments were continued. Therefore, accounting coverage continues to be ensured. Accounting balances denominated in foreign currency (US dollars) are measured at the exchange rate prevailing on the reporting date. The expenses and income arising from the measurement of these positions are equal in amount and denominated in the same currency, and are offset against each other. Investments and liabilities resulting from cross-border leasing transactions that were terminated early are presented separately; all items are closed on the balance sheet with the exception of valuation allowances recognised for expected credit losses (see section\u00a011.1 \u201cRisk management in the finance area\u201d).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-73": { "value": "No impairment losses were recognised on other equity interests at the reporting date (previous year: \u20ac0.0m), nor were any reversals of impairment losses recognised (previous year: \u20ac13.6m).
5.3
Recoverability of financial assets
Valuation allowances are recognised at every reporting date for expected credit losses relating to financial assets classified as measured at amortised cost (AC) and debt instruments classified as measured at fair value through other comprehensive income (FVOCI), receivables under leases, contract assets and financial guarantee contracts.
Expected credit losses are taken into account in the following stages (for quantitative disclosures see section\u00a011.1 \u201cRisk management in the finance area\u201d):
Impairment of assets
\u00a0
\u00a0
\u00a0
\u00a0
Stage 1
Stage 2
Stage 3
Credit risk
Low credit risk \u2013 (credit risk has not increased significantly since initial recognition)
Elevated credit risk \u2013 (credit risk has increased significantly since initial recognition)
Significant financial difficulties on the part of the borrower or the issuer (breach of contract)
Recognition of loss allowance
Impairment in the amount of the 12-month expected losses
Impairment in the amount of expected lifetime losses
Impairment in the amount of expected lifetime losses
Calculation of interest income
Based on the effective interest rate on the gross carrying amount
Based on the effective interest rate on the gross carrying amount
Based on the effective interest rate on the net carrying amount
\u25cf
Credit risk is presumed to be low if the internal rating corresponds to an external investment grade rating (Standard & Poor\u2019s: > BBB\u2013; Moody\u2019s: > Baa3).
\u25cf
Credit risk is presumed to have increased significantly if a financial asset is more than 30\u00a0days overdue. Financial assets are reclassified to Stage 3 as soon as the asset has become credit impaired or is more than 90\u00a0days overdue, or if a breach of contract has been ascertained.
\u25cf
Probabilities of default depending on the rating category and collection rates serve to determine the amount of impairment losses to be recognised. The valuation allowance is recognised in the amount of the present value of the expected credit losses.
For trade receivables, contract assets and lease receivables, a simplified method is applied to measure the valuation allowance. For these receivables and assets, a valuation allowance derived from a valuation allowance table is recognised in the amount of the lifetime expected credit loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-75": { "value": "Taxes on income
The corporate income tax rate applicable to VERBUND\u00a0AG for the 2025 reporting year was 23.0% (previous year: 23.0%). The following income tax rates are applied by consolidated subsidiaries (depending on the country in which they are domiciled):
Income tax rates applicable to subsidiaries
\u00a0
in %
\u00a0
2024
2025
Austria
23.0
23.0
Germany \u2013 partnerships1
29.1
29.1\u2013\u00a030.2
Germany \u2013 limited companies1
24.2\u2013\u00a032.4
24.2\u2013\u00a032.6
Spain
25.0
25.0
Romania
16.0
16.0
Italy
24.0
24.0
1 The corporate income tax rate shown also includes the solidarity surcharge and municipal trade tax. The trade tax depends on the local multiplier, which varies from one municipiality to another.
Beginning with the 2005 reporting period, VERBUND took advantage of the option to form a consolidated tax group as permitted by legislation; VERBUND\u00a0AG is the tax group parent. The tax benefit resulting from the amortisation of goodwill (Section\u00a09(7) of the 1988 Corporate Income Tax Act (K\u00f6rperschaftsteuergesetz, KStG)) within the corporate group is treated as a temporary difference with respect to shares in subsidiaries (outside basis difference).
As a Group, VERBUND is subject to the Pillar Two model framework in various jurisdictions. VERBUND AG, as the ultimate parent entity (UPE) of the VERBUND Group, is primarily liable for the top-up tax under Pillar Two. The VERBUND Pillar Two Group comprises the Group\u2019s equity interests in the following jurisdictions: Austria, Germany, Romania, Italy, Spain, Albania and Israel. In addition to the aforementioned Pillar Two group, VERBUND has two Pillar Two joint ventures located in Spain and one in Germany. In Israel, a law was adopted on 31 December 2025 implementing parts of the OECD\u2019s Pillar Two recommendations, including the Qualified Domestic Minimum Top-up Tax. The legislation is applicable as of 1 January 2026. No draft Pillar\u00a0Two legislation had been issued for Albania at the time of preparation of these financial statements.
VERBUND has reviewed the use of the Transitional CbCR Safe Harbor framework for financial year 2025 with respect to all of the aforementioned legal entities. All entities were able to meet at least one of the three CbCR safe harbour tests in all jurisdictions in 2025. Hence no additional Pillar Two calculations were necessary, and no top-up tax had to be paid.
VERBUND has applied the mandatory exception for accounting for the deferred tax assets and liabilities arising from Pillar\u00a0Two income taxes.
Income taxes recognised in the income statement were as follows:
Taxes on income
\u00a0
\u20acm
\u00a0
2024
2025
Current tax expenses1
630.5
314.6
Current tax expenses2
8.0
108.1
Taxes on income
638.5
422.7
1 Current tax expenses include adjustments from prior periods of \u20ac+3.2m (previous year: \u20ac\u201110,5m). // \u00b2 Deferred income tax expenses include adjustments from prior periods in the amount of \u20ac+6.0m (previous year: \u20ac\u20138.5m).The reasons for the difference between VERBUND\u2019s computed and recognised tax expense are as follows:
Tax reconciliation
\u00a0
\u20acm
\u00a0
2024
2025
Computed income tax expense
639.0
486.7
Write-offs and write-ups of equity investments
\u2013\u00a07.4
7.5
Impairment testing of fixed assets
\u2013\u00a00.8
6.0
Deviating tax rates
9.0
4.0
Tax-exempt investment income
\u2013\u00a02.1
\u2013\u00a02.0
Interests accounted for using the equity method
\u2013\u00a023.3
\u2013\u00a019.6
Change in German corporate income tax rate
-
\u2013\u00a061.7
Other line items
5.0
11.0
Income tax expenses for the period
619.4
431.9
Income tax income or expenses from prior periods (current and deferred)
19.0
\u2013\u00a09.2
Recognised income tax expenses
638.5
422.7
Effective tax rate
23.0%
20.0%
In July 2025, the German Bundesrat approved an \u201cimmediate fiscal investment programme\u201d targeted at making the German economy more competitive and promoting economic growth. Among other measures, the programme calls for gradually reducing the corporate income tax rate from 15% to 10% starting in 2028. In addition to corporate income tax, corporations in Germany remain subject to the solidarity surcharge, which amounts to 5.5% of the corporate income tax assessed. Thus the reduction in the corporate income tax rate will also reduce the solidarity surcharge. The resulting remeasurement of deferred taxes gave rise to income of \u20ac61.7m as at 31 December 2025.
3.3.2

Taxes on other comprehensive income
Taxes on other comprehensive income
\u20acm
\u00a0
2024
2024
2024
2025
2025
2025
\u00a0
Before taxes
Taxes
After taxes
Before taxes
Taxes
After taxes
Remeasurement of the net defined benefit liability
\u2013\u00a053.6
12.1
\u2013\u00a041.5
32.4
\u2013\u00a08.4
24.0
Changes in financial instruments
\u2013\u00a04.2
1.0
\u2013\u00a03.2
17.6
\u2013\u00a04.0
13.6
Other comprehensive income from interests accounted for using the equity method
\u2013\u00a05.8
\u2013
\u2013\u00a05.8
3.8
\u2013
3.8
Total for items that will not be reclassified subsequently to the income statement
\u2013\u00a063.6
13.0
\u2013\u00a050.5
53.8
\u2013\u00a012.5
41.3
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Foreign exchange differences
0.6
\u2013
0.6
\u2013\u00a07.5
\u2013
\u2013\u00a07.7
Changes in cash flow hedges
\u2013\u00a0505.6
116.4
\u2013\u00a0389.2
\u2013\u00a0227.2
51.9
\u2013\u00a0175.3
Other comprehensive income from interests accounted for using the equity\u00a0method
7.2
\u2013
7.2
\u2013\u00a014.5
\u2013
\u2013\u00a014.4
Total for items that will be reclassified subsequently to the income statement
\u2013\u00a0497.8
116.4
\u2013\u00a0381.5
\u2013\u00a0249.3
51.9
\u2013\u00a0197.4
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Other comprehensive income
\u2013\u00a0561.4
129.4
\u2013\u00a0432.0
\u2013\u00a0195.5
39.4
\u2013\u00a0156.1
10.
Taxes
Current tax liabilities for the 2025 reporting period can be broken down as follows:
Current tax liabilities
\u00a0
\u20acm
\u00a0
2024
2025
Taxes on income
359.1
8.3
Other taxes
8.4
7.8
Current tax liabilities
367.4
16.2
Deferred tax assets and liabilities involving the same tax authority were offset against each other as follows:
Net deferred tax assets and liabilities
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
2024
2025
\u00a0
Total assets
Total liabilities
Total assets
Total liabilities
Property, plant and equipment
2.3
1,059.7
3.9
1,139.0
Tax-deductible goodwill
0.0
117.8
0.0
95.3
Write-downs of equity interests
66.4
0.0
50.3
0.0
Financial instruments
6.0
70.5
13.0
28.0
Special depreciation for tax purposes
1.4
77.5
0.4
75.5
Provisions for employee benefits relating to pensions and termination benefits (Sozialkapital)
80.1
0.0
58.3
0.0
Regulatory obligations
0.0
134.7
0.0
153.6
Tax loss carryforwards
95.6
0.0
83.4
0.0
Other line items
67.6
35.6
73.3
37.1
Deferred tax assets/liabilities
319.5
1,495.7
282.8
1,528.5
Netting of deferred tax assets and liabilities from the same tax authority
\u2013\u00a0260.2
\u2013\u00a0260.2
\u2013\u00a0226.6
\u2013\u00a0226.6
Net deferred tax assets and liabilities
59.3
1,235.5
56.2
1,301.9
Outside basis differences
As at 31\u00a0December 2025 (and in the previous year), it could be assumed under the applicable tax rules that the differences between the tax base of equity interests and the proportionate share of equity of the consolidated subsidiaries, branch offices, associates and joint arrangements (outside basis differences) included in VERBUND\u2019s consolidated IFRS financial statements, which result in particular from retained earnings and uncovered losses, will remain tax-free for the foreseeable future. Therefore, no tax liability was recognised at 31 December 2025 for temporary differences in the amount of \u20ac4,338.9m (previous year: \u20ac4,190.4m) in connection with those interests.
Unrecognised deferred tax assets
As of the reporting date, unrecognised deferred tax assets amounted to \u20ac33.7m (previous year: \u20ac0.0m). The unrecognised deferred tax assets relate exclusively to tax loss carryforwards that may be carried forward indefinitely.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-74": { "value": "Taxes on income
The corporate income tax rate applicable to VERBUND\u00a0AG for the 2025 reporting year was 23.0% (previous year: 23.0%). The following income tax rates are applied by consolidated subsidiaries (depending on the country in which they are domiciled):
Beginning with the 2005 reporting period, VERBUND took advantage of the option to form a consolidated tax group as permitted by legislation; VERBUND\u00a0AG is the tax group parent. The tax benefit resulting from the amortisation of goodwill (Section\u00a09(7) of the 1988 Corporate Income Tax Act (K\u00f6rperschaftsteuergesetz, KStG)) within the corporate group is treated as a temporary difference with respect to shares in subsidiaries (outside basis difference).
As a Group, VERBUND is subject to the Pillar Two model framework in various jurisdictions. VERBUND AG, as the ultimate parent entity (UPE) of the VERBUND Group, is primarily liable for the top-up tax under Pillar Two. The VERBUND Pillar Two Group comprises the Group\u2019s equity interests in the following jurisdictions: Austria, Germany, Romania, Italy, Spain, Albania and Israel. In addition to the aforementioned Pillar Two group, VERBUND has two Pillar Two joint ventures located in Spain and one in Germany. In Israel, a law was adopted on 31 December 2025 implementing parts of the OECD\u2019s Pillar Two recommendations, including the Qualified Domestic Minimum Top-up Tax. The legislation is applicable as of 1 January 2026. No draft Pillar\u00a0Two legislation had been issued for Albania at the time of preparation of these financial statements.
VERBUND has reviewed the use of the Transitional CbCR Safe Harbor framework for financial year 2025 with respect to all of the aforementioned legal entities. All entities were able to meet at least one of the three CbCR safe harbour tests in all jurisdictions in 2025. Hence no additional Pillar Two calculations were necessary, and no top-up tax had to be paid.
VERBUND has applied the mandatory exception for accounting for the deferred tax assets and liabilities arising from Pillar\u00a0Two income taxes.
Income taxes recognised in the income statement were as follows:
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-76": { "value": "
Beginning with the 2005 reporting period, VERBUND took advantage of the option to form a consolidated tax group as permitted by legislation; VERBUND\u00a0AG is the tax group parent. The tax benefit resulting from the amortisation of goodwill (Section\u00a09(7) of the 1988 Corporate Income Tax Act (K\u00f6rperschaftsteuergesetz, KStG)) within the corporate group is treated as a temporary difference with respect to shares in subsidiaries (outside basis difference).
As a Group, VERBUND is subject to the Pillar Two model framework in various jurisdictions. VERBUND AG, as the ultimate parent entity (UPE) of the VERBUND Group, is primarily liable for the top-up tax under Pillar Two. The VERBUND Pillar Two Group comprises the Group\u2019s equity interests in the following jurisdictions: Austria, Germany, Romania, Italy, Spain, Albania and Israel. In addition to the aforementioned Pillar Two group, VERBUND has two Pillar Two joint ventures located in Spain and one in Germany. In Israel, a law was adopted on 31 December 2025 implementing parts of the OECD\u2019s Pillar Two recommendations, including the Qualified Domestic Minimum Top-up Tax. The legislation is applicable as of 1 January 2026. No draft Pillar\u00a0Two legislation had been issued for Albania at the time of preparation of these financial statements.
VERBUND has reviewed the use of the Transitional CbCR Safe Harbor framework for financial year 2025 with respect to all of the aforementioned legal entities. All entities were able to meet at least one of the three CbCR safe harbour tests in all jurisdictions in 2025. Hence no additional Pillar Two calculations were necessary, and no top-up tax had to be paid.
VERBUND has applied the mandatory exception for accounting for the deferred tax assets and liabilities arising from Pillar\u00a0Two income taxes.
Income taxes recognised in the income statement were as follows:
Outside basis differences
As at 31\u00a0December 2025 (and in the previous year), it could be assumed under the applicable tax rules that the differences between the tax base of equity interests and the proportionate share of equity of the consolidated subsidiaries, branch offices, associates and joint arrangements (outside basis differences) included in VERBUND\u2019s consolidated IFRS financial statements, which result in particular from retained earnings and uncovered losses, will remain tax-free for the foreseeable future. Therefore, no tax liability was recognised at 31 December 2025 for temporary differences in the amount of \u20ac4,338.9m (previous year: \u20ac4,190.4m) in connection with those interests.
Unrecognised deferred tax assets
As of the reporting date, unrecognised deferred tax assets amounted to \u20ac33.7m (previous year: \u20ac0.0m). The unrecognised deferred tax assets relate exclusively to tax loss carryforwards that may be carried forward indefinitely.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-77": { "value": "
Taxes on income
\u00a0
\u20acm
\u00a0
2024
2025
Current tax expenses1
630.5
314.6
Current tax expenses2
8.0
108.1
Taxes on income
638.5
422.7
1 Current tax expenses include adjustments from prior periods of \u20ac+3.2m (previous year: \u20ac\u201110,5m). // \u00b2 Deferred income tax expenses include adjustments from prior periods in the amount of \u20ac+6.0m (previous year: \u20ac\u20138.5m).
Tax reconciliation
\u00a0
\u20acm
\u00a0
2024
2025
Computed income tax expense
639.0
486.7
Write-offs and write-ups of equity investments
\u2013\u00a07.4
7.5
Impairment testing of fixed assets
\u2013\u00a00.8
6.0
Deviating tax rates
9.0
4.0
Tax-exempt investment income
\u2013\u00a02.1
\u2013\u00a02.0
Interests accounted for using the equity method
\u2013\u00a023.3
\u2013\u00a019.6
Change in German corporate income tax rate
-
\u2013\u00a061.7
Other line items
5.0
11.0
Income tax expenses for the period
619.4
431.9
Income tax income or expenses from prior periods (current and deferred)
19.0
\u2013\u00a09.2
Recognised income tax expenses
638.5
422.7
Effective tax rate
23.0%
20.0%
In July 2025, the German Bundesrat approved an \u201cimmediate fiscal investment programme\u201d targeted at making the German economy more competitive and promoting economic growth. Among other measures, the programme calls for gradually reducing the corporate income tax rate from 15% to 10% starting in 2028. In addition to corporate income tax, corporations in Germany remain subject to the solidarity surcharge, which amounts to 5.5% of the corporate income tax assessed. Thus the reduction in the corporate income tax rate will also reduce the solidarity surcharge. The resulting remeasurement of deferred taxes gave rise to income of \u20ac61.7m as at 31 December 2025.
Deferred tax assets and liabilities involving the same tax authority were offset against each other as follows:
Net deferred tax assets and liabilities
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
2024
2025
\u00a0
Total assets
Total liabilities
Total assets
Total liabilities
Property, plant and equipment
2.3
1,059.7
3.9
1,139.0
Tax-deductible goodwill
0.0
117.8
0.0
95.3
Write-downs of equity interests
66.4
0.0
50.3
0.0
Financial instruments
6.0
70.5
13.0
28.0
Special depreciation for tax purposes
1.4
77.5
0.4
75.5
Provisions for employee benefits relating to pensions and termination benefits (Sozialkapital)
80.1
0.0
58.3
0.0
Regulatory obligations
0.0
134.7
0.0
153.6
Tax loss carryforwards
95.6
0.0
83.4
0.0
Other line items
67.6
35.6
73.3
37.1
Deferred tax assets/liabilities
319.5
1,495.7
282.8
1,528.5
Netting of deferred tax assets and liabilities from the same tax authority
\u2013\u00a0260.2
\u2013\u00a0260.2
\u2013\u00a0226.6
\u2013\u00a0226.6
Net deferred tax assets and liabilities
59.3
1,235.5
56.2
1,301.9
Outside basis differences
As at 31\u00a0December 2025 (and in the previous year), it could be assumed under the applicable tax rules that the differences between the tax base of equity interests and the proportionate share of equity of the consolidated subsidiaries, branch offices, associates and joint arrangements (outside basis differences) included in VERBUND\u2019s consolidated IFRS financial statements, which result in particular from retained earnings and uncovered losses, will remain tax-free for the foreseeable future. Therefore, no tax liability was recognised at 31 December 2025 for temporary differences in the amount of \u20ac4,338.9m (previous year: \u20ac4,190.4m) in connection with those interests.
Unrecognised deferred tax assets
As of the reporting date, unrecognised deferred tax assets amounted to \u20ac33.7m (previous year: \u20ac0.0m). The unrecognised deferred tax assets relate exclusively to tax loss carryforwards that may be carried forward indefinitely.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-78": { "value": "Earnings per share
Earnings per share
\u00a0
\u20acm
\u00a0
2024
2025
Profit for the period
2,139.7
1,693.4
Profit for the period attributable to non-controlling interests
\u2013\u00a0264.4
\u2013\u00a0204.0
Group result
1,875.3
1,489.4
Weighted average number of shares in circulation
347,415,686
347,415,686
Earnings per share in \u20ac1
5.40
4.29
1 Since no options to subscribe to new shares have been issued, nor are there any other facts or circumstances that could have a diluting effect, basic and diluted earnings per share are the same.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-80": { "value": "Notes to the cash flow statementThe indirect method has been used to prepare VERBUND\u2019s cash flow statement. The composition of cash and cash equivalents is set out in section\u00a06 \u201cWorking capital\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-79": { "value": "Notes to the cash flow statementThe indirect method has been used to prepare VERBUND\u2019s cash flow statement. The composition of cash and cash equivalents is set out in section\u00a06 \u201cWorking capital\u201d.
Additions to intangible assets and property, plant and equipment resulted in outstanding current liabilities in the amount of \u20ac229.0m (previous year: \u20ac246.0m).
Additional information on cash flow from financing activities
Additional information on cash flow from financing activities
\u00a0
\u20acm
\u00a0
2024
2025
Dividends paid to the shareholders of VERBUND\u00a0AG
\u2013\u00a01,441.8
\u2013\u00a0972.8
Dividends paid to non-controlling interests
\u2013\u00a0492.2
\u2013\u00a0356.7
Changes in liabilities from financing activities
The following table shows the changes in liabilities from financing activities, including both cash and non-cash changes. Liabilities from financing activities where the associated cash flows have been or will be reported in the cash flow statement are classified as cash flows from financing activities.
Additional information regarding liabilities from financing activities\u00a0
\u20acm
\u00a0
Non-cash changes
\u00a0
2025
Balance at 1/1/2025
Cash flow from financing activities
Change in the basis of consolidation
Fair value adjustments
Changes in exchange rates
Other changes
Balance at 31/12/2025
Bonds
1,135.4
\u2013\u00a013.6
0.0
0.0
0.0
5.0
1,126.7
Financial liabilities to banks
984.2
109.3
21.3
\u2013\u00a08.8
\u2013\u00a044.5
\u2013\u00a073.8
987.7
Other financial liabilities
145.0
\u2013\u00a00.4
0.0
0.0
0.0
0.3
145.0
Capital shares attributable to limited partners
10.7
0.0
0.0
0.0
0.0
2.7
13.4
Total liabilities from financing activities
2,275.2
95.3
21.3
\u2013\u00a08.8
\u2013\u00a044.5
\u2013\u00a065.7
2,272.8
Additional information regarding liabilities from financing activities
\u20acm
\u00a0
Non-cash changes
\u00a0
2024
Balance at 1/1/2024
Cash flow from financing activities
Change in the basis of consolidation
Fair value adjustments
Changes in exchange rates
Other changes
Balance at 31/12/2024
Bonds
1,142.7
\u2013\u00a020.4
0.0
0.0
0.0
13.2
1,135.4
Financial liabilities to banks
1,097.4
\u2013\u00a0194.5
43.8
\u2013\u00a03.3
22.9
17.9
984.2
Other financial liabilities
159.6
\u2013\u00a014.7
0.0
0.0
0.0
0.1
145.0
Capital shares attributable to limited partners
8.3
0.0
0.0
0.0
0.0
2.4
10.7
Total liabilities from financing activities
2,408.0
\u2013\u00a0229.7
43.8
\u2013\u00a03.3
22.9
33.5
2,275.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-81": { "value": "Additional information on cash flow from financing activities
Additional information on cash flow from financing activities
\u00a0
\u20acm
\u00a0
2024
2025
Dividends paid to the shareholders of VERBUND\u00a0AG
\u2013\u00a01,441.8
\u2013\u00a0972.8
Dividends paid to non-controlling interests
\u2013\u00a0492.2
\u2013\u00a0356.7
Accumulated profits/losses
A dividend distribution of \u20ac3.15 per share (previous year: \u20ac2.80 per share)\u00a0\u2013 including a special dividend of \u20ac1.15 per share (previous year: \u20ac0.00 per share)\u00a0\u2013 will be proposed to the Annual General Meeting.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-82": { "value": "
4.
Non-current assets
4.7
Investments and other non-current receivables
Investments and loans are classified pursuant to the provisions of IFRS\u00a09. Acquisitions and disposals of investments are recognised as at the trading date. The carrying amount of financial assets measured at amortised cost is determined using the effective interest method in consideration of any impairment losses. The carrying amount of financial assets measured at fair value in the balance sheet is derived pursuant to the IFRS\u00a013 fair value hierarchy (see section\u00a05 \u201cFinancial instruments\u201d). The notes regarding closed items on the balance sheet can be found in section\u00a08.1 \u201cFinancial liabilities\u201d as well as in section\u00a011.1 \u201cRisk management in the finance area\u201d.

Investments and other non-current receivables
Investments and other non-current receivables
\u00a0
\u20acm
\u00a0
2024
2025
Investments \u2013 closed items on the balance sheet
347.6
123.6
Other investments and other receivables
455.4
491.7
Total
803.0
615.3
Investments \u2013 cross-border leasing and closed items on the balance sheet
\u20acm
\u00a0
Securities (loan stock rights) under closed items on the balance sheet
Other loans under closed items on the balance sheet
Total
2025
\u00a0
\u00a0
\u00a0
(Amortised) cost as at 1/1
77.9
364.4
442.3
Foreign exchange differences
\u2013\u00a09.8
\u2013\u00a034.7
\u2013\u00a044.5
Additions
5.8
9.1
14.9
Capitalised interest
0.2
6.3
6.5
Disposals
0.0
\u2013\u00a093.4
\u2013\u00a093.4
Amortised acquisition cost as at 31/12
74.1
251.6
325.8
of which non-current assets
74.1
49.5
123.7
of which current assets
0.0
202.1
202.1
Investments \u2013 cross-border leasing and closed items on the balance sheet
\u20acm
\u00a0
Securities (loan stock rights) under closed items on the balance sheet
Other loans under closed items on the balance sheet
Total
2024
\u00a0
\u00a0
\u00a0
(Amortised) cost as at 1/1
71.9
329.5
401.4
Foreign exchange differences
4.4
19.0
23.5
Additions
2.8
8.7
11.5
Capitalised interest
0.0
12.3
12.3
Disposals
\u2013\u00a01.2
\u2013\u00a05.1
\u2013\u00a06.4
Amortised acquisition cost as at 31/12
77.9
364.4
442.3
of which non-current assets
77.9
269.7
347.6
of which current assets
0.0
94.7
94.7
As at 31\u00a0December 2025, securities consisted of medium-term notes in a notional amount of $84.1m (previous year: $78.1m) and with an amortised cost of \u20ac74.1m (previous year: \u20ac77.9m).
Securities in the amount of \u20ac71.4m (previous year: \u20ac77.9m) and loans in the amount of \u20ac251.6m (previous year: \u20ac364.4m) have been pledged. All of the securities and loans serve as collateral for bank loans.
Securities in the amount of \u20ac173.6m (previous year: \u20ac174.8m) primarily include shares in investment funds to cover employee benefit obligations. The securities were classified as measured at fair value through profit or loss.
Other investments and other non-current receivables\u00a0
\u20acm
\u00a0
Loans to affiliated companies \u2013 not included in the basis of consolidation
Loans to investees
Securities (loan stock rights)
Other loans
Total
2025
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cost as at 1/1
0.0
54.8
178.1
7.5
240.4
Additions
0.0
0.3
1.8
0.4
2.5
Disposals
0.0
0.0
0.0
0.0
0.0
Reclassifications
5.4
\u2013\u00a04.0
\u2013\u00a01.1
0.0
0.4
Cost as at 31/12
5.4
51.1
178.8
7.9
243.2
Accumulated value adjustments as at 1/1
0.0
0.0
\u2013\u00a03.3
0.0
\u2013\u00a03.3
Impairment losses
0.0
0.0
\u2013\u00a02.8
0.0
\u2013\u00a02.8
Fair value measurement in OCI
0.0
0.0
0.9
0.0
0.9
Accumulated value adjustments as at 31/12
0.0
0.0
\u2013\u00a05.2
0.0
\u2013\u00a05.2
Net carrying amount as at 31/12
5.4
51.1
173.6
7.9
238.0
Net carrying amount as at 1/1
0.0
54.8
174.8
7.5
237.2
Net carrying amount of other non-current receivables as at 31/12
\u00a0
\u00a0
\u00a0
\u00a0
253.7
Net carrying amount of other non-current receivables as at 1/1
\u00a0
\u00a0
\u00a0
\u00a0
218.2
Net carrying amount total as at 31/12
\u00a0
\u00a0
\u00a0
\u00a0
491.7
Net carrying amount total as at 1/1
\u00a0
\u00a0
\u00a0
\u00a0
455.4
Other investments and other non-current receivables\u00a0
\u20acm
\u00a0
Loans to investees
Securities (loan stock rights)
Other loans
Total
2024
\u00a0
\u00a0
\u00a0
\u00a0
Cost as at 1/1
46.1
177.4
5.8
229.4
Additions
0.0
3.3
1.7
5.0
Disposals
0.0
\u2013\u00a00.7
0.0
\u2013\u00a00.7
Reclassifications
8.7
\u2013\u00a01.9
0.0
6.8
Cost as at 31/12
54.8
178.1
7.5
240.5
Cumulative value adjustments
as at 1/1
0.0
\u20139.6
0.0
\u2013\u00a09.6
Reversals of impairment losses
0.0
4.5
0.0
4.5
Fair value through OCI
0.0
1.0
0.0
1.0
Disposals
0.0
0.8
0.0
0.8
Cumulative value adjustments
as at 31/12
0.0
\u2013\u00a03.3
0.0
\u2013\u00a03.3
Net carrying amount as at 31/12
54.8
174.8
7.5
237.2
Net carrying amount as at 1/1
46.1
167.8
5.9
219.8
Net carrying amount of other
non-current receivables as at 31/12
\u00a0
\u00a0
\u00a0
218.2
Net carrying amount of other
non-current receivables as at 1/1
\u00a0
\u00a0
\u00a0
198.0
Total net carrying amount as at 31/12
\u00a0
\u00a0
\u00a0
455.4
Total net carrying amount as at 1/1
\u00a0
\u00a0
\u00a0
417.8
Further details on receivables from derivative financial instruments can be found in sections 11.1 \u201cRisk management in the finance area\u201d and 11.2 \u201cRisk management in the energy area\u201d.
6.3
Trade receivables, other receivables and securities
Trade receivables, other receivables and securities
Trade receivables, other receivables and securities
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Trade receivables
\u2013
\u2013
865.9
758.3
Receivables from investees
\u2013
\u2013
39.6
35.0
Loans \u2013 closed items on the balance sheet
269.7
49.5
94.7
202.2
Loans to investees
54.8
51.1
4.0
5.1
Other receivables and assets
(excluding current tax receivables)
218.2
253.7
251.0
341.1
Trade receivables, other receivables and securities
542.7
354.3
1,255.1
1,341.6
Current tax receivables plus other receivables and assets
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Current tax receivables
\u2013
\u2013
16.8
113.0
Securities
\u2013
\u2013
2.5
1.1
Guarantees in electricity trading
132.0
136.6
77.2
63.4
Emission rights
\u2013
\u2013
48.9
70.9
Receivables from tax clearing
(excluding current tax receivables)
\u2013
\u2013
8.3
117.0
Other
86.2
117.1
113.8
88.8
Other receivables and assets
218.2
253.7
250.9
341.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-83": { "value": "
4.
Non-current assets
Property, plant and equipment
Property, plant and equipment\u00a0
\u20acm
\u00a0
Land and buildings
Machi-
nery
Electrical installations
Power lines
Office and plant equipment
Gas pipelines
Plants under construction and projects
Total
2025
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cost as at 1/1
8,889.6
5,857.6
5,250.6
1,704.6
333.7
778.1
2,220.7
25,034.7
Foreign exchange differences
\u2013\u00a01.4
\u2013\u00a05.8
\u2013\u00a00.4
0.0
0.0
0.0
0.0
\u2013\u00a07.6
Change in the scope of consolidation
0.0
0.0
0.0
0.0
0.0
0.0
139.4
139.4
Additions from asset acquisitions
0.0
37.8
0.0
0.0
0.0
0.0
21.0
58.8
Additions
65.1
53.9
75.6
0.5
25.7
5.1
1,013.4
1,239.3
Disposals
\u2013\u00a04.3
\u2013\u00a011.5
\u2013\u00a042.8
\u2013\u00a015.5
\u2013\u00a023.6
\u2013\u00a00.4
\u2013\u00a04.2
\u2013\u00a0102.4
Reclassifications1
414.1
139.9
437.8
674.4
23.0
1.2
\u2013\u00a01,694.0
\u2013\u00a03.5
Cost as at 31/12
9,363.2
6,071.9
5,720.8
2,364.0
358.7
784.1
1,696.2
26,358.6
Accumulated depreciation as at 1/1
3,895.8
3,274.8
3,056.1
949.8
219.9
553.7
14.9
11,964.9
Foreign exchange differences
\u2013\u00a00.7
\u2013\u00a02.9
\u2013\u00a00.2
0.0
0.0
0.0
0.0
\u2013\u00a03.8
Change in the scope of consolidation
0.0
0.0
0.0
0.0
0.0
0.0
34.2
34.2
Depreciation and amortisation
130.4
167.5
186.1
46.0
29.3
17.1
0.0
576.3
Impairment losses
2.8
10.7
22.0
0.0
0.0
0.0
12.8
48.4
Reversals of impairment losses
\u2013\u00a00.1
\u2013\u00a01.2
\u2013\u00a00.1
0.0
0.0
0.0
\u2013\u00a021.7
\u2013\u00a023.1
Disposals
\u2013\u00a02.1
\u2013\u00a08.2
\u2013\u00a039.2
\u2013\u00a08.3
\u2013\u00a022.9
\u2013\u00a00.4
\u2013\u00a00.1
\u2013\u00a081.1
Reclassifications
5.2
\u2013\u00a02.6
0.3
0.0
0.3
\u2013\u00a04.7
1.7
0.3
Accumulated depreciation
as at 31/12
4,031.3
3,438.2
3,225.0
987.5
226.5
565.8
41.9
12,516.0
Net carrying amount as at 31/12
5,331.8
2,633.8
2,495.8
1,376.5
132.2
218.3
1,654.3
13,842.6
Net carrying amount as at 1/1
4,993.9
2,582.8
2,194.5
754.9
113.8
224.4
2,205.8
13,069.9
1 Reclassifications under \u201cplants under construction and projects\u201d mainly relate to the Limberg III investment project and the 380-kV high-voltage Salzburg line
Property, plant and equipment\u00a0
\u20acm
\u00a0
Land and buildings
Machinery
Electrical installations
Power lines
Office and plant equipment
Gas pipelines
Plants under construction and projects
Total
2024
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cost as at 1/1
8,597.7
5,580.6
4,952.3
1,688.6
297.8
771.9
1,998.4
23,887.2
Additions
96.4
170.0
114.5
4.8
39.4
6.8
752.5
1,184.5
Disposals
\u2013\u00a02.0
\u2013\u00a010.3
\u2013\u00a08.6
\u2013\u00a00.4
\u2013\u00a08.6
\u2013\u00a00.7
\u2013\u00a01.7
\u2013\u00a032.2
Reclassifications
197.5
117.2
192.3
11.5
5.1
0.1
\u2013\u00a0528.5
\u2013\u00a04.8
Cost as at 31/12
8,889.6
5,857.6
5,250.6
1,704.6
333.7
778.1
2,220.7
25,034.7
Accumulated depreciation as at 1/1
3,728.1
3,031.4
2,867.9
912.2
196.9
437.0
15.8
11,189.2
Additions
0.0
23.4
0.0
0.0
0.0
0.0
0.0
23.4
Depreciation and amortisation
122.6
165.0
165.4
35.4
28.6
20.0
0.0
537.0
Impairment losses
40.6
78.0
37.4
2.2
2.5
97.4
8.7
266.9
Reversals of impairment losses
\u2013\u00a05.7
\u2013\u00a013.2
\u2013\u00a09.3
0.0
0.0
0.0
0.0
\u2013\u00a028.3
Disposals
\u2013\u00a00.6
\u2013\u00a07.8
\u2013\u00a07.0
0.0
\u2013\u00a08.2
\u2013\u00a00.7
0.0
\u2013\u00a024.2
Reclassifications
10.8
\u2013\u00a02.0
1.7
0.0
0.1
0.0
\u2013\u00a09.6
0.9
Accumulated depreciation as at 31/12
3,895.8
3,274.8
3,056.1
949.8
219.9
553.7
14.9
11,964.9
Net carrying amount
as at 31/12
4,993.9
2,582.8
2,194.5
754.9
113.8
224.4
2,205.8
13,069.9
Net carrying amount
as at 1/1
4,869.5
2,549.3
2,084.4
776.5
100.9
334.9
1,982.5
12,697.9
Additions1
\u00a0
\u20acm
\u00a0
2024
2025
Replacement and general overhaul of substations
83.5
187.0
Kaprun \u2013 Limberg III power plant
168.7
135.5
Upper Austrian grid area/Weinviertel
76.4
103.0
380-kV Salzburg line
68.3
101.9
Automation of hydropower plants
47.0
67.7
Wind parks acquired in Germany
71.1
37.8
Battery storage projects
11.9
36.7
Photovoltaic projects under construction in Spain
25.1
31.9
Landl power plant
0.0
26.9
Laufnitzdorf power plant
10.9
24.7
Rei\u00dfeck pumping station
18.9
22.3
Wind projects under construction in Germany
0.0
21.0
Braunau/Simbach power plant
0.0
20.8
Egglfing-Obernberg power plant
0.0
15.4
Other additions (< \u20ac15.0m each)
579.3
465.7
Additions to property, plant and equipment and
additions from asset acquisitions
1,161.1
1,298.1
1 The additions relating to acquisitions from subsidiaries classified as acquisitions of assets (see Scope of consolidation in section 1.2) are reported as net values (acquisition costs less accumulated depreciation and amortisation).", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-84": { "value": "
4.
Non-current assets
4.2
Property, plant and equipment
Property, plant and equipment is measured at cost (including decommissioning and dismantling costs required to be capitalised) less straight-line depreciation and any impairment losses. The cost of internally manufactured plant and equipment includes the appropriate indirect material and production costs in addition to direct material and production costs. Borrowing costs are capitalised if there are qualifying assets. A qualifying asset exists at VERBUND if a period of at least twelve months is required until the asset is ready for use or sale. VERBUND\u2019s average monthly borrowing costs in the 2025 reporting period were approximately 2.0% (previous year: approx. 2.0%).
Depreciation charges on property, plant and equipment subject to wear and tear are based on the expected useful lives of the individual components of property, plant and equipment. Specifically, the following useful lives are applied:
Useful life
In years
Residential, office, plant and other plant facilities
10\u00a0\u2013\u00a050
Hydraulic structures
20\u00a0\u2013\u00a0100
Gas pipelines
30
Machinery
10\u00a0\u2013\u00a080
Electrical installations
3\u00a0\u2013\u00a050
Power lines
50
Operating and office equipment
4\u00a0\u2013\u00a010
The expected useful life of hydropower plants is determined independently of the duration of water rights permits because it is presumed that the permits will be reissued when they expire. Based on experience, this also applies to those Bavarian run-of-river power plants that have reversion rights for the benefit of the Free State of Bavaria. The expected useful life of Donaukraftwerk\u00a0Jochenstein was also determined independently of an existing obligation to return the power plant in 2050 (see section\u00a08.2 \u201cOther non-current liabilities\u201d), since it is expected that VERBUND will continue to own and operate Donaukraftwerk\u00a0Jochenstein even after the year 2050.
In accordance with IAS\u00a036, the recoverability of the carrying amounts of items of property, plant and equipment is tested whenever there is an indication that an asset may be impaired (see section\u00a04.4 \u201cRecoverability of non-financial assets\u201d).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-85": { "value": "
4.
Non-current assets
Research and development costs
Development costs were capitalised in the amount of \u20ac7.0m (previous year: \u20ac2.4m) in accordance with IAS\u00a038. Expenses for research in a total amount of \u20ac15.1m were recognised in profit or loss in the 2025 reporting period (previous year: \u20ac12.3m).
Intangible assets
Intangible assets
\u00a0
\u00a0
\u20acm
\u00a0
Concessions, rights, licences
Goodwill
Total
2025
\u00a0
\u00a0
\u00a0
Cost as at 1/1
1,055.7
1,034.3
2,090.0
Foreign exchange differences
\u2013\u00a00.1
0.0
\u2013\u00a00.1
Change in the scope of consolidation
\u2013\u00a0139.9
0.0
\u2013\u00a0139.9
Additions
92.8
0.0
92.8
Disposals
\u2013\u00a02.9
0.0
\u2013\u00a02.9
Reclassifications
3.4
0.0
3.4
Cost as at 31/12
1,009.0
1,034.3
2,043.3
Accumulated amortisation as at 1/1
585.0
399.8
984.8
Change in the scope of consolidation
\u2013\u00a034.2
0.0
\u2013\u00a034.2
Depreciation and amortisation
30.6
0.0
30.6
Impairment losses
2.7
0.0
2.7
Reversals of impairment losses
\u2013\u00a027.8
0.0
\u2013\u00a027.8
Disposals
\u2013\u00a01.4
0.0
\u2013\u00a01.4
Reclassifications
\u2013\u00a00.2
0.0
\u2013\u00a00.2
Accumulated amortisation as at 31/12
554.6
399.8
954.4
Net carrying amount as at 31/12
454.4
634.5
1,088.9
Net carrying amount as at 1/1
470.8
634.5
1,105.2
Intangible assets
\u00a0
\u00a0
\u20acm
\u00a0
Concessions, rights, licences
Goodwill
Total
2024
\u00a0
\u00a0
\u00a0
Cost as at 1/1
976.2
1,034.3
2,010.5
Additions
63.4
0.0
63.4
Disposals
\u2013\u00a02.7
0.0
\u2013\u00a02.7
Reclassifications
18.8
0.0
18.8
Cost as at 31/12
1,055.7
1,034.3
2,090.0
Accumulated amortisation as at 1/1
610.5
399.8
1,010.3
Depreciation and amortisation
25.1
0.0
25.1
Impairment losses
24.7
0.0
24.7
Reversals of impairment losses
\u2013\u00a086.1
0.0
\u2013\u00a086.1
Disposals
\u2013\u00a02.4
0.0
\u2013\u00a02.4
Reclassifications
13.2
0.0
13.2
Accumulated amortisation as at 31/12
585.0
399.8
984.8
Net carrying amount as at 31/12
470.8
634.5
1,105.2
Net carrying amount as at 1/1
365.7
634.5
1,000.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-86": { "value": "
4.
Non-current assets
Intangible assets
Intangible assets
\u00a0
\u00a0
\u20acm
\u00a0
Concessions, rights, licences
Goodwill
Total
2025
\u00a0
\u00a0
\u00a0
Cost as at 1/1
1,055.7
1,034.3
2,090.0
Foreign exchange differences
\u2013\u00a00.1
0.0
\u2013\u00a00.1
Change in the scope of consolidation
\u2013\u00a0139.9
0.0
\u2013\u00a0139.9
Additions
92.8
0.0
92.8
Disposals
\u2013\u00a02.9
0.0
\u2013\u00a02.9
Reclassifications
3.4
0.0
3.4
Cost as at 31/12
1,009.0
1,034.3
2,043.3
Accumulated amortisation as at 1/1
585.0
399.8
984.8
Change in the scope of consolidation
\u2013\u00a034.2
0.0
\u2013\u00a034.2
Depreciation and amortisation
30.6
0.0
30.6
Impairment losses
2.7
0.0
2.7
Reversals of impairment losses
\u2013\u00a027.8
0.0
\u2013\u00a027.8
Disposals
\u2013\u00a01.4
0.0
\u2013\u00a01.4
Reclassifications
\u2013\u00a00.2
0.0
\u2013\u00a00.2
Accumulated amortisation as at 31/12
554.6
399.8
954.4
Net carrying amount as at 31/12
454.4
634.5
1,088.9
Net carrying amount as at 1/1
470.8
634.5
1,105.2
Intangible assets
\u00a0
\u00a0
\u20acm
\u00a0
Concessions, rights, licences
Goodwill
Total
2024
\u00a0
\u00a0
\u00a0
Cost as at 1/1
976.2
1,034.3
2,010.5
Additions
63.4
0.0
63.4
Disposals
\u2013\u00a02.7
0.0
\u2013\u00a02.7
Reclassifications
18.8
0.0
18.8
Cost as at 31/12
1,055.7
1,034.3
2,090.0
Accumulated amortisation as at 1/1
610.5
399.8
1,010.3
Depreciation and amortisation
25.1
0.0
25.1
Impairment losses
24.7
0.0
24.7
Reversals of impairment losses
\u2013\u00a086.1
0.0
\u2013\u00a086.1
Disposals
\u2013\u00a02.4
0.0
\u2013\u00a02.4
Reclassifications
13.2
0.0
13.2
Accumulated amortisation as at 31/12
585.0
399.8
984.8
Net carrying amount as at 31/12
470.8
634.5
1,105.2
Net carrying amount as at 1/1
365.7
634.5
1,000.2
4.4.1 Impairment testing of goodwill
For the purpose of impairment testing, VERBUND\u2019s goodwill was allocated to the following cash-generating units or groups of cash-generating units:
Goodwill
\u00a0
\u20acm
\u00a0
2024
2025
Hydro segment
287.0
287.0
Sales segment
13.0
13.0
Inn River power plant group
126.6
126.6
Grenzkraftwerke power plant group
161.1
161.1
SMATRICS GmbH & Co KG
40.5
40.5
Solar power
6.4
6.4
Goodwill
634.6
634.6
Impairment testing of goodwill for the Hydro segment
\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
All hydraulic generation plants of VERBUND plus goodwill and deferred tax items
All hydraulic generation plants of VERBUND plus goodwill and deferred tax items
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Average expected generation of the respective power plants
Average expected generation of the respective power plants
Pricing
Internal price forecasts and power plant-specific premiums or discounts (for example, the sale of guarantees of origin)
Internal price forecasts and power plant-specific premiums or discounts (for example, the sale of guarantees of origin)
Planning period
Detailed planning phase: up to a maximum of 6 years depending on the specific power plant; rough planning phase: up to a maximum of 30 years depending on the specific power plant; subsequent terminal value phase following rough planning phase depending on the specific power plant
Detailed planning phase: up to a maximum of 6 years depending on the specific power plant; rough planning phase: up to a maximum of 29 years depending on the specific power plant; subsequent terminal value phase following rough planning phase depending on the specific power plant
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00%\u2013\u00a09.50% depending on the location
WACC: 5.50%\u2013\u00a09.25% depending on the location
Impairment loss during the period2
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 6.59%\u2013\u00a010.52% (previous year: 6.15%\u2013\u00a010.75%). // 2 In the opinion of Management, the carrying amount of the Hydro segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Sales segment
\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
All of VERBUND\u2019s sales activities plus goodwill
All of VERBUND\u2019s sales activities plus goodwill
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Expected trading and distribution volumes
Expected trading and distribution volumes
Pricing
Expected trading and distribution volumes
Expected trading and distribution volumes
Planning period
Detailed planning phase of 6 years followed by a terminal value phase
Detailed planning phase of 6 years followed by a terminal value phase
Key valuation assumptions
Expected trading and distribution volumes as well as trading and sales margins
Expected trading and distribution volumes as well as trading and sales margins
After-tax discount rate1
WACC after taxes: 5.00%\u2013\u00a011.75%
WACC after taxes: 5.50%\u2013\u00a09.25%
Impairment loss during the period2
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.31%\u2013\u00a011.04% (previous year: 7.10%\u2013\u00a012.89%) // 2 In the opinion of Management, the carrying amount of the Sales segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Inn River run-of-river power plant group\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Run-of-river power plants of the Inn River power plant group1, each of which also represents a cash-generating unit, plus goodwill and deferred tax accruals
Run-of-river power plants of the Inn River power plant group1, each of which also represents a cash-generating unit, plus goodwill and deferred tax accruals
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND Innkraftwerke GmbH budgets (based primarily on market data)
VERBUND Innkraftwerke GmbH budgets (based primarily on market data)
Volume
Annual output corresponding to the mean energy capability of 1,983\u00a0GWh
Annual output corresponding to the mean energy capability of 1,983\u00a0GWh
Pricing
Internal price forecasts; discounts for generation characteristics and hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted price); consideration of water charges based on official notices; estimate of maintenance costs by the managers responsible
External price forecasts; discounts for generation characteristics and the hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices); consideration of the water charges based on official notices; estimate of the maintenance costs by the managers responsible
Planning period
Detailed planning phase: 6 years; rough planning phase: 30 years followed by a terminal value phase
Detailed planning phase: 6 years; rough planning phase: 29 years followed by a terminal value phase
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate2
WACC: 5.00%
WACC: 5.50%
Impairment loss during the period3
\u2013
\u2013
1 The Inn River power plant group comprises the following run-of-river power plants: Aubach, Feldkirchen, Gars, Jettenbach II, Neu\u00f6tting, Perach, Rosenheim, Stammham, Teufelsbruck, T\u00f6ging, Wasserburg. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 6.53% (previous year: 6.15%). // 3 In the opinion of Management, the carrying amount of Kraftwerksgruppe Inn assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Grenzkraftwerke run-of river power plant group1\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Run-of-river power plants of the Grenzkraftwerke power plant group2, each of which represents a cash-generating unit, plus goodwill and deferred tax accruals
Run-of-river power plants of the Grenzkraftwerke power plant group2, each of which represents a cash-generating unit, plus goodwill and deferred tax accruals
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
Grenzkraftwerke GmbH\u2019s budgets (based primarily on market data)
Grenzkraftwerke GmbH\u2019s budgets (based primarily on market data)
Volume
Annual output corresponding to the mean energy capability of 3,957\u00a0GWh
Annual output corresponding to the mean energy capability of 3,999\u00a0GWh
Pricing
Internal price forecasts; discounts for generation characteristics and hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted price); consideration of water charges based on official notices; estimate of maintenance costs by the managers responsible
External price forecasts; discounts for generation characteristics and the hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices); consideration of the water charges based on official notices; estimate of the maintenance costs by the managers responsible
Planning period
Detailed planning phase: 6 years; rough planning phase: 30 years followed by a terminal value phase
Detailed planning phase: 6 years; rough planning phase: 29 years followed by a terminal value phase
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate3
WACC: 5.25%
WACC: 5.75%
Impairment loss during the period4
\u2013
\u2013
1 The following information relates to the second step of the two-step impairment test of the Grenzkraftwerke power plant group. The recoverability of the individual run-of-river power plant assets was tested in the first step. // 2 The Grenzkraftwerke power plant group comprises the following power plants: Braunau-Simbach, Egglfing-Obernberg, Ering-Frauenstein, Jochenstein, Nu\u00dfdorf, Oberaudorf-Ebbs, Passau-Ingling and Sch\u00e4rding-Neuhaus. // 3 The implicit input tax interest rate determined through a process of iteration amounted to 6.81%\u2013\u00a06.87% (previous year: 6.35%\u2013\u00a06.43%). // 4 In the opinion of Management, the carrying amount of the Grenzkraftwerke power plant group's assets (less deferred tax liabilities) including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for SMATRICS GmbH & Co KG\u00a0
\u00a0
31/12/2024
31/12/2025
Cash-generating unit
SMATRICS GmbH & Co KG, full-service provider for electromobility charging solutions
SMATRICS GmbH & Co KG, full-service provider for electromobility charging solutions
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
SMATRICS GmbH & Co KG budgets (based primarily on market data)
SMATRICS GmbH & Co KG budgets (based primarily on market data)
Volume
Electric vehicle charging points
Electric vehicle charging points
Pricing
Electric vehicle charging rates
Electric vehicle charging rates
Planning period
Detailed planning phase: 11 years plus subsequent terminal value phase
Detailed planning phase: 11 years plus subsequent terminal value phase
Key valuation assumptions
Electric vehicle charging points, discount rate
Electric vehicle charging points, discount rate
After-tax discount rate1
WACC: 11.75%
WACC: 9.25%
Impairment loss during the period
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 11.04% (previous year: 12.89%).
Sensitivity analysis for SMATRICS GmbH & Co KG as at 31/12/2025\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
9.25%
\u00b1 0.25 PP
\u20ac\u2013\u00a06.1m
\u20ac+\u00a06.5m
1 A change in the after-tax discount rate of +\u00a03.39 PP or more would mean that the carrying amount exceeds the recoverable amount.
Sensitivity analysis for SMATRICS GmbH & Co KG as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
11.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a04.2m
\u20ac+\u00a04.4m
Impairment testing of goodwill from Solarpower\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Solarpower (VERBUND Engineers4Energy GmbH/Electriply GmbH): construction of photovoltaic systems and distribution of components
Solarpower (VERBUND Engineers4Energy GmbH/Electriply GmbH): construction of photovoltaic systems and distribution of components
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
MWp plant engineering, sales volumes of Photovoltaik components
MWp plant engineering, sales volumes of Photovoltaik components
Pricing
Purchase prices for photovoltaic modules, inverters and mounting structures; purchased installation services; internal forecasts for project costs and own work
Purchase prices for photovoltaic modules, inverters and mounting structures; purchased installation services; internal forecasts for project costs and own work
Planning period
Detailed planning phase: 6 years plus subsequent terminal value phase
Detailed planning phase: 6 years plus subsequent terminal value phase
Key valuation assumptions
Price assumptions (\u20ac/MWp), discount rate
Price assumptions (\u20ac/MWp), discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Impairment loss during the period
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.31% (previous year: 7.12%)
Sensitivity analysis for Solarpower as at 31/12/2025\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.7m
\u20ac+\u00a01.9m
1 A change in the after-tax discount rate of +\u00a05.81 PP or more would mean that the carrying amount exceeds the recoverable amount.
Sensitivity analysis for Solarpower as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.8m
\u20ac+\u00a02.0m
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-87": { "value": "
4.
Non-current assets
4.1
Intangible assets
Other intangible assets
In accordance with IAS\u00a038, purchased intangible assets are measured at cost less straight-line amortisation and any impairment losses, unless the assets have indefinite useful lives. Most of these assets have useful lives of between 10 and 20\u00a0years. Software is amortised over a period of four years.
Emission allowances
Emission rights are accounted for in accordance with the accounting policies set forth in IAS 38, IAS 20 and IAS 37 at fair value (rights allotted without exchange of consideration) or at cost (purchased rights). With respect to emission allowances allotted without an exchange of consideration, an item of deferred income is recognised for the grant received in the amount of the fair value of the allowances. The item of deferred income recognised is reversed to profit or loss (under fuel expenses) when the emission allowances are used, amortised or sold. The obligation to return the allowances is taken into account by means of an \u201cother\u201d liability. If cover is insufficient, VERBUND recognises an additional provision in the amount of the fair value of the emission allowances that are lacking.
Emission allowances held for trading by VERBUND are reported in profit or loss under other revenue. In accordance with the brokerage exemption for raw materials and commodity traders, the measurement benchmark is fair value less costs to sell.
Recoverability of intangible assets and property, plant and equipment
Under IAS\u00a036, the recoverability of carrying amounts is tested whenever there is an indication that an asset may be impaired, especially in the case of intangible assets and property, plant and equipment. An impairment test is required to be conducted at least once per year for goodwill, intangible assets with an indefinite useful life and intangible assets that are not yet available for use (see section\u00a04.4.1 \u201cImpairment testing of goodwill\u201d).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-88": { "value": "
4.
Non-current assets
Intangible assets
Goodwill
Goodwill is not subject to amortisation but is tested for impairment at least once per year in accordance with IAS\u00a036 (see section\u00a04.4.1 \u201cImpairment testing of goodwill\u201d). In addition, a qualitative analysis of whether there is any indication of impairment is conducted at the reporting date for all consolidated interim financial statements.
Other intangible assets
In accordance with IAS\u00a038, purchased intangible assets are measured at cost less straight-line amortisation and any impairment losses, unless the assets have indefinite useful lives. Most of these assets have useful lives of between 10 and 20\u00a0years. Software is amortised over a period of four years.
Emission allowances
Emission rights are accounted for in accordance with the accounting policies set forth in IAS 38, IAS 20 and IAS 37 at fair value (rights allotted without exchange of consideration) or at cost (purchased rights). With respect to emission allowances allotted without an exchange of consideration, an item of deferred income is recognised for the grant received in the amount of the fair value of the allowances. The item of deferred income recognised is reversed to profit or loss (under fuel expenses) when the emission allowances are used, amortised or sold. The obligation to return the allowances is taken into account by means of an \u201cother\u201d liability. If cover is insufficient, VERBUND recognises an additional provision in the amount of the fair value of the emission allowances that are lacking.
Emission allowances held for trading by VERBUND are reported in profit or loss under other revenue. In accordance with the brokerage exemption for raw materials and commodity traders, the measurement benchmark is fair value less costs to sell.
Recoverability of intangible assets and property, plant and equipment
Under IAS\u00a036, the recoverability of carrying amounts is tested whenever there is an indication that an asset may be impaired, especially in the case of intangible assets and property, plant and equipment. An impairment test is required to be conducted at least once per year for goodwill, intangible assets with an indefinite useful life and intangible assets that are not yet available for use (see section\u00a04.4.1 \u201cImpairment testing of goodwill\u201d).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-89": { "value": "
4.
Non-current assets
Goodwill
Goodwill is not subject to amortisation but is tested for impairment at least once per year in accordance with IAS\u00a036 (see section\u00a04.4.1 \u201cImpairment testing of goodwill\u201d). In addition, a qualitative analysis of whether there is any indication of impairment is conducted at the reporting date for all consolidated interim financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-90": { "value": "
4.
Non-current assets
4.7
Investments and other non-current receivables
Investments and loans are classified pursuant to the provisions of IFRS\u00a09. Acquisitions and disposals of investments are recognised as at the trading date. The carrying amount of financial assets measured at amortised cost is determined using the effective interest method in consideration of any impairment losses. The carrying amount of financial assets measured at fair value in the balance sheet is derived pursuant to the IFRS\u00a013 fair value hierarchy (see section\u00a05 \u201cFinancial instruments\u201d). The notes regarding closed items on the balance sheet can be found in section\u00a08.1 \u201cFinancial liabilities\u201d as well as in section\u00a011.1 \u201cRisk management in the finance area\u201d.

Investments and other non-current receivables
Investments and other non-current receivables
\u00a0
\u20acm
\u00a0
2024
2025
Investments \u2013 closed items on the balance sheet
347.6
123.6
Other investments and other receivables
455.4
491.7
Total
803.0
615.3
Investments \u2013 cross-border leasing and closed items on the balance sheet
\u20acm
\u00a0
Securities (loan stock rights) under closed items on the balance sheet
Other loans under closed items on the balance sheet
Total
2025
\u00a0
\u00a0
\u00a0
(Amortised) cost as at 1/1
77.9
364.4
442.3
Foreign exchange differences
\u2013\u00a09.8
\u2013\u00a034.7
\u2013\u00a044.5
Additions
5.8
9.1
14.9
Capitalised interest
0.2
6.3
6.5
Disposals
0.0
\u2013\u00a093.4
\u2013\u00a093.4
Amortised acquisition cost as at 31/12
74.1
251.6
325.8
of which non-current assets
74.1
49.5
123.7
of which current assets
0.0
202.1
202.1
Investments \u2013 cross-border leasing and closed items on the balance sheet
\u20acm
\u00a0
Securities (loan stock rights) under closed items on the balance sheet
Other loans under closed items on the balance sheet
Total
2024
\u00a0
\u00a0
\u00a0
(Amortised) cost as at 1/1
71.9
329.5
401.4
Foreign exchange differences
4.4
19.0
23.5
Additions
2.8
8.7
11.5
Capitalised interest
0.0
12.3
12.3
Disposals
\u2013\u00a01.2
\u2013\u00a05.1
\u2013\u00a06.4
Amortised acquisition cost as at 31/12
77.9
364.4
442.3
of which non-current assets
77.9
269.7
347.6
of which current assets
0.0
94.7
94.7
As at 31\u00a0December 2025, securities consisted of medium-term notes in a notional amount of $84.1m (previous year: $78.1m) and with an amortised cost of \u20ac74.1m (previous year: \u20ac77.9m).
Securities in the amount of \u20ac71.4m (previous year: \u20ac77.9m) and loans in the amount of \u20ac251.6m (previous year: \u20ac364.4m) have been pledged. All of the securities and loans serve as collateral for bank loans.
Securities in the amount of \u20ac173.6m (previous year: \u20ac174.8m) primarily include shares in investment funds to cover employee benefit obligations. The securities were classified as measured at fair value through profit or loss.
Other investments and other non-current receivables\u00a0
\u20acm
\u00a0
Loans to affiliated companies \u2013 not included in the basis of consolidation
Loans to investees
Securities (loan stock rights)
Other loans
Total
2025
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cost as at 1/1
0.0
54.8
178.1
7.5
240.4
Additions
0.0
0.3
1.8
0.4
2.5
Disposals
0.0
0.0
0.0
0.0
0.0
Reclassifications
5.4
\u2013\u00a04.0
\u2013\u00a01.1
0.0
0.4
Cost as at 31/12
5.4
51.1
178.8
7.9
243.2
Accumulated value adjustments as at 1/1
0.0
0.0
\u2013\u00a03.3
0.0
\u2013\u00a03.3
Impairment losses
0.0
0.0
\u2013\u00a02.8
0.0
\u2013\u00a02.8
Fair value measurement in OCI
0.0
0.0
0.9
0.0
0.9
Accumulated value adjustments as at 31/12
0.0
0.0
\u2013\u00a05.2
0.0
\u2013\u00a05.2
Net carrying amount as at 31/12
5.4
51.1
173.6
7.9
238.0
Net carrying amount as at 1/1
0.0
54.8
174.8
7.5
237.2
Net carrying amount of other non-current receivables as at 31/12
\u00a0
\u00a0
\u00a0
\u00a0
253.7
Net carrying amount of other non-current receivables as at 1/1
\u00a0
\u00a0
\u00a0
\u00a0
218.2
Net carrying amount total as at 31/12
\u00a0
\u00a0
\u00a0
\u00a0
491.7
Net carrying amount total as at 1/1
\u00a0
\u00a0
\u00a0
\u00a0
455.4
Other investments and other non-current receivables\u00a0
\u20acm
\u00a0
Loans to investees
Securities (loan stock rights)
Other loans
Total
2024
\u00a0
\u00a0
\u00a0
\u00a0
Cost as at 1/1
46.1
177.4
5.8
229.4
Additions
0.0
3.3
1.7
5.0
Disposals
0.0
\u2013\u00a00.7
0.0
\u2013\u00a00.7
Reclassifications
8.7
\u2013\u00a01.9
0.0
6.8
Cost as at 31/12
54.8
178.1
7.5
240.5
Cumulative value adjustments
as at 1/1
0.0
\u20139.6
0.0
\u2013\u00a09.6
Reversals of impairment losses
0.0
4.5
0.0
4.5
Fair value through OCI
0.0
1.0
0.0
1.0
Disposals
0.0
0.8
0.0
0.8
Cumulative value adjustments
as at 31/12
0.0
\u2013\u00a03.3
0.0
\u2013\u00a03.3
Net carrying amount as at 31/12
54.8
174.8
7.5
237.2
Net carrying amount as at 1/1
46.1
167.8
5.9
219.8
Net carrying amount of other
non-current receivables as at 31/12
\u00a0
\u00a0
\u00a0
218.2
Net carrying amount of other
non-current receivables as at 1/1
\u00a0
\u00a0
\u00a0
198.0
Total net carrying amount as at 31/12
\u00a0
\u00a0
\u00a0
455.4
Total net carrying amount as at 1/1
\u00a0
\u00a0
\u00a0
417.8
Further details on receivables from derivative financial instruments can be found in sections 11.1 \u201cRisk management in the finance area\u201d and 11.2 \u201cRisk management in the energy area\u201d.
6.3
Trade receivables, other receivables and securities
Trade receivables, other receivables and securities
Trade receivables, other receivables and securities
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Trade receivables
\u2013
\u2013
865.9
758.3
Receivables from investees
\u2013
\u2013
39.6
35.0
Loans \u2013 closed items on the balance sheet
269.7
49.5
94.7
202.2
Loans to investees
54.8
51.1
4.0
5.1
Other receivables and assets
(excluding current tax receivables)
218.2
253.7
251.0
341.1
Trade receivables, other receivables and securities
542.7
354.3
1,255.1
1,341.6
Current tax receivables plus other receivables and assets
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Current tax receivables
\u2013
\u2013
16.8
113.0
Securities
\u2013
\u2013
2.5
1.1
Guarantees in electricity trading
132.0
136.6
77.2
63.4
Emission rights
\u2013
\u2013
48.9
70.9
Receivables from tax clearing
(excluding current tax receivables)
\u2013
\u2013
8.3
117.0
Other
86.2
117.1
113.8
88.8
Other receivables and assets
218.2
253.7
250.9
341.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-91": { "value": "Intangible assets
Other intangible assets
In accordance with IAS\u00a038, purchased intangible assets are measured at cost less straight-line amortisation and any impairment losses, unless the assets have indefinite useful lives.Most of these assets have useful lives of between 10 and 20\u00a0years. Software is amortised over a period of four years.
Depreciation charges on property, plant and equipment subject to wear and tear are based on the expected useful lives of the individual components of property, plant and equipment. Specifically, the following useful lives are applied:
Useful life
In years
Residential, office, plant and other plant facilities
10\u00a0\u2013\u00a050
Hydraulic structures
20\u00a0\u2013\u00a0100
Gas pipelines
30
Machinery
10\u00a0\u2013\u00a080
Electrical installations
3\u00a0\u2013\u00a050
Power lines
50
Operating and office equipment
4\u00a0\u2013\u00a010
The expected useful life of hydropower plants is determined independently of the duration of water rights permits because it is presumed that the permits will be reissued when they expire. Based on experience, this also applies to those Bavarian run-of-river power plants that have reversion rights for the benefit of the Free State of Bavaria. The expected useful life of Donaukraftwerk\u00a0Jochenstein was also determined independently of an existing obligation to return the power plant in 2050 (see section\u00a08.2 \u201cOther non-current liabilities\u201d), since it is expected that VERBUND will continue to own and operate Donaukraftwerk\u00a0Jochenstein even after the year 2050.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-92": { "value": "
Research and development costs
Development costs were capitalised in the amount of \u20ac7.0m (previous year: \u20ac2.4m) in accordance with IAS\u00a038. Expenses for research in a total amount of \u20ac15.1m were recognised in profit or loss in the 2025 reporting period (previous year: \u20ac12.3m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-93": { "value": "Emission allowances
Emission rights are accounted for in accordance with the accounting policies set forth in IAS 38, IAS 20 and IAS 37 at fair value (rights allotted without exchange of consideration) or at cost (purchased rights). With respect to emission allowances allotted without an exchange of consideration, an item of deferred income is recognised for the grant received in the amount of the fair value of the allowances. The item of deferred income recognised is reversed to profit or loss (under fuel expenses) when the emission allowances are used, amortised or sold. The obligation to return the allowances is taken into account by means of an \u201cother\u201d liability. If cover is insufficient, VERBUND recognises an additional provision in the amount of the fair value of the emission allowances that are lacking.
Emission allowances held for trading by VERBUND are reported in profit or loss under other revenue. In accordance with the brokerage exemption for raw materials and commodity traders, the measurement benchmark is fair value less costs to sell.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-94": { "value": "Intangible assets
Intangible assets
\u00a0
\u00a0
\u20acm
\u00a0
Concessions, rights, licences
Goodwill
Total
2025
\u00a0
\u00a0
\u00a0
Cost as at 1/1
1,055.7
1,034.3
2,090.0
Foreign exchange differences
\u2013\u00a00.1
0.0
\u2013\u00a00.1
Change in the scope of consolidation
\u2013\u00a0139.9
0.0
\u2013\u00a0139.9
Additions
92.8
0.0
92.8
Disposals
\u2013\u00a02.9
0.0
\u2013\u00a02.9
Reclassifications
3.4
0.0
3.4
Cost as at 31/12
1,009.0
1,034.3
2,043.3
Accumulated amortisation as at 1/1
585.0
399.8
984.8
Change in the scope of consolidation
\u2013\u00a034.2
0.0
\u2013\u00a034.2
Depreciation and amortisation
30.6
0.0
30.6
Impairment losses
2.7
0.0
2.7
Reversals of impairment losses
\u2013\u00a027.8
0.0
\u2013\u00a027.8
Disposals
\u2013\u00a01.4
0.0
\u2013\u00a01.4
Reclassifications
\u2013\u00a00.2
0.0
\u2013\u00a00.2
Accumulated amortisation as at 31/12
554.6
399.8
954.4
Net carrying amount as at 31/12
454.4
634.5
1,088.9
Net carrying amount as at 1/1
470.8
634.5
1,105.2
Intangible assets
\u00a0
\u00a0
\u20acm
\u00a0
Concessions, rights, licences
Goodwill
Total
2024
\u00a0
\u00a0
\u00a0
Cost as at 1/1
976.2
1,034.3
2,010.5
Additions
63.4
0.0
63.4
Disposals
\u2013\u00a02.7
0.0
\u2013\u00a02.7
Reclassifications
18.8
0.0
18.8
Cost as at 31/12
1,055.7
1,034.3
2,090.0
Accumulated amortisation as at 1/1
610.5
399.8
1,010.3
Depreciation and amortisation
25.1
0.0
25.1
Impairment losses
24.7
0.0
24.7
Reversals of impairment losses
\u2013\u00a086.1
0.0
\u2013\u00a086.1
Disposals
\u2013\u00a02.4
0.0
\u2013\u00a02.4
Reclassifications
13.2
0.0
13.2
Accumulated amortisation as at 31/12
585.0
399.8
984.8
Net carrying amount as at 31/12
470.8
634.5
1,105.2
Net carrying amount as at 1/1
365.7
634.5
1,000.2
4.4.1 Impairment testing of goodwill
For the purpose of impairment testing, VERBUND\u2019s goodwill was allocated to the following cash-generating units or groups of cash-generating units:
Goodwill
\u00a0
\u20acm
\u00a0
2024
2025
Hydro segment
287.0
287.0
Sales segment
13.0
13.0
Inn River power plant group
126.6
126.6
Grenzkraftwerke power plant group
161.1
161.1
SMATRICS GmbH & Co KG
40.5
40.5
Solar power
6.4
6.4
Goodwill
634.6
634.6
Impairment testing of goodwill for the Hydro segment
\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
All hydraulic generation plants of VERBUND plus goodwill and deferred tax items
All hydraulic generation plants of VERBUND plus goodwill and deferred tax items
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Average expected generation of the respective power plants
Average expected generation of the respective power plants
Pricing
Internal price forecasts and power plant-specific premiums or discounts (for example, the sale of guarantees of origin)
Internal price forecasts and power plant-specific premiums or discounts (for example, the sale of guarantees of origin)
Planning period
Detailed planning phase: up to a maximum of 6 years depending on the specific power plant; rough planning phase: up to a maximum of 30 years depending on the specific power plant; subsequent terminal value phase following rough planning phase depending on the specific power plant
Detailed planning phase: up to a maximum of 6 years depending on the specific power plant; rough planning phase: up to a maximum of 29 years depending on the specific power plant; subsequent terminal value phase following rough planning phase depending on the specific power plant
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate1
WACC: 5.00%\u2013\u00a09.50% depending on the location
WACC: 5.50%\u2013\u00a09.25% depending on the location
Impairment loss during the period2
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 6.59%\u2013\u00a010.52% (previous year: 6.15%\u2013\u00a010.75%). // 2 In the opinion of Management, the carrying amount of the Hydro segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Sales segment
\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
All of VERBUND\u2019s sales activities plus goodwill
All of VERBUND\u2019s sales activities plus goodwill
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Sum-of-the-parts measurement based on a net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
Expected trading and distribution volumes
Expected trading and distribution volumes
Pricing
Expected trading and distribution volumes
Expected trading and distribution volumes
Planning period
Detailed planning phase of 6 years followed by a terminal value phase
Detailed planning phase of 6 years followed by a terminal value phase
Key valuation assumptions
Expected trading and distribution volumes as well as trading and sales margins
Expected trading and distribution volumes as well as trading and sales margins
After-tax discount rate1
WACC after taxes: 5.00%\u2013\u00a011.75%
WACC after taxes: 5.50%\u2013\u00a09.25%
Impairment loss during the period2
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.31%\u2013\u00a011.04% (previous year: 7.10%\u2013\u00a012.89%) // 2 In the opinion of Management, the carrying amount of the Sales segment\u2019s assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Inn River run-of-river power plant group\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Run-of-river power plants of the Inn River power plant group1, each of which also represents a cash-generating unit, plus goodwill and deferred tax accruals
Run-of-river power plants of the Inn River power plant group1, each of which also represents a cash-generating unit, plus goodwill and deferred tax accruals
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND Innkraftwerke GmbH budgets (based primarily on market data)
VERBUND Innkraftwerke GmbH budgets (based primarily on market data)
Volume
Annual output corresponding to the mean energy capability of 1,983\u00a0GWh
Annual output corresponding to the mean energy capability of 1,983\u00a0GWh
Pricing
Internal price forecasts; discounts for generation characteristics and hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted price); consideration of water charges based on official notices; estimate of maintenance costs by the managers responsible
External price forecasts; discounts for generation characteristics and the hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices); consideration of the water charges based on official notices; estimate of the maintenance costs by the managers responsible
Planning period
Detailed planning phase: 6 years; rough planning phase: 30 years followed by a terminal value phase
Detailed planning phase: 6 years; rough planning phase: 29 years followed by a terminal value phase
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate2
WACC: 5.00%
WACC: 5.50%
Impairment loss during the period3
\u2013
\u2013
1 The Inn River power plant group comprises the following run-of-river power plants: Aubach, Feldkirchen, Gars, Jettenbach II, Neu\u00f6tting, Perach, Rosenheim, Stammham, Teufelsbruck, T\u00f6ging, Wasserburg. // 2 The implicit input tax interest rate determined through a process of iteration amounted to 6.53% (previous year: 6.15%). // 3 In the opinion of Management, the carrying amount of Kraftwerksgruppe Inn assets including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for the Grenzkraftwerke run-of river power plant group1\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Run-of-river power plants of the Grenzkraftwerke power plant group2, each of which represents a cash-generating unit, plus goodwill and deferred tax accruals
Run-of-river power plants of the Grenzkraftwerke power plant group2, each of which represents a cash-generating unit, plus goodwill and deferred tax accruals
Basis for recoverable amount
Value in use
Fair value (Level 3) less costs of disposal
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
Grenzkraftwerke GmbH\u2019s budgets (based primarily on market data)
Grenzkraftwerke GmbH\u2019s budgets (based primarily on market data)
Volume
Annual output corresponding to the mean energy capability of 3,957\u00a0GWh
Annual output corresponding to the mean energy capability of 3,999\u00a0GWh
Pricing
Internal price forecasts; discounts for generation characteristics and hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted price); consideration of water charges based on official notices; estimate of maintenance costs by the managers responsible
External price forecasts; discounts for generation characteristics and the hydrological forecast and availability risk; premium for additional proceeds from the sale of guarantees of origin (derived from quoted prices); consideration of the water charges based on official notices; estimate of the maintenance costs by the managers responsible
Planning period
Detailed planning phase: 6 years; rough planning phase: 30 years followed by a terminal value phase
Detailed planning phase: 6 years; rough planning phase: 29 years followed by a terminal value phase
Key valuation assumptions
Electricity price, discount rate
Electricity price, discount rate
After-tax discount rate3
WACC: 5.25%
WACC: 5.75%
Impairment loss during the period4
\u2013
\u2013
1 The following information relates to the second step of the two-step impairment test of the Grenzkraftwerke power plant group. The recoverability of the individual run-of-river power plant assets was tested in the first step. // 2 The Grenzkraftwerke power plant group comprises the following power plants: Braunau-Simbach, Egglfing-Obernberg, Ering-Frauenstein, Jochenstein, Nu\u00dfdorf, Oberaudorf-Ebbs, Passau-Ingling and Sch\u00e4rding-Neuhaus. // 3 The implicit input tax interest rate determined through a process of iteration amounted to 6.81%\u2013\u00a06.87% (previous year: 6.35%\u2013\u00a06.43%). // 4 In the opinion of Management, the carrying amount of the Grenzkraftwerke power plant group's assets (less deferred tax liabilities) including goodwill will not exceed the recoverable amount, even if any of the changes in key valuation assumptions considered possible by Management actually occur.
Impairment testing of goodwill for SMATRICS GmbH & Co KG\u00a0
\u00a0
31/12/2024
31/12/2025
Cash-generating unit
SMATRICS GmbH & Co KG, full-service provider for electromobility charging solutions
SMATRICS GmbH & Co KG, full-service provider for electromobility charging solutions
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
SMATRICS GmbH & Co KG budgets (based primarily on market data)
SMATRICS GmbH & Co KG budgets (based primarily on market data)
Volume
Electric vehicle charging points
Electric vehicle charging points
Pricing
Electric vehicle charging rates
Electric vehicle charging rates
Planning period
Detailed planning phase: 11 years plus subsequent terminal value phase
Detailed planning phase: 11 years plus subsequent terminal value phase
Key valuation assumptions
Electric vehicle charging points, discount rate
Electric vehicle charging points, discount rate
After-tax discount rate1
WACC: 11.75%
WACC: 9.25%
Impairment loss during the period
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 11.04% (previous year: 12.89%).
Sensitivity analysis for SMATRICS GmbH & Co KG as at 31/12/2025\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
9.25%
\u00b1 0.25 PP
\u20ac\u2013\u00a06.1m
\u20ac+\u00a06.5m
1 A change in the after-tax discount rate of +\u00a03.39 PP or more would mean that the carrying amount exceeds the recoverable amount.
Sensitivity analysis for SMATRICS GmbH & Co KG as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
11.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a04.2m
\u20ac+\u00a04.4m
Impairment testing of goodwill from Solarpower\u00a0
\u00a0
31/12/2024
31/12/2025
Group of cash-generating units
Solarpower (VERBUND Engineers4Energy GmbH/Electriply GmbH): construction of photovoltaic systems and distribution of components
Solarpower (VERBUND Engineers4Energy GmbH/Electriply GmbH): construction of photovoltaic systems and distribution of components
Basis for recoverable amount
Value in use
Value in use
Valuation technique
Net present value approach (DCF method)
Net present value approach (DCF method)
Derivation of cash flow
VERBUND\u2019s budgets (based primarily on market data)
VERBUND\u2019s budgets (based primarily on market data)
Volume
MWp plant engineering, sales volumes of Photovoltaik components
MWp plant engineering, sales volumes of Photovoltaik components
Pricing
Purchase prices for photovoltaic modules, inverters and mounting structures; purchased installation services; internal forecasts for project costs and own work
Purchase prices for photovoltaic modules, inverters and mounting structures; purchased installation services; internal forecasts for project costs and own work
Planning period
Detailed planning phase: 6 years plus subsequent terminal value phase
Detailed planning phase: 6 years plus subsequent terminal value phase
Key valuation assumptions
Price assumptions (\u20ac/MWp), discount rate
Price assumptions (\u20ac/MWp), discount rate
After-tax discount rate1
WACC: 5.50%
WACC: 5.75%
Impairment loss during the period
\u2013
\u2013
1 The implicit input tax interest rate determined through a process of iteration amounted to 7.31% (previous year: 7.12%)
Sensitivity analysis for Solarpower as at 31/12/2025\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption1
Effects on the recoverable amount
After-tax discount rate
5.75%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.7m
\u20ac+\u00a01.9m
1 A change in the after-tax discount rate of +\u00a05.81 PP or more would mean that the carrying amount exceeds the recoverable amount.
Sensitivity analysis for Solarpower as at 31/12/2024\u00a0
\u00a0
Value assigned to the key valuation assumption
Change in key valuation assumption
Effects on the recoverable amount
After-tax discount rate
5.50%
\u00b1 0.25 PP
\u20ac\u2013\u00a01.8m
\u20ac+\u00a02.0m
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-95": { "value": "Borrowing costs are capitalised if there are qualifying assets. A qualifying asset exists at VERBUND if a period of at least twelve months is required until the asset is ready for use or sale. VERBUND\u2019s average monthly borrowing costs in the 2025 reporting period were approximately 2.0% (previous year: approx. 2.0%).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-96": { "value": "
Government grants
Government investment grants do not reduce the cost of the assets for which they were granted, but instead lead to the recognition of an item of deferred income in the amount of the fair value of the assets. The deferred income is reversed to profit or loss over the expected useful life of the respective asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-97": { "value": "
4.2.2

Contributions to building costs and grants
Contributions to building costs and grants
\u00a0
\u20acm
\u00a0
2024
2025
Contributions to building costs
766.4
782.2
Government grants
46.0
58.4
Contributions to building costs and grants
812.4
840.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-98": { "value": "
4.2.2

Contributions to building costs and grants
Contributions to building costs and grants
\u00a0
\u20acm
\u00a0
2024
2025
Contributions to building costs
766.4
782.2
Government grants
46.0
58.4
Contributions to building costs and grants
812.4
840.7
Trade payables and other current liabilitiesTrade payables and other current liabilities
Trade payables and current other liabilities
\u00a0
\u20acm
\u00a0
2024
2025
Trade payables
370.8
241.1
Outstanding invoices for capital expenditure
224.0
207.2
Liabilities to unconsolidated subsidiaries and investees
100.1
136.7
Other liabilities for maintenance expenses
69.4
100.9
Other personnel-related liabilities
58.2
64.1
Liabilities to the emissions registry
38.6
59.0
Advance payments received
5.4
49.8
Other liabilities from electricity deliveries and grid services
67.9
24.7
Accruals and deferred income
14.1
23.7
Security deposits for transport services
33.1
21.3
Electricity supply commitment
16.7
18.8
Lease liabilities
10.9
15.9
Liabilities to tax authorities
27.2
9.5
Other
47.7
33.0
Trade payables and other current liabilities
1,084.4
1,005.6
8.2
Other non-current liabilities
Other non-current liabilities are accounted for at amortised cost and relate primarily to the following transactions:
\u25cf
an obligation to supply electricity under a 20-year electricity supply agreement that was incurred in connection with the acquisition of Kraftwerksgruppe Inn\u00a0GmbH (now VERBUND Innkraftwerke\u00a0GmbH) in the 2009 reporting period;
\u25cf
an obligation to transfer 50% of the shares in Donaukraftwerk Jochenstein\u00a0AG to the Free State of Bavaria without exchange of consideration, assumed as part of the acquisition of (additional) Bavarian hydropower plant capacities; and
\u25cf
recognition of lease liabilities in accordance with IFRS\u00a016 (see section\u00a04.3 \u201cLeases\u201d).

Other non-current liabilities
Other non-current liabilities
\u00a0
\u20acm
\u00a0
2024
2025
Other liabilities from electricity deliveries and grid services
313.4
374.7
Obligation to return an interest
184.7
227.1
Lease liabilities
168.1
171.0
Advance payments received for grid access fees (electricity)
98.9
79.8
Electricity supply commitment
81.2
62.4
Liabilities for grid usage fees (gas)
36.8
33.7
Liabilities from outstanding capital expenditure invoices
22.0
21.9
Security deposits for transport services
6.6
8.5
Trade payables
9.9
2.6
Other
30.7
22.6
Other non-current liabilities
952.4
1,004.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-99": { "value": "
4.2.2

Contributions to building costs and grants
Contributions to building costs and grants
\u00a0
\u20acm
\u00a0
2024
2025
Contributions to building costs
766.4
782.2
Government grants
46.0
58.4
Contributions to building costs and grants
812.4
840.7
8.2
Other non-current liabilities
Other non-current liabilities are accounted for at amortised cost and relate primarily to the following transactions:
\u25cf
an obligation to supply electricity under a 20-year electricity supply agreement that was incurred in connection with the acquisition of Kraftwerksgruppe Inn\u00a0GmbH (now VERBUND Innkraftwerke\u00a0GmbH) in the 2009 reporting period;
\u25cf
an obligation to transfer 50% of the shares in Donaukraftwerk Jochenstein\u00a0AG to the Free State of Bavaria without exchange of consideration, assumed as part of the acquisition of (additional) Bavarian hydropower plant capacities; and
\u25cf
recognition of lease liabilities in accordance with IFRS\u00a016 (see section\u00a04.3 \u201cLeases\u201d).

Other non-current liabilities
Other non-current liabilities
\u00a0
\u20acm
\u00a0
2024
2025
Other liabilities from electricity deliveries and grid services
313.4
374.7
Obligation to return an interest
184.7
227.1
Lease liabilities
168.1
171.0
Advance payments received for grid access fees (electricity)
98.9
79.8
Electricity supply commitment
81.2
62.4
Liabilities for grid usage fees (gas)
36.8
33.7
Liabilities from outstanding capital expenditure invoices
22.0
21.9
Security deposits for transport services
6.6
8.5
Trade payables
9.9
2.6
Other
30.7
22.6
Other non-current liabilities
952.4
1,004.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-100": { "value": "
4.3
Leases
VERBUND\u2019s leases mainly comprise agreements for the provision of power plants, buildings, land, power lines and vehicles.
Initial recognition of leases
At the inception of a contract, VERBUND assesses whether the contract is or contains a lease. If it is a lease, a right-of-use asset and a lease liability are recognised at the commencement date. The amount of the right-of-use asset when the contract is first recognised corresponds to the amount of the lease liability, adjusted, among other things, for any direct costs incurred by the lessee, prepayments, lease incentives or dismantling obligations. The carrying amount of the lease liability is derived by discounting the lease payments expected during the term of the lease, the expected cash flows from residual value guarantees, the exercise prices for purchase options (if it is reasonably likely that the option will be exercised) and payments of penalties for early termination of the lease (if it is likely that the lease will be terminated early). The carrying amount is discounted at the interest rate implicit in the lease if that rate can be readily determined. Otherwise, the carrying amount is discounted based on VERBUND\u2019s incremental borrowing rate.
Determination of the term of leases
Determining the term of a lease when no clear fixed term has been agreed in advance can be subject to judgement. All facts and circumstances that represent an economic incentive to exercise a renewal option or to refrain from exercising a termination option are taken into account when determining the lease term. For land leases in particular, contracts are frequently concluded either for as long as the leased power plant or line is expected to continue to function at its present level or for an indefinite period. In the latter case, the presumed duration of the lease is based on the expected useful life of the power plant or line.
Subsequent measurement of leases
Right-of-use assets are depreciated from the commencement date to the earlier of the end of the useful life of the respective right-of-use asset or the end of the lease term. The carrying amount of the lease liability increases as interest accrues and decreases as lease payments are made.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-101": { "value": "
Right-of-use assets
\u00a0
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Land and buildings
Electrical installations
Power lines
Operating and office equipment
Total
As at 1/1/2025
150.5
8.4
28.5
7.3
194.6
Additions
19.5
0.0
17.4
5.3
42.3
Depreciation
\u2013\u00a013.5
\u2013\u00a00.7
\u2013\u00a00.4
\u2013\u00a03.4
\u2013\u00a018.1
Disposals
0.0
0.0
\u2013\u00a00.2
\u2013\u00a01.2
\u2013\u00a01.4
As at 31/12/2025
156.4
7.7
45.3
8.0
217.4
Right-of-use assets
\u00a0
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Land and buildings
Electrical installations
Power lines
Operating and office equipment
Total
As at 1/1/2024
129.9
13.1
21.1
5.7
169.7
Additions
33.0
0.3
7.4
4.5
45.2
Depreciation
\u2013\u00a012.2
\u2013\u00a00.7
0.0
\u2013\u00a02.7
\u2013\u00a015.7
Disposals
\u2013\u00a00.2
\u2013\u00a04.2
0.0
\u2013\u00a00.2
\u2013\u00a04.6
As at 31/12/2024
150.5
8.4
28.5
7.3
194.6
Amounts from leases recognised in profit or loss
\u00a0
\u20acm
\u00a0
2024
2025
Expenses from unwinding the discount on the lease liability
4.2
4.5
Variable lease payments that were not recognised in the lease liability
2.5
0.5
Expenses from short-term leases1
67.8
77.2
Expenses from underlying assets of low value
0.2
0.2
1 Mainly relate to short-term congestion management contracts. These contracts serve to secure reserve capacity that can be called up in the event of congestion.
Variable lease payments that are not factored into the measurement of the lease liability in accordance with IFRS\u00a016 relate in particular to leases for wind power plants in Austria.
Expected cash outflows as at 31/12/2025
\u00a0
\u00a0
\u00a0
\u20acm
Maturity
2026
2027
2028\u2013\u00a02030
From 2031
Cash outflows on lease liabilities in accordance with IFRS\u00a07
23.4
22.2
55.2
224.7
Expected cash outflows as at 31/12/2024
\u00a0
\u00a0
\u00a0
\u20acm
Maturity
2025
2026
2027\u20132029
From 2030
Cash outflows on lease liabilities in accordance with IFRS\u00a07
18.2
18.2
46.8
208.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-102": { "value": "
Determination of fair value
Fair values are primarily calculated using a market-based approach in accordance with the measurement hierarchy of IFRS 13. Fair value may be based on, for example, binding purchase offers, observable inputs other than quoted prices in active markets (Level 2 inputs) or comparable recent transactions within the industry. If fair value cannot be determined based on market prices, valuation techniques based on a net present value method (discounted cash flow method) are used. Future growth CapEx and restructuring expenditure are taken into account when calculating fair value. If a liquid market exists, price listings for energy futures are used for pricing purposes. This involves taking the most recent price listings and applying them to the price forecast from a reputable information service provider operating in the energy market.
The financial surplus expected in the period after the end of applicability of the price forecasts for the energy market (= terminal value phase) is accounted for by means of a terminal value calculation, whereby the calculation is based on the assumption that the financial surplus will grow at a rate of 2%.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-103": { "value": "Interests accounted for using the equity method
The carrying amounts of interests accounted for using the equity method are adjusted to reflect changes in the investee\u2019s net assets in accordance with IAS 28. The adjustment is made no later than one quarter following the underlying changes. If VERBUND\u2019s share of losses from an interest accounted for using the equity method corresponds to or exceeds the carrying amount of the equity interest, additional losses are only taken into account and recognised as a liability to the extent that legal or constructive obligations have been entered into or payments have been made for the equity-accounted interest. The carrying amount of the equity interest includes the share accounted for using the equity method plus all non-current interests that are to be allocated to the net investment in the interest accounted for using the equity method based on their economic substance.
Net investments in associated companies and joint ventures are reviewed for objective indications of impairment at the reporting date. If there are any such indications, interests accounted for using the equity method must be tested for impairment in accordance with IAS\u00a036.
4.6
Other equity interests
Interests in unconsolidated (for lack of materiality) subsidiaries, associates and joint ventures not accounted for using the equity method and other equity interests are accounted for in accordance with IFRS\u00a09. If these equity interests are held for the long term based on strategic considerations, they are classified as measured at fair value through other comprehensive income (FVOCI). Otherwise, they are classified as measured at fair value through profit or loss (FVPL). Depending on the situation, the fair value of equity interests is derived from market quotations, comparable recent transactions, valuations based on discounted cash flow or market multiples methods or from the cost of the equity interest.
4.7
Investments and other non-current receivables
Investments and loans are classified pursuant to the provisions of IFRS\u00a09. Acquisitions and disposals of investments are recognised as at the trading date. The carrying amount of financial assets measured at amortised cost is determined using the effective interest method in consideration of any impairment losses. The carrying amount of financial assets measured at fair value in the balance sheet is derived pursuant to the IFRS\u00a013 fair value hierarchy (see section\u00a05 \u201cFinancial instruments\u201d). The notes regarding closed items on the balance sheet can be found in section\u00a08.1 \u201cFinancial liabilities\u201d as well as in section\u00a011.1 \u201cRisk management in the finance area\u201d.
5.1
Accounting treatment of financial instruments
Primary financial instruments
For information regarding accounting policies for primary financial instruments see:
\u25cf
Interests accounted for using the equity method \u2013 section\u00a04.5
\u25cf
Other equity interests \u2013 section\u00a04.6
\u25cf
Investments and other non-current receivables \u2013 section\u00a04.7
\u25cf
Working capital \u2013 section\u00a06
\u25cf
Liabilities \u2013 section\u00a08
Derivative financial instruments
Derivative financial instruments are recognised at fair value when the contract is entered into and are subsequently measured at fair value. As a rule, unrealised remeasurement gains or losses are recognised in the income statement if the requirements for recognition of hedging relationships (hedge accounting) in accordance with IFRS\u00a09 are not met (see section\u00a05.2 \u201cAccounting treatment of hedging relationships\u201d).
Derivative financial instruments with positive fair values are recognised under Receivables from derivative financial instruments, while those with negative fair values are recognised under Liabilities from derivative financial instruments. If a framework agreement including a netting arrangement has been entered into with a counterparty, the positive and negative fair values of the transactions entered into with the counterparty are offset over the corresponding periods for accounting purposes as the aim is to settle on a net basis.
So-called own-use contracts are not accounted for as derivative financial instruments, but instead as executory contracts (own-use exemption). If supplier contracts that previously represented own-use contracts lead to a net settlement within the meaning of IFRS\u00a09, they must be classified as freestanding derivatives and recognised at fair value through profit or loss.
In the event of insolvency, derivative financial instruments in the finance area (under closed items on the balance sheet) can be netted against financial liabilities classified as FVPL (under closed items on the balance sheet) (see section\u00a011.1 \u201cRisk management in the finance area\u201d).
5.2
Accounting treatment of hedging relationships
VERBUND applies special accounting policies to hedging relationships in the energy area as well as in the finance area.
5.2.1 Hedging relationships in the energy area
VERBUND employs electricity forward contracts and electricity futures contracts as derivatives within the meaning of IFRS\u00a09 as part of cash flow hedges in the energy area. The objective of hedging relationships is to reduce the cash flow volatility resulting from market price fluctuations by hedging prices for the following transactions:
\u25cf
sale of own generation and marketing of electricity from renewable energy plants not owned by VERBUND;
\u25cf
reinsurance for electricity deliveries to customers; and
\u25cf
reinsurance for gas deliveries to customers.
The timing and amount of the hedging of future electricity deliveries depends in each case on the current price trend. Hedges are generally entered into successively. A portion of the entire volume anticipated is hedged in accordance with the risk management strategy. As a rule, once the relevant contractual terms of the electricity futures and forwards entered into coincide with those of the hedged items, a qualitative measurement of hedge effectiveness is carried out. It can generally be assumed that changes in the value of the hedging instruments will entirely offset the changes in future cash flows.
The exception to this rule involves hedges of electricity deliveries on a market differing from the place of delivery. Such hedges have been used since 1\u00a0October 2018 as a consequence of the restriction on unlimited trading on the German-Austrian electricity market. Due to the higher liquidity, the majority of Austrian electricity deliveries are hedged with German futures market products. The Austrian price is derived from the German price plus a DE/AT spread. Hence German forward products are used to hedge Austrian electricity deliveries, whereby the terms of the hedging instruments and those of the projected cash flows largely also match in these cases.
Accounting treatment of hedging relationships in the energy area
In the case of derivative financial instruments that are designated as cash flow hedges in accordance with IFRS\u00a09, the portion of the unrealised gains or losses that is determined to be an effective hedge is recognised under other comprehensive income. In contrast, the ineffective portions of the hedge are recognised in profit or loss.
Unrealised gains or losses are only reclassified (\u201crecycled\u201d) to the income statement when the hedged item affects profit or loss.
Electricity, gas and CO2 derivatives for future delivery periods that are not designated as hedging instruments are allocated to the wholesale portfolio. Fair value changes in (freestanding) electricity and gas derivatives in the wholesale portfolio that have not been designated as hedging instruments are recognised in profit or loss net of previously realised futures after netting the positive and negative fair values.
5.2.2 Hedging relationships in the finance area
Apart from derivative financial instruments associated with closed items on the balance sheet, interest rate swaps are used to hedge future payments of financial liabilities bearing interest at variable rates in order to reduce the cash flow risk associated with an increase in market interest rates. The hedging instruments\u2019 contract terms are almost identical to those of the hedged items (\u201ccritical terms match\u201d). The qualitative basis of the economic relationship is regularly reviewed by VERBUND. As a general rule, it can be assumed that changes in the value of the hedging instruments will entirely offset changes in future cash flows. The entire risk of an increase in market interest rates for variable-interest-bearing financial liabilities is not always hedged, i.e. the hedge ratio does not always amount to 100%. Hedge ineffectiveness can only result from changes in the credit risk of the counterparty or of VERBUND.
Payments are made on interest rate swaps every six months. The underlying variable market interest rate is the 6-month EURIBOR. The future interest payments hedged by the interest rate swaps will arise over the next 11\u00a0years (2026 to 2036) and will be recognised in profit or loss accordingly.
Accounting treatment of hedging relationships in the finance area
Some of the interest rate swaps are designated as cash flow hedges in accordance with IFRS\u00a09. The investments associated with certain closed items on the balance sheet (see section\u00a08.1 \u201cFinancial liabilities\u201d and section\u00a011.1 \u201cRisk management in the finance area\u201d) generate variable income and fixed expenses. To mitigate risk, interest rate swaps were entered into for the corresponding financial liabilities. These interest rate swaps exhibit a risk profile that mirrors that of the associated balance sheet items. Therefore, the carrying amount of the associated financial liabilities is adjusted to reflect the hedged risk to compensate for the fair value measurement of the interest rate swaps.
The fair value of interest rate swaps is the amount that VERBUND would receive or have to pay if the transaction were settled on the reporting date. When calculating that amount, current market conditions\u00a0\u2013 particularly current interest rates, yield curves and counterparty credit risk\u00a0\u2013 are taken into account (see section\u00a05.1 \u201cAccounting treatment of financial instruments\u201d).
6.
Working capital
Working capital includes the following balance sheet items:
\u25cf
Inventories
\u25cf
Trade receivables, other current receivables and securities
\u25cf
Receivables and liabilities from derivative financial instruments
\u25cf
Trade payables and other current liabilities
Trade receivables and receivables from investees are classified as \u201cmeasured at amortised cost\u201d (AC) and thus accounted for at cost less any impairment losses (see section\u00a05 \u201cFinancial instruments\u201d).
8.
Liabilities
The explanatory notes relate to non-current and current financial liabilities as well as other non-current liabilities. See section\u00a06 \u201cWorking capital\u201d for details regarding trade payables and other current liabilities.
8.1
Financial liabilities
Financial liabilities are recognised at fair value upon addition. As a rule, the fair value recognised corresponds to the amount actually received. Any premiums or discounts are allocated over the financing term by applying the effective interest method and are presented on an accrual basis in interest expenses.
Individual financial liabilities originally incurred in connection with cross-border leasing transactions are classified at fair value through profit or loss upon initial recognition using the fair value option. This enables measurement inconsistencies that would have otherwise arisen to be eliminated.
The closed items on the balance sheet reported under financial liabilities as well as under investments relate to cross-border leasing transactions that were terminated early. Some of the transactions were terminated in their entirety, i.e. all investments and all liabilities (A-loans and B-loans) were repaid. Some of the transactions were only partially terminated, whereby the existing B-loans and the corresponding investments were continued. Therefore, accounting coverage continues to be ensured. Accounting balances denominated in foreign currency (US dollars) are measured at the exchange rate prevailing on the reporting date. The expenses and income arising from the measurement of these positions are equal in amount and denominated in the same currency, and are offset against each other. Investments and liabilities resulting from cross-border leasing transactions that were terminated early are presented separately; all items are closed on the balance sheet with the exception of valuation allowances recognised for expected credit losses (see section\u00a011.1 \u201cRisk management in the finance area\u201d).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-104": { "value": "
The carrying amounts of interests accounted for using the equity method are adjusted to reflect changes in the investee\u2019s net assets in accordance with IAS 28. The adjustment is made no later than one quarter following the underlying changes. If VERBUND\u2019s share of losses from an interest accounted for using the equity method corresponds to or exceeds the carrying amount of the equity interest, additional losses are only taken into account and recognised as a liability to the extent that legal or constructive obligations have been entered into or payments have been made for the equity-accounted interest. The carrying amount of the equity interest includes the share accounted for using the equity method plus all non-current interests that are to be allocated to the net investment in the interest accounted for using the equity method based on their economic substance.
Interests accounted for using the equity method
Interests accounted for using the equity method
\u20acm
\u00a0
2024
2025
(Amortised) cost as at 1/1
549.9
652.6
Additions1
17.7
7.8
Dividends2
\u2013\u00a015.6
\u2013\u00a023.3
Result from equity accounting
101.3
85.1
Other comprehensive income from equity accounting
1.4
\u2013\u00a010.8
Change in consolidation method
\u2013\u00a02.7
0.0
Other changes
0.8
\u2013\u00a02.0
(Amortised) cost as at 31/12
652.6
709.4
Accumulated value adjustments as at 1/1
\u2013\u00a033.1
\u2013\u00a019.7
Reversals of impairment losses
13.5
0.0
Accumulated value adjustments as at 31/12
\u2013\u00a019.7
\u2013\u00a019.7
Net carrying amount as at 31/12
633.0
689.7
Net carrying amount as at 1/1
516.7
633.0
1 Of which additions from acquisitions of shares in the amount of \u20ac1.2m (previous year: \u20ac8.3m)// 2 Of which distributions from KELAG in the amount of \u20ac75.6m (previous year: \u20ac80.9m), less the prorated dividend from VERBUND Hydro Power GmbH (VHP) to KELAG in the amount of \u20ac52.9m (previous year: \u20ac67.0m)
A summary of aggregated financial information for material interests accounted for using the equity method is presented in section\u00a013.4 \u201cSubsidiaries, joint ventures and associates of VERBUND\u201d.
13.4
Subsidiaries, joint ventures and associates of VERBUND
Associates
The tables below show a summary of aggregated financial information for KELAG, a material associate accounted for by VERBUND using the equity method. The reference date for financial information is 30\u00a0September 2025 (see section\u00a01.2 \u201cFinancial reporting principles\u201d); the financial information is based on data updated to the best of VERBUND\u2019s knowledge.
Material associates: statement of comprehensive income
\u00a0
\u20acm
\u00a0
2024
2025
\u00a0
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
Revenue
1,928.9
1,938.0
Profit after tax
456.3
367.7
Ownership interest of VERBUND
35.17%
35.17%
Profit or loss for the period attributable to VERBUND
160.4
129.3
Differences due to the application of the equity method of accounting
\u2013\u00a060.0
\u2013\u00a045.1
Share of profit or loss from associates accounted for
using the equity method
100.5
84.2
\u00a0
\u00a0
\u00a0
Profit after tax
456.3
367.7
Other comprehensive income
4.0
\u2013\u00a036.3
Total comprehensive income for the period
460.2
331.4
Ownership interest of VERBUND
35.17%
35.17%
Total comprehensive income for the period attributable to VERBUND
161.8
116.5
Differences due to the application of the equity method of accounting
\u2013\u00a060.0
\u2013\u00a045.1
Total comprehensive income for the period from
associates accounted for using the equity method
101.9
71.4
Dividends received from associates
80.9
75.6
At KELAG, resolutions on the distribution of dividends can be adopted by simple majority. K\u00e4rntner Energieholding Beteiligungs\u00a0GmbH holds 51% of the shares in KELAG and therefore determines its distribution policy.
Material associates: balance sheet
\u00a0
\u20acm
\u00a0
31/12/2024
31/12/2025
\u00a0
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
Non-current assets
2,428.1
2,616.2
Current assets
1,032.1
776.3
Non-current liabilities
\u2013\u00a01,102.2
\u2013\u00a0957.6
Current liabilities
\u2013\u00a0586.5
\u2013\u00a0542.9
Equity attributable to non-controlling interests
\u2013\u00a018.7
\u2013\u00a022.9
Net assets
1,752.8
1,869.2
Ownership interest of VERBUND
35.17%
35.17%
Net assets attributable to VERBUND
616.4
657.3
Differences due to the application of the equity method of accounting
\u2013\u00a0120.0
\u2013\u00a0112.3
Carrying amount of associates accounted for using the equity method
496.3
545.0
The following list of Group companies shows VERBUND\u2019s subsidiaries, joint ventures and associates in accordance with Section\u00a0245a(1) in conjunction with Section\u00a0265(2) of the Austrian Commercial Code (UGB). The list also includes unconsolidated subsidiaries and other joint ventures, associates and equity interests in which VERBUND\u2019s interest is \u2265 20% and which are not accounted for using the equity method.
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Green Power GmbH (VGP)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Wind Power Austria GmbH (VRP-AT)
Vienna
CS
VHP
100.00%
Vienna
CS
VHP
100.00%
VERBUND Green Power Deutschland GmbH (VGP-DE)
Berlin
CS
VGP
100.00%
Berlin
CS
VGP
100.00%
VERBUND Green Power \u00d6sterreich GmbH (VGP-AT)
Vienna
CS
VGP
100.00%
Vienna
CS
VGP
100.00%
VERBUND Green Power Iberia, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
VERBUND Wind Power Romania SRL (VRP-RO)
Bucha-
rest
CS
VGP
100.00%
Bucha-
rest
CS
VGP
100.00%
Infrastrukturgesellschaft Bischheim GmbH & Co. KG
W\u00f6rr-
stadt
CS
VGP
80.60%
W\u00f6rrstadt
CS
VGP
80.60%
VERBUND Green Power Deutschland Photovoltaik GmbH
Berlin
CS
VGP
100.00%
Berlin
CS
VGP
100.00%
VERBUND Green Power Italia S.R.L. (VGP-IT)
Milan
CS
VGP
100.00%
Milan
CS
VGP
100.00%
ICA One S.R.L.
Milan
CS
VGP-IT
100.00%
Milan
CS
VGP-IT
100.00%
PV Novoli S.R.L.
Milan
CS
VGP-IT
100.00%
\u2013
\u2013
\u2013
\u2013
Tenuta del Campo S.R.L.
Milan
CS
VGP-IT
100.00%
\u2013
\u2013
\u2013
\u2013
Watt Development SPV 5 S.L.U. (VGP-IB-IL1)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Watt Development SPV 6 S.L.U. (VGP-IB-IL2)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Watt Development SPV 7 S.L.U. (VGP-IB-IL3)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Ayamonte S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Buseco S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Parque E\u00f3lico El Barroso S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Loma de los Pinos S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Lusitania Renovables S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Anselma Issuer, S.A.U. (VGP-IB-ANI)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Topacio Energy, S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Tejo Solar, S.L.U. (VGP-IB-TES)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
VERBUND Green Power Renewable Projects, S.L.U. (VGP-IB-GRP)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Sica Desarrollos Cuerva, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Los Navalmorales, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Albarreal, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Totan\u00e9s, S.L.U. (VGP-IB-SDT)
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
VERBUND Windpark M\u00fcnster GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Quelkhorn GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Mariengarten GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Oedelum GmbH
Schellerten
CS
VGP-DE
100.00%
Schellerten
CS
VGP-DE
100.00%
VERBUND Windpark Frielendorf GmbH & Co. KG (VGP-DE-FS)
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
MSH B\u00fcrger-Windpark-Feldatal GmbH & Co. KG
\u2013
\u2013
\u2013
\u2013
Feldatal
CS
VGP-DE-PV
100.00%
Cyopsa-El Molino Energia E\u00f3lica, S.A.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Energias Renovables de Musas, S.L.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Energias Renovables de Ofion, S.L.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Green Power Wind Spain 1, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
Green Power Wind Marquesado, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
Camareta Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Cornamusa Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Cruceta Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Natera Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Panol Solar, S.L.
Madrid
UC
VGP-IB-TES
51.00%
Madrid
CS
VGP-IB-TES
100.00%
Obenque Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Orla Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Reclamo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Rehala Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
PH Tambre Energy, s.l.
Madrid
EM1
VGP
50.00%
Madrid
EM1
VGP
50.00%
Amaranta Energy, s.l.
Madrid
EM1
VGP
50.00%
Madrid
EM1
VGP
50.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Infraestructuras de Illora S.L.
Madrid
UC
VGP-IB-IL1
VGP-IB-IL2
VGP-IB-IL3
20.00%
20.00%
20.00%
Madrid
UC
VGP-IB-IL1
VGP-IB-IL2
VGP-IB-IL3
20.00%
20.00%
20.00%
Windpark Frielendorf GmbH & Co. KG
Gilserberg
UC
VGP-DE-FS
32.50%
Gilserberg
UC
VGP-DE-FS
32.50%
cos phi gmbh
Vienna
UC
VGP-AT
100.00%
Vienna
UC
VGP-AT
100.00%
DA1 S.R.L.
Milan
UC
VGP-IT
100.00%
Milan
UC
VGP-IT
100.00%
SY05 S.R.L.
\u2013
\u2013
\u2013
\u2013
Milan
UC
VGP-IT
100.00%
Corleto S.r.l.
\u2013
\u2013
\u2013
\u2013
Faenza
UC
VGP-IT
100.00%
Totan\u00e9s Infraestructuras Comunes, S.L.
Madrid
UC
VGP-IB-SDT
38.89%
Madrid
UC
VGP-IB-SDT
38.89%
Murcia Solar Park GmbH (VGP-IB-MUR)
Berlin
UC
VGP-IB-ANI
100.00%
Berlin
UC
VGP-IB-ANI
100.00%
Baluma Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Baviera Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Bolardo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Boyante Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Braganza Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Cairo Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Carmesi Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Cenida Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Comunidad de Bienes del Huerto Solar del Hinojar, C.B.
Lorca
UC
VGP-IB-SVL
92.72%
Lorca
UC
VGP-IB-SVL
92.72%
Faballones Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Feanor Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Galadriel Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Helice Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Imai Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Koe Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Lima Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Miriel Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Mosqueton Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Nairobi Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Orion Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Penalara Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Perdiguero Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Peregrino Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Posets Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Radar Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Rotor Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Sentina Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Sextante Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Stopper Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Stein Von Liebig Balears I, S.L.U. (VGP-IB-SVL)
Madrid
UC
VGP-IB-MUR
100.00%
Madrid
UC
VGP-IB-MUR
100.00%
Trufa Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Volateo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Zelanda Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Zuncho Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
TOPWIND Energy S.R.L.
\u2013
\u2013
\u2013
\u2013
Bucharest
UC
VRP-RO
51.00%
Wind Energy Green Park S.R.L.
\u2013
\u2013
\u2013
\u2013
Bucharest
UC
VRP-RO
51.00%
VERBUND Green Power Albania Sh.p.k.
Tirana
UC
VGP
100.00%
Tirana
UC
VGP
100.00%
VERBUND Green Power Albania Wind Sh.p.k.
Tirana
UC
VGP
100.00%
Tirana
UC
VGP
100.00%
Segment: Sales
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH) \u2013 Sales activities
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
VERBUND Energy4Business GmbH (VEB)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Energy4Business Germany GmbH
Munich
CS
VEB
100.00%
Munich
CS
VEB
100.00%
VERBUND Energy4Customers GmbH (VEC)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Energy4Flex GmbH
Vienna
CS
VEB
100.00%
Vienna
CS
VEB
100.00%
VERBUND Energy4Future GmbH
Vienna
CS
VEB
100.00%
Vienna
CS
VEB
100.00%
VERBUND Engineers4Energy GmbH (was: MSP Solarpower GmbH)
Feldkirchen an der Donau
CS
VEB
100.00%
Feldkirchen an der Donau
CS
VEB
100.00%
Electriply GmbH
(vormals: iFix Solar
GmbH)
Feldkirchen an der Donau
CS
VEB
100.00%
Feldkirchen an der Donau
CS
VEB
100.00%
SMATRICS GmbH & Co KG (SMATRICS)
Vienna
CS
VEB
74.90%
Vienna
CS
VEB
74.90%
SMATRICS EnBW GmbH
Vienna
EM
00.01.1900
49.00%
Vienna
EM
00.01.1900
49.00%
Batteriespeicher M\u00fcnster GmbH
\u2013
\u2013
\u2013
\u2013
M\u00fcnster
EM
VEB
51.00%
E-Mobility Provider Austria GmbH
Vienna
UC
VEB
74.90%
Vienna
UC
VEB
74.90%
smart Energy Services GmbH
Vienna
UC
VEC
50.00%
Vienna
UC
VEC
50.00%
SOLAVOLTA Energie- und Umwelttechnik GmbH
Sankt Margarethen im Bgld.
UC
VEC
100.00%
Sankt Margarethen im Bgld.
UC
VEC
100.00%
Segment: Grid
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Austrian Power Grid AG (APG)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
Gas Connect Austria GmbH (GCA)
Vienna
CS
VH
51.00%
Vienna
CS
VH
51.00%
Austrian Gas Grid Management AG (AGGM)
Vienna
CS
GCA
51.00%
Vienna
CS
GCA
51.00%
Trans Austria Gasleitung GmbH (TAG)
Vienna
EM
GCA
15.53%
Vienna
EM
GCA
15.53%
OeMAG Abwicklungsstelle f\u00fcr \u00d6kostrom AG
Vienna
EM
APG
24.40%
Vienna
EM
APG
24.40%
AGCS Gas Clearing and Settlement AG
Vienna
UC
GCA
23.13%
Vienna
UC
GCA
23.13%
ASGM Austrian Strategic Gas Storage Management GmbH
Vienna
UC
AGGM
100.00%
Vienna
UC
AGGM
100.00%
VUM Verfahren Umwelt Management GmbH
Klagenfurt
UC
APG
100.00%
Klagenfurt
UC
APG
100.00%
Equigy B.V.
Arnheim
UC
APG
20.00%
Arnheim
UC
APG
20.00%
All other segments: Equity interests
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH) \u2013 Equity interests
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
Klagenfurt
EM
VH
35.17%
Klagenfurt
EM
VH
35.17%
C2PAT GmbH
Vienna
UC
VH
25.00%
\u2013
\u2013
\u2013
\u2013
CS = consolidated subsidiary / EM = investee accounted for using the equity method / JO = joint operation, proportionate inclusion of assets and liabilities as well as income and expenses / UC = unconsolidated entities due to immateriality or lack of significant influence", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-105": { "value": "Interests accounted for using the equity method
Interests accounted for using the equity method
\u20acm
\u00a0
2024
2025
(Amortised) cost as at 1/1
549.9
652.6
Additions1
17.7
7.8
Dividends2
\u2013\u00a015.6
\u2013\u00a023.3
Result from equity accounting
101.3
85.1
Other comprehensive income from equity accounting
1.4
\u2013\u00a010.8
Change in consolidation method
\u2013\u00a02.7
0.0
Other changes
0.8
\u2013\u00a02.0
(Amortised) cost as at 31/12
652.6
709.4
Accumulated value adjustments as at 1/1
\u2013\u00a033.1
\u2013\u00a019.7
Reversals of impairment losses
13.5
0.0
Accumulated value adjustments as at 31/12
\u2013\u00a019.7
\u2013\u00a019.7
Net carrying amount as at 31/12
633.0
689.7
Net carrying amount as at 1/1
516.7
633.0
1 Of which additions from acquisitions of shares in the amount of \u20ac1.2m (previous year: \u20ac8.3m)// 2 Of which distributions from KELAG in the amount of \u20ac75.6m (previous year: \u20ac80.9m), less the prorated dividend from VERBUND Hydro Power GmbH (VHP) to KELAG in the amount of \u20ac52.9m (previous year: \u20ac67.0m)
A summary of aggregated financial information for material interests accounted for using the equity method is presented in section\u00a013.4 \u201cSubsidiaries, joint ventures and associates of VERBUND\u201d.
13.4
Subsidiaries, joint ventures and associates of VERBUND
List of Group companies
The following list of Group companies shows VERBUND\u2019s subsidiaries, joint ventures and associates in accordance with Section\u00a0245a(1) in conjunction with Section\u00a0265(2) of the Austrian Commercial Code (UGB). The list also includes unconsolidated subsidiaries and other joint ventures, associates and equity interests in which VERBUND\u2019s interest is \u2265 20% and which are not accounted for using the equity method.
Segment: Hydro
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH \u2013 Hydro
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
Innwerk AG (VHP-IW)
Stammham
CS
VH
100.00%
Stammham
CS
VH
100.00%
VERBUND Hydro Power GmbH (VHP)
Vienna
CS
VH
80.54%
Vienna
CS
VH
80.54%
VERBUND Innkraftwerke GmbH
T\u00f6ging
CS
VH
70.27%
T\u00f6ging
CS
VH
70.27%
Donaukraftwerk Jochenstein Aktiengesellschaft
Passau
CS
VH
VHP-IW
50.00%
50.00%
Passau
CS
VH
VHP-IW
50.00%
50.00%
Grenzkraftwerke GmbH
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Simbach
CS
VH
VHP-IW
50.00%
50.00%
\u00d6sterreichisch-Bayerische Kraftwerke Aktiengesellschaft
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Ennskraftwerke Aktiengesellschaft
Steyr
JO
VH
50.00%
Steyr
JO
VH
50.00%
Kraftwerk Nu\u00dfdorf Errichtungs- und Betriebs GmbH & Co KG
Vienna
EM1
VHP
33.33%
Vienna
EM1
VHP
33.33%
Kraftwerk Nu\u00dfdorf Errichtungs- und Betriebs GmbH
Vienna
EM1
VHP
33.33%
Vienna
EM1
VHP
33.33%
Ashta Beteiligungsverwaltung GmbH (VHP-AL-HII)
Vienna
EM1
VHP
50.01%
Vienna
EM1
VHP
50.01%
Energji Ashta Shpk
Bushat
EM1
VHP-AL-HII
100.00%
Bushat
EM1
VHP-AL-HII
100.00%
Lestin Tauch- und Bergungsunternehmen GmbH (LESTIN)
Vienna
UC
VHP
100.00%
Vienna
UC
VHP
100.00%
Murkraftwerk Graz Errichtungs- und BetriebsgmbH
Graz
UC
VHP
25.10%
Graz
UC
VHP
25.10%
VERBUND Tourismus GmbH
Vienna
UC
VHP
LESTIN
99.90%
0.10%
Vienna
UC
VHP
LESTIN
99.90%
0.10%
Manara HPP Operation Ltd.
Tel Aviv
UC
VHP
80.00%
Tel Aviv
UC
VHP
80.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Green Power GmbH (VGP)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Wind Power Austria GmbH (VRP-AT)
Vienna
CS
VHP
100.00%
Vienna
CS
VHP
100.00%
VERBUND Green Power Deutschland GmbH (VGP-DE)
Berlin
CS
VGP
100.00%
Berlin
CS
VGP
100.00%
VERBUND Green Power \u00d6sterreich GmbH (VGP-AT)
Vienna
CS
VGP
100.00%
Vienna
CS
VGP
100.00%
VERBUND Green Power Iberia, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
VERBUND Wind Power Romania SRL (VRP-RO)
Bucha-
rest
CS
VGP
100.00%
Bucha-
rest
CS
VGP
100.00%
Infrastrukturgesellschaft Bischheim GmbH & Co. KG
W\u00f6rr-
stadt
CS
VGP
80.60%
W\u00f6rrstadt
CS
VGP
80.60%
VERBUND Green Power Deutschland Photovoltaik GmbH
Berlin
CS
VGP
100.00%
Berlin
CS
VGP
100.00%
VERBUND Green Power Italia S.R.L. (VGP-IT)
Milan
CS
VGP
100.00%
Milan
CS
VGP
100.00%
ICA One S.R.L.
Milan
CS
VGP-IT
100.00%
Milan
CS
VGP-IT
100.00%
PV Novoli S.R.L.
Milan
CS
VGP-IT
100.00%
\u2013
\u2013
\u2013
\u2013
Tenuta del Campo S.R.L.
Milan
CS
VGP-IT
100.00%
\u2013
\u2013
\u2013
\u2013
Watt Development SPV 5 S.L.U. (VGP-IB-IL1)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Watt Development SPV 6 S.L.U. (VGP-IB-IL2)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Watt Development SPV 7 S.L.U. (VGP-IB-IL3)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Ayamonte S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Buseco S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Parque E\u00f3lico El Barroso S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Loma de los Pinos S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Lusitania Renovables S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Anselma Issuer, S.A.U. (VGP-IB-ANI)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Topacio Energy, S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Tejo Solar, S.L.U. (VGP-IB-TES)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
VERBUND Green Power Renewable Projects, S.L.U. (VGP-IB-GRP)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Sica Desarrollos Cuerva, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Los Navalmorales, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Albarreal, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Totan\u00e9s, S.L.U. (VGP-IB-SDT)
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
VERBUND Windpark M\u00fcnster GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Quelkhorn GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Mariengarten GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Oedelum GmbH
Schellerten
CS
VGP-DE
100.00%
Schellerten
CS
VGP-DE
100.00%
VERBUND Windpark Frielendorf GmbH & Co. KG (VGP-DE-FS)
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
MSH B\u00fcrger-Windpark-Feldatal GmbH & Co. KG
\u2013
\u2013
\u2013
\u2013
Feldatal
CS
VGP-DE-PV
100.00%
Cyopsa-El Molino Energia E\u00f3lica, S.A.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Energias Renovables de Musas, S.L.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Energias Renovables de Ofion, S.L.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Green Power Wind Spain 1, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
Green Power Wind Marquesado, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
Camareta Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Cornamusa Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Cruceta Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Natera Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Panol Solar, S.L.
Madrid
UC
VGP-IB-TES
51.00%
Madrid
CS
VGP-IB-TES
100.00%
Obenque Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Orla Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Reclamo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Rehala Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
PH Tambre Energy, s.l.
Madrid
EM1
VGP
50.00%
Madrid
EM1
VGP
50.00%
Amaranta Energy, s.l.
Madrid
EM1
VGP
50.00%
Madrid
EM1
VGP
50.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Infraestructuras de Illora S.L.
Madrid
UC
VGP-IB-IL1
VGP-IB-IL2
VGP-IB-IL3
20.00%
20.00%
20.00%
Madrid
UC
VGP-IB-IL1
VGP-IB-IL2
VGP-IB-IL3
20.00%
20.00%
20.00%
Windpark Frielendorf GmbH & Co. KG
Gilserberg
UC
VGP-DE-FS
32.50%
Gilserberg
UC
VGP-DE-FS
32.50%
cos phi gmbh
Vienna
UC
VGP-AT
100.00%
Vienna
UC
VGP-AT
100.00%
DA1 S.R.L.
Milan
UC
VGP-IT
100.00%
Milan
UC
VGP-IT
100.00%
SY05 S.R.L.
\u2013
\u2013
\u2013
\u2013
Milan
UC
VGP-IT
100.00%
Corleto S.r.l.
\u2013
\u2013
\u2013
\u2013
Faenza
UC
VGP-IT
100.00%
Totan\u00e9s Infraestructuras Comunes, S.L.
Madrid
UC
VGP-IB-SDT
38.89%
Madrid
UC
VGP-IB-SDT
38.89%
Murcia Solar Park GmbH (VGP-IB-MUR)
Berlin
UC
VGP-IB-ANI
100.00%
Berlin
UC
VGP-IB-ANI
100.00%
Baluma Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Baviera Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Bolardo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Boyante Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Braganza Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Cairo Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Carmesi Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Cenida Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Comunidad de Bienes del Huerto Solar del Hinojar, C.B.
Lorca
UC
VGP-IB-SVL
92.72%
Lorca
UC
VGP-IB-SVL
92.72%
Faballones Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Feanor Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Galadriel Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Helice Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Imai Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Koe Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Lima Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Miriel Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Mosqueton Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Nairobi Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Orion Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Penalara Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Perdiguero Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Peregrino Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Posets Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Radar Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Rotor Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Sentina Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Sextante Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Stopper Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Stein Von Liebig Balears I, S.L.U. (VGP-IB-SVL)
Madrid
UC
VGP-IB-MUR
100.00%
Madrid
UC
VGP-IB-MUR
100.00%
Trufa Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Volateo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Zelanda Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Zuncho Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
TOPWIND Energy S.R.L.
\u2013
\u2013
\u2013
\u2013
Bucharest
UC
VRP-RO
51.00%
Wind Energy Green Park S.R.L.
\u2013
\u2013
\u2013
\u2013
Bucharest
UC
VRP-RO
51.00%
VERBUND Green Power Albania Sh.p.k.
Tirana
UC
VGP
100.00%
Tirana
UC
VGP
100.00%
VERBUND Green Power Albania Wind Sh.p.k.
Tirana
UC
VGP
100.00%
Tirana
UC
VGP
100.00%
Segment: Sales
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH) \u2013 Sales activities
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
VERBUND Energy4Business GmbH (VEB)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Energy4Business Germany GmbH
Munich
CS
VEB
100.00%
Munich
CS
VEB
100.00%
VERBUND Energy4Customers GmbH (VEC)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Energy4Flex GmbH
Vienna
CS
VEB
100.00%
Vienna
CS
VEB
100.00%
VERBUND Energy4Future GmbH
Vienna
CS
VEB
100.00%
Vienna
CS
VEB
100.00%
VERBUND Engineers4Energy GmbH (was: MSP Solarpower GmbH)
Feldkirchen an der Donau
CS
VEB
100.00%
Feldkirchen an der Donau
CS
VEB
100.00%
Electriply GmbH
(vormals: iFix Solar
GmbH)
Feldkirchen an der Donau
CS
VEB
100.00%
Feldkirchen an der Donau
CS
VEB
100.00%
SMATRICS GmbH & Co KG (SMATRICS)
Vienna
CS
VEB
74.90%
Vienna
CS
VEB
74.90%
SMATRICS EnBW GmbH
Vienna
EM
00.01.1900
49.00%
Vienna
EM
00.01.1900
49.00%
Batteriespeicher M\u00fcnster GmbH
\u2013
\u2013
\u2013
\u2013
M\u00fcnster
EM
VEB
51.00%
E-Mobility Provider Austria GmbH
Vienna
UC
VEB
74.90%
Vienna
UC
VEB
74.90%
smart Energy Services GmbH
Vienna
UC
VEC
50.00%
Vienna
UC
VEC
50.00%
SOLAVOLTA Energie- und Umwelttechnik GmbH
Sankt Margarethen im Bgld.
UC
VEC
100.00%
Sankt Margarethen im Bgld.
UC
VEC
100.00%
CS = consolidated subsidiary / EM = investee accounted for using the equity method / JO = joint operation, proportionate inclusion of assets and liabilities as well as income and expenses / UC = unconsolidated entities due to immateriality or lack of significant influence
1 Joint ventures // 2 VERBUND Thermal Power GmbH holds an interest of < 0.01% in VERBUND Thermal Power GmbH & Co KG as a limited partner.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-106": { "value": "
4.6
Other equity interests
Interests in unconsolidated (for lack of materiality) subsidiaries, associates and joint ventures not accounted for using the equity method and other equity interests are accounted for in accordance with IFRS\u00a09. If these equity interests are held for the long term based on strategic considerations, they are classified as measured at fair value through other comprehensive income (FVOCI). Otherwise, they are classified as measured at fair value through profit or loss (FVPL). Depending on the situation, the fair value of equity interests is derived from market quotations, comparable recent transactions, valuations based on discounted cash flow or market multiples methods or from the cost of the equity interest.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-107": { "value": "Other equity interests
Other equity interests
\u00a0
\u00a0
\u20acm
\u00a0
Interests in unconsolidated subsidiaries
Other equity interests
Total
2025
\u00a0
\u00a0
\u00a0
(Amortised) cost as at 1/1
53.8
159.9
213.7
Additions from acquisitions of interests and capital increases
14.1
3.9
18.0
Disposals
\u2013\u00a010.3
0.0
\u2013\u00a010.3
Reclassifications
0.6
\u2013\u00a00.5
0.1
(Amortised) cost as at 31/12
58.2
163.3
221.5
Accumulated value adjustments as at 1/1
11.6
46.7
58.3
Fair value measurement in OCI
4.1
12.6
16.7
Accumulated value adjustments as at 31/12
15.7
59.3
75.0
Net carrying amount as at 31/12
73.9
222.6
296.5
Net carrying amount as at 1/1
65.4
206.6
272.0
Other equity interests
\u00a0
\u00a0
\u20acm
\u00a0
Interests in unconsolidated subsidiaries
Other equity interests
Total
2024
\u00a0
\u00a0
\u00a0
(Amortised) cost as at 1/1
35.6
144.1
179.7
Additions from acquisitions of interests and capital increases
44.3
15.8
60.1
Disposals
\u2013\u00a026.1
0.0
\u2013\u00a026.1
(Amortised) cost as at 31/12
53.8
159.9
213.7
Accumulated value adjustments as at 1/1
\u2013\u00a05.2
53.0
47.8
Fair value measurement in OCI
1.0
\u2013\u00a06.3
\u2013\u00a05.3
Reversals of impairment losses
0.1
0.0
0.1
Disposals
15.7
0.0
15.7
Accumulated value adjustments as at 31/12
11.6
46.7
58.3
Net carrying amount as at 31/12
65.4
206.6
272.0
Net carrying amount as at 1/1
30.4
197.1
227.5
List of Group companies
The following list of Group companies shows VERBUND\u2019s subsidiaries, joint ventures and associates in accordance with Section\u00a0245a(1) in conjunction with Section\u00a0265(2) of the Austrian Commercial Code (UGB). The list also includes unconsolidated subsidiaries and other joint ventures, associates and equity interests in which VERBUND\u2019s interest is \u2265 20% and which are not accounted for using the equity method.
Segment: Hydro
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH \u2013 Hydro
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
Innwerk AG (VHP-IW)
Stammham
CS
VH
100.00%
Stammham
CS
VH
100.00%
VERBUND Hydro Power GmbH (VHP)
Vienna
CS
VH
80.54%
Vienna
CS
VH
80.54%
VERBUND Innkraftwerke GmbH
T\u00f6ging
CS
VH
70.27%
T\u00f6ging
CS
VH
70.27%
Donaukraftwerk Jochenstein Aktiengesellschaft
Passau
CS
VH
VHP-IW
50.00%
50.00%
Passau
CS
VH
VHP-IW
50.00%
50.00%
Grenzkraftwerke GmbH
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Simbach
CS
VH
VHP-IW
50.00%
50.00%
\u00d6sterreichisch-Bayerische Kraftwerke Aktiengesellschaft
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Ennskraftwerke Aktiengesellschaft
Steyr
JO
VH
50.00%
Steyr
JO
VH
50.00%
Kraftwerk Nu\u00dfdorf Errichtungs- und Betriebs GmbH & Co KG
Vienna
EM1
VHP
33.33%
Vienna
EM1
VHP
33.33%
Kraftwerk Nu\u00dfdorf Errichtungs- und Betriebs GmbH
Vienna
EM1
VHP
33.33%
Vienna
EM1
VHP
33.33%
Ashta Beteiligungsverwaltung GmbH (VHP-AL-HII)
Vienna
EM1
VHP
50.01%
Vienna
EM1
VHP
50.01%
Energji Ashta Shpk
Bushat
EM1
VHP-AL-HII
100.00%
Bushat
EM1
VHP-AL-HII
100.00%
Lestin Tauch- und Bergungsunternehmen GmbH (LESTIN)
Vienna
UC
VHP
100.00%
Vienna
UC
VHP
100.00%
Murkraftwerk Graz Errichtungs- und BetriebsgmbH
Graz
UC
VHP
25.10%
Graz
UC
VHP
25.10%
VERBUND Tourismus GmbH
Vienna
UC
VHP
LESTIN
99.90%
0.10%
Vienna
UC
VHP
LESTIN
99.90%
0.10%
Manara HPP Operation Ltd.
Tel Aviv
UC
VHP
80.00%
Tel Aviv
UC
VHP
80.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Green Power GmbH (VGP)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Wind Power Austria GmbH (VRP-AT)
Vienna
CS
VHP
100.00%
Vienna
CS
VHP
100.00%
VERBUND Green Power Deutschland GmbH (VGP-DE)
Berlin
CS
VGP
100.00%
Berlin
CS
VGP
100.00%
VERBUND Green Power \u00d6sterreich GmbH (VGP-AT)
Vienna
CS
VGP
100.00%
Vienna
CS
VGP
100.00%
VERBUND Green Power Iberia, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
VERBUND Wind Power Romania SRL (VRP-RO)
Bucha-
rest
CS
VGP
100.00%
Bucha-
rest
CS
VGP
100.00%
Infrastrukturgesellschaft Bischheim GmbH & Co. KG
W\u00f6rr-
stadt
CS
VGP
80.60%
W\u00f6rrstadt
CS
VGP
80.60%
VERBUND Green Power Deutschland Photovoltaik GmbH
Berlin
CS
VGP
100.00%
Berlin
CS
VGP
100.00%
VERBUND Green Power Italia S.R.L. (VGP-IT)
Milan
CS
VGP
100.00%
Milan
CS
VGP
100.00%
ICA One S.R.L.
Milan
CS
VGP-IT
100.00%
Milan
CS
VGP-IT
100.00%
PV Novoli S.R.L.
Milan
CS
VGP-IT
100.00%
\u2013
\u2013
\u2013
\u2013
Tenuta del Campo S.R.L.
Milan
CS
VGP-IT
100.00%
\u2013
\u2013
\u2013
\u2013
Watt Development SPV 5 S.L.U. (VGP-IB-IL1)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Watt Development SPV 6 S.L.U. (VGP-IB-IL2)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Watt Development SPV 7 S.L.U. (VGP-IB-IL3)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Ayamonte S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Buseco S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Parque E\u00f3lico El Barroso S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Loma de los Pinos S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Lusitania Renovables S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Anselma Issuer, S.A.U. (VGP-IB-ANI)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Topacio Energy, S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Tejo Solar, S.L.U. (VGP-IB-TES)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
VERBUND Green Power Renewable Projects, S.L.U. (VGP-IB-GRP)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Sica Desarrollos Cuerva, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Los Navalmorales, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Albarreal, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Totan\u00e9s, S.L.U. (VGP-IB-SDT)
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
VERBUND Windpark M\u00fcnster GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Quelkhorn GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Mariengarten GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Oedelum GmbH
Schellerten
CS
VGP-DE
100.00%
Schellerten
CS
VGP-DE
100.00%
VERBUND Windpark Frielendorf GmbH & Co. KG (VGP-DE-FS)
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
MSH B\u00fcrger-Windpark-Feldatal GmbH & Co. KG
\u2013
\u2013
\u2013
\u2013
Feldatal
CS
VGP-DE-PV
100.00%
Cyopsa-El Molino Energia E\u00f3lica, S.A.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Energias Renovables de Musas, S.L.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Energias Renovables de Ofion, S.L.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Green Power Wind Spain 1, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
Green Power Wind Marquesado, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
Camareta Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Cornamusa Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Cruceta Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Natera Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Panol Solar, S.L.
Madrid
UC
VGP-IB-TES
51.00%
Madrid
CS
VGP-IB-TES
100.00%
Obenque Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Orla Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Reclamo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Rehala Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
PH Tambre Energy, s.l.
Madrid
EM1
VGP
50.00%
Madrid
EM1
VGP
50.00%
Amaranta Energy, s.l.
Madrid
EM1
VGP
50.00%
Madrid
EM1
VGP
50.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Infraestructuras de Illora S.L.
Madrid
UC
VGP-IB-IL1
VGP-IB-IL2
VGP-IB-IL3
20.00%
20.00%
20.00%
Madrid
UC
VGP-IB-IL1
VGP-IB-IL2
VGP-IB-IL3
20.00%
20.00%
20.00%
Windpark Frielendorf GmbH & Co. KG
Gilserberg
UC
VGP-DE-FS
32.50%
Gilserberg
UC
VGP-DE-FS
32.50%
cos phi gmbh
Vienna
UC
VGP-AT
100.00%
Vienna
UC
VGP-AT
100.00%
DA1 S.R.L.
Milan
UC
VGP-IT
100.00%
Milan
UC
VGP-IT
100.00%
SY05 S.R.L.
\u2013
\u2013
\u2013
\u2013
Milan
UC
VGP-IT
100.00%
Corleto S.r.l.
\u2013
\u2013
\u2013
\u2013
Faenza
UC
VGP-IT
100.00%
Totan\u00e9s Infraestructuras Comunes, S.L.
Madrid
UC
VGP-IB-SDT
38.89%
Madrid
UC
VGP-IB-SDT
38.89%
Murcia Solar Park GmbH (VGP-IB-MUR)
Berlin
UC
VGP-IB-ANI
100.00%
Berlin
UC
VGP-IB-ANI
100.00%
Baluma Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Baviera Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Bolardo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Boyante Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Braganza Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Cairo Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Carmesi Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Cenida Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Comunidad de Bienes del Huerto Solar del Hinojar, C.B.
Lorca
UC
VGP-IB-SVL
92.72%
Lorca
UC
VGP-IB-SVL
92.72%
Faballones Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Feanor Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Galadriel Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Helice Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Imai Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Koe Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Lima Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Miriel Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Mosqueton Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Nairobi Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Orion Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Penalara Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Perdiguero Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Peregrino Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Posets Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Radar Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Rotor Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Sentina Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Sextante Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Stopper Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Stein Von Liebig Balears I, S.L.U. (VGP-IB-SVL)
Madrid
UC
VGP-IB-MUR
100.00%
Madrid
UC
VGP-IB-MUR
100.00%
Trufa Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Volateo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Zelanda Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Zuncho Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
TOPWIND Energy S.R.L.
\u2013
\u2013
\u2013
\u2013
Bucharest
UC
VRP-RO
51.00%
Wind Energy Green Park S.R.L.
\u2013
\u2013
\u2013
\u2013
Bucharest
UC
VRP-RO
51.00%
VERBUND Green Power Albania Sh.p.k.
Tirana
UC
VGP
100.00%
Tirana
UC
VGP
100.00%
VERBUND Green Power Albania Wind Sh.p.k.
Tirana
UC
VGP
100.00%
Tirana
UC
VGP
100.00%
Segment: Sales
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH) \u2013 Sales activities
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
VERBUND Energy4Business GmbH (VEB)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Energy4Business Germany GmbH
Munich
CS
VEB
100.00%
Munich
CS
VEB
100.00%
VERBUND Energy4Customers GmbH (VEC)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Energy4Flex GmbH
Vienna
CS
VEB
100.00%
Vienna
CS
VEB
100.00%
VERBUND Energy4Future GmbH
Vienna
CS
VEB
100.00%
Vienna
CS
VEB
100.00%
VERBUND Engineers4Energy GmbH (was: MSP Solarpower GmbH)
Feldkirchen an der Donau
CS
VEB
100.00%
Feldkirchen an der Donau
CS
VEB
100.00%
Electriply GmbH
(vormals: iFix Solar
GmbH)
Feldkirchen an der Donau
CS
VEB
100.00%
Feldkirchen an der Donau
CS
VEB
100.00%
SMATRICS GmbH & Co KG (SMATRICS)
Vienna
CS
VEB
74.90%
Vienna
CS
VEB
74.90%
SMATRICS EnBW GmbH
Vienna
EM
00.01.1900
49.00%
Vienna
EM
00.01.1900
49.00%
Batteriespeicher M\u00fcnster GmbH
\u2013
\u2013
\u2013
\u2013
M\u00fcnster
EM
VEB
51.00%
E-Mobility Provider Austria GmbH
Vienna
UC
VEB
74.90%
Vienna
UC
VEB
74.90%
smart Energy Services GmbH
Vienna
UC
VEC
50.00%
Vienna
UC
VEC
50.00%
SOLAVOLTA Energie- und Umwelttechnik GmbH
Sankt Margarethen im Bgld.
UC
VEC
100.00%
Sankt Margarethen im Bgld.
UC
VEC
100.00%
Segment: Grid
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Austrian Power Grid AG (APG)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
Gas Connect Austria GmbH (GCA)
Vienna
CS
VH
51.00%
Vienna
CS
VH
51.00%
Austrian Gas Grid Management AG (AGGM)
Vienna
CS
GCA
51.00%
Vienna
CS
GCA
51.00%
Trans Austria Gasleitung GmbH (TAG)
Vienna
EM
GCA
15.53%
Vienna
EM
GCA
15.53%
OeMAG Abwicklungsstelle f\u00fcr \u00d6kostrom AG
Vienna
EM
APG
24.40%
Vienna
EM
APG
24.40%
AGCS Gas Clearing and Settlement AG
Vienna
UC
GCA
23.13%
Vienna
UC
GCA
23.13%
ASGM Austrian Strategic Gas Storage Management GmbH
Vienna
UC
AGGM
100.00%
Vienna
UC
AGGM
100.00%
VUM Verfahren Umwelt Management GmbH
Klagenfurt
UC
APG
100.00%
Klagenfurt
UC
APG
100.00%
Equigy B.V.
Arnheim
UC
APG
20.00%
Arnheim
UC
APG
20.00%
All other segments: Thermal generation
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Thermal Power GmbH (VTP GmbH)
Fernitz-Mellach
CS
VH
100.00%
Fernitz-Mellach
CS
VH
100.00%
VERBUND Thermal Power GmbH & Co KG
Fernitz-Mellach
CS
VH
VTP GmbH
100.00%
0.00%2
Fernitz-Mellach
CS
VH
VTP GmbH
100.00%
0.00%2
All other segments: Services
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Digital Power GmbH (was: VERBUND Services GmbH)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Business Solutions GmbH
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
All other segments: Equity interests
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH) \u2013 Equity interests
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
Klagenfurt
EM
VH
35.17%
Klagenfurt
EM
VH
35.17%
C2PAT GmbH
Vienna
UC
VH
25.00%
\u2013
\u2013
\u2013
\u2013
Other Group companies
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND AG (VH)
\u2013 All other activities
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
VERBUND Finanzierungsservice GmbH
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Ventures GmbH (VVE)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Green Hydrogen GmbH (VGH)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Green Hydrogen Sales GmbH
Vienna
CS
VGH
100.00%
Vienna
CS
VGH
100.00%
HalloSonne GmbH (HAS)
Vienna
UC
VEC
100.00%
\u2013
\u2013
\u2013
\u2013
TTTech Zyne GmbH
Vienna
UC
VVE
49.90%
Vienna
UC
VVE
49.90%
CS = consolidated subsidiary / EM = investee accounted for using the equity method / JO = joint operation, proportionate inclusion of assets and liabilities as well as income and expenses / UC = unconsolidated entities due to immateriality or lack of significant influence1 Joint ventures // 2 VERBUND Thermal Power GmbH holds an interest of < 0.01% in VERBUND Thermal Power GmbH & Co KG as a limited partner.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-108": { "value": "
Securities in the amount of \u20ac71.4m (previous year: \u20ac77.9m) and loans in the amount of \u20ac251.6m (previous year: \u20ac364.4m) have been pledged. All of the securities and loans serve as collateral for bank loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-109": { "value": "
Derivative financial instruments
Derivative financial instruments are recognised at fair value when the contract is entered into and are subsequently measured at fair value. As a rule, unrealised remeasurement gains or losses are recognised in the income statement if the requirements for recognition of hedging relationships (hedge accounting) in accordance with IFRS\u00a09 are not met (see section\u00a05.2 \u201cAccounting treatment of hedging relationships\u201d).
Derivative financial instruments with positive fair values are recognised under Receivables from derivative financial instruments, while those with negative fair values are recognised under Liabilities from derivative financial instruments. If a framework agreement including a netting arrangement has been entered into with a counterparty, the positive and negative fair values of the transactions entered into with the counterparty are offset over the corresponding periods for accounting purposes as the aim is to settle on a net basis.
So-called own-use contracts are not accounted for as derivative financial instruments, but instead as executory contracts (own-use exemption). If supplier contracts that previously represented own-use contracts lead to a net settlement within the meaning of IFRS\u00a09, they must be classified as freestanding derivatives and recognised at fair value through profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-110": { "value": "
Derivative financial instruments with positive fair values are recognised under Receivables from derivative financial instruments, while those with negative fair values are recognised under Liabilities from derivative financial instruments. If a framework agreement including a netting arrangement has been entered into with a counterparty, the positive and negative fair values of the transactions entered into with the counterparty are offset over the corresponding periods for accounting purposes as the aim is to settle on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-114": { "value": "Additional disclosures regarding financial instruments in accordance with IFRS 7
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Interests in unconsolidated subsidiaries
FVOCI
2
44.9
44.9
Interests in unconsolidated subsidiaries
FVOCI
AC
28.9
28.9
Other equity interests
FVOCI
1
22.1
22.1
Other equity interests
FVOCI
2
158.3
158.3
Other equity interests
FVOCI
AC
42.3
42.3
Other equity interests and
unconsolidated subsidiaries
\u00a0
\u00a0
296.5
\u00a0
Derivatives in the energy area
FVPL
2
33.2
33.2
Derivatives in the energy area
FVPL
3
24.5
24.5
Derivatives in the finance area
FVPL
2
24.0
24.0
Receivables from derivative financial instruments
\u00a0
\u00a0
81.6
\u00a0
Securities
FVPL
1
161.7
161.7
Securities
FVOCI
3
10.1
10.1
Securities
FVOCI
AC
1.9
1.9
Securities \u2013 closed items on the balance sheet
AC
2
74.1
73.3
Loans \u2013 closed items on the balance sheet
AC
2
49.5
52.9
Loans
AC
2
64.4
65.3
Other
FVPL
3
44.2
44.2
Other
AC
\u2013
169.2
\u2013
Other
\u2013
\u2013
40.3
\u2013
Other investments and non-current other receivables
\u00a0
\u00a0
615.3
\u00a0
Current tax receivables
\u2013
\u2013
113.0
\u2013
Derivatives in the energy area
FVPL
1
0.2
0.2
Derivatives in the energy area
FVPL
2
103.4
103.4
Derivatives in the energy area
FVPL
3
5.5
5.5
Derivatives in the finance area
FVPL
2
1.8
1.8
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
7.0
7.0
Receivables from derivative financial instruments
\u00a0
\u00a0
117.9
\u00a0
Trade receivables
AC
\u2013
758.3
\u2013
Receivables from investees
AC
\u2013
35.0
\u2013
Loans to investees
AC
2
5.1
5.0
Other loans
AC
2
0.1
0.1
Loans \u2013 closed items on the balance sheet
AC
2
202.2
196.1
Securities
FVPL
1
1.1
1.1
Emission rights
\u2013
\u2013
70.9
\u2013
Other
AC
\u2013
95.5
\u2013
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Other
\u2013
\u2013
173.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,341.6
\u00a0
Cash and cash equivalents
AC
\u2013
72.8
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
1,526.1
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
406.5
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
308.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value
as at 31/12
Bonds
AC
2
1,126.7
1,028.9
Financial liabilities to banks and to others
AC
2
799.8
779.6
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
126.3
129.6
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
206.5
206.5
Capital shares attributable to limited partners
\u2013
\u2013
13.4
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,272.8
\u00a0
Derivatives in the energy area
FVPL
2
36.7
36.7
Liabilities from derivative financial instruments
\u00a0
\u00a0
36.7
\u00a0
Electricity supply commitment
\u2013
\u2013
62.4
\u2013
Obligation to return an interest
AC
3
227.1
227.1
Trade payables
AC
\u2013
2.6
\u2013
Lease liabilities
\u2013
\u2013
171.0
\u00a0
Other
AC
\u2013
541.1
\u2013
Other non-current liabilities
\u00a0
\u00a0
1,004.2
\u00a0
Derivatives in the energy area
FVPL
2
152.4
152.4
Liabilities from derivative financial instruments
\u00a0
\u00a0
152.4
\u00a0
Trade payables
AC
\u2013
241.1
\u2013
Lease liabilities
\u2013
\u2013
15.9
\u00a0
Other
AC
\u2013
573.1
\u2013
Other
\u2013
\u2013
175.6
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,005.6
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,637.8
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
189.1
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
206.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Interests in unconsolidated subsidiaries
FVOCI
2
40.9
40.9
Interests in unconsolidated subsidiaries
FVOCI
AC
13.0
13.0
Interests in unconsolidated subsidiaries
FVPL
3
10.4
10.4
Other equity interests
FVOCI
1
21.1
21.1
Other equity interests
FVOCI
2
153.5
153.5
Other equity interests
FVOCI
AC
33.2
33.2
Other equity interests and unconsolidated subsidiaries
\u00a0
\u00a0
272.1
\u00a0
Derivatives in the energy area
FVPL
2
37.0
37.0
Derivatives in the energy area
FVPL
3
12.0
12.0
Derivatives in the finance area
FVPL
2
22.2
22.2
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
11.6
11.6
Receivables from derivative financial instruments
\u00a0
\u00a0
82.8
\u00a0
Securities
FVPL
1
164.1
164.1
Securities
FVOCI
3
9.1
9.1
Securities
FVOCI
AC
1.6
1.6
Securities \u2013 closed items on the balance sheet
AC
2
77.9
78.1
Loans \u2013 closed items on the balance sheet
AC
2
269.7
270.5
Loans
AC
2
62.3
63.4
Other
FVPL
3
42.8
42.8
Other
AC
\u2013
143.9
\u2013
Other
\u2013
\u2013
31.5
\u2013
Investments and other receivables
\u00a0
\u00a0
803.0
\u00a0
Current tax receivables
\u2013
\u2013
16.8
\u2013
Derivatives in the energy area
FVPL
1
0.1
0.1
Derivatives in the energy area
FVPL
2
329.7
329.7
Derivatives in the finance area
FVPL
2
3.0
3.0
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
4.3
4.3
Receivables from derivative financial instruments
\u00a0
\u00a0
337.1
\u00a0
Trade receivables
AC
\u2013
865.9
\u2013
Receivables from investees
AC
\u2013
39.6
\u2013
Loans to investees
AC
2
4.0
3.9
Loans \u2013 closed items on the balance sheet
AC
2
94.7
90.5
Securities
FVPL
1
2.5
2.5
Money market transactions
AC
2
30.0
30.0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Emission rights
\u2013
\u2013
48.9
\u2013
Other
AC
\u2013
120.9
\u2013
Other
\u2013
\u2013
48.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,255.1
\u00a0
Cash and cash equivalents
AC
\u2013
795.1
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
2,504.0
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
639.7
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
272.4
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Bonds
AC
2
1,135.4
1,094.1
Financial liabilities to banks and to others
AC
2
670.9
671.9
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
137.8
144.1
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
320.4
320.4
Capital shares attributable to limited partners
\u2013
\u2013
10.7
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,275.2
\u00a0
Derivatives in the energy area
FVPL
2
138.1
138.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
138.1
\u00a0
Electricity supply commitment
\u2013
\u2013
81.2
\u2013
Obligation to return an interest
AC
3
184.7
236.0
Trade payables
AC
\u2013
9.9
\u2013
Lease liabilities
\u2013
\u2013
168.1
\u00a0
Other
AC
\u2013
508.3
\u2013
Other non-current liabilities
\u00a0
\u00a0
952.4
\u00a0
Derivatives in the energy area
FVPL
2
101.2
101.2
Derivatives in the energy area
FVPL
3
1.8
1.8
Derivatives in the finance area
FVPL
2
0.1
\u2013\u00a00.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
103.0
\u00a0
Trade payables
AC
\u2013
370.8
\u2013
Lease liabilities
\u2013
\u2013
10.9
\u00a0
Other
AC
\u2013
572.5
\u2013
Other
\u2013
\u2013
130.2
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,084.4
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,590.4
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
241.2
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
320.4
\u00a0
Non-current and current financial liabilities
Non-current and current financial liabilities
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Bonds
1,127.3
1,116.3
8.1
10.4
Financial liabilities to banks
478.5
454.9
47.4
199.9
Financial liabilities to others
144.4
144.0
0.6
1.0
Capital shares attributable to limited partners
10.7
13.4
0.0
0.0
Financial liabilities not including closed items on
the balance sheet
1,760.8
1,728.7
56.2
211.3
Financial liabilities to banks \u2013 closed items on
the balance sheet
359.3
49.5
98.9
283.3
Non-current and current financial liabilities
2,120.1
1,778.2
155.1
494.6
Non-current and current financial liabilities1
\u00a0
\u20acm
\u00a0
2024
2025
Carrying amount as at 1/1
1,987.3
1,817.0
Borrowings
628.8
0.0
Change in the basis of consolidation2
43.8
21.3
Net change in money market transactions
\u2013\u00a0143.2
158.0
Changes in capital shares attributable to limited partners
2.4
2.7
Changes in interest accruals
13.1
3.6
Unscheduled repayments
0.0
\u2013\u00a05.3
Scheduled repayments
\u2013\u00a0715.3
\u2013\u00a057.4
Carrying amount as at 31/12
1,817.0
1,940.0
of which non-current liabilities
1,760.8
1,728.7
of which current liabilities
56.2
211.3
1 Excl. financial liabilities under closed items on the balance sheet // 2 2025 relates to the acquisition of a wind farm company, MSH B\u00fcrger-Windpark-Feldatal GmbH & Co. KG
Financial liabilities \u2013 closed items on the balance sheet
\u00a0
\u20acm
\u00a0
2024
2025
Carrying amount as at 1/1
420.6
458.3
Foreign exchange gains or losses
22.9
\u2013\u00a044.5
Capitalisation
33.3
28.4
Repayments and/or disposals
\u2013\u00a015.3
\u2013\u00a0100.5
Fair value changes
\u2013\u00a03.3
\u2013\u00a08.8
Carrying amount as at 31/12
458.3
332.9
of which non-current liabilities
359.3
49.5
of which current liabilities
98.9
283.3
VERBUND had no mortgage-backed liabilities as at 31\u00a0December 2025 or in the previous year.
As at 31 December 2025, the new renewables generation portfolio included long-term project financing. These financial liabilities to external banks and bondholders serve to finance VERBUND\u2019s current wind and PV projects. The financing agreements are worth \u20ac435.1m (previous year: \u20ac453.2m) and contain various (financial) covenants, such as a debt service coverage ratio (DSCR) to be met each year. At the reporting date, two project financings with outstanding amounts of \u20ac181.9m and \u20ac144.0m had fallen below the agreed DSCR thresholds. The necessary waivers were issued for both financing arrangements prior to the reporting date, confirming that neither measures to call in the long-term financing nor the exercise of enforcement rights would be initiated.
Non-current and current financial liabilities 2025
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Longest maturity
Issue volume
Carrying amount
as at 31/12
1 year or less
\u00a0
Bonds
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
EUR currency
2041
1,203.0
1,126.7
10.4
\u00a0
Total bonds
\u00a0
1,203.0
1,126.7
10.4
\u00a0
of which at a fixed interest rate
2041
1,203.0
1,126.7
10.4
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities to banks
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
EUR currency
2041
916.1
654.8
199.9
\u00a0
Total financial liabilities to banks
\u00a0
916.1
654.8
199.9
\u00a0
of which at a fixed interest rate
2041
708.1
482.6
36.5
\u00a0
of which at a variable interest rate
2030
208.0
172.2
163.5
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities to others
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
EUR currency
2027
151.0
145.0
1.0
\u00a0
Total financial liabilities to others
\u00a0
151.0
145.0
1.0
\u00a0
of which at a variable interest rate
2027
151.0
145.0
1.0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities to banks \u2013
closed items on the balance sheet1
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Foreign currencies (USD)
2030
\u00a0
332.9
283.3
\u00a0
Total financial liabilities to banks \u2013
closed items on the balance sheet
\u00a0
\u00a0
332.9
283.3
\u00a0
of which at a fixed interest rate
2030
\u00a0
332.9
283.3
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Capital shares attributable to limited partners
\u00a0
\u00a0
13.4
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Total financial liabilities
\u00a0
2,270.1
2,272.8
494.6
1 These financial liabilities are covered by assets on the balance sheet.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
\u203a\u00a01 to 2 years
\u203a\u00a02 to 3 years
\u203a\u00a03 to 4 years
\u203a\u00a04 to 5 years
\u203a 5 years
Weighted nominal interest rate
Weighted effective interest rate
Fair value
as at 31/12
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
12.0
11.9
10.5
10.5
1,071.5
2.04%
1.70%
1,028.9
\u00a0
12.0
11.9
10.5
10.5
1,071.5
2.04%
1.70%
1,028.9
\u00a0
12.0
11.9
10.5
10.5
1,071.5
2.04%
1.70%
1,028.9
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
33.1
134.0
34.6
33.4
219.9
2.13%
3.15%
623.7
\u00a0
33.1
134.0
34.6
33.4
219.9
2.13%
3.15%
623.7
\u00a0
30.6
131.5
32.1
32.2
219.9
2.06%
3.31%
456.5
\u00a0
2.5
2.5
2.5
1.3
0.0
2.31%
1.53%
169.7
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
134.1
0.6
0.6
0.6
8.2
3.56%
3.85%
155.8
\u00a0
134.1
0.6
0.6
0.6
8.2
3.56%
3.85%
155.8
134.1
0.6
0.6
0.6
8.2
3.56%
3.85%
155.8
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
28.8
0.0
0.0
20.7
0.0
\u00a0
\u00a0
336.1
\u00a0
28.8
0.0
0.0
20.7
0.0
\u00a0
\u00a0
336.1
\u00a0
28.8
0.0
0.0
20.7
0.0
\u00a0
\u00a0
336.1
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
13.4
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
221.4
146.4
45.6
65.2
1,299.6
\u00a0
\u00a0
2,144.6
Non-current and current financial liabilities 2024
\u00a0
Longest term to maturity
Issue volume
Carrying amount
as at 31/12
1 year or less
\u00a0
Bonds
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
EUR currency
2041
1,203.0
1,135.4
8.1
\u00a0
Total bonds
\u00a0
1,203.0
1,135.4
8.1
\u00a0
of which at fixed interest rates
2041
1,203.0
1,135.4
8.1
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities to banks
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
EUR currency
2041
907.8
525.9
47.4
\u00a0
Total financial liabilities to banks
\u00a0
907.8
525.9
47.4
\u00a0
of which at fixed interest rates
2041
857.8
508.3
41.0
\u00a0
of which at variable interest rates
2030
50.0
17.6
6.4
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities to other entities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
EUR currency
2027
151.0
145.0
0.6
\u00a0
Total financial liabilities to other entities
\u00a0
151.0
145.0
0.6
\u00a0
of which at variable interest rates
2027
151.0
145.0
0.6
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities to banks \u2013
closed items on the balance sheet
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Foreign currencies (USD)
2030
\u00a0
458.3
98.9
\u00a0
Total financial liabilities to banks \u2013
closed items on the balance sheet
\u00a0
\u00a0
458.3
98.9
\u00a0
of which at fixed interest rates
2030
\u00a0
458.3
98.9
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Capital shares attributable to limited partners
\u00a0
\u00a0
10.7
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Total financial liabilities
\u00a0
\u00a0
2,275.2
155.1
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
\u203a\u00a01 to 2 years
\u203a\u00a02 to 3 years
\u203a\u00a03 to 4 years
\u203a\u00a04 to 5 years
\u203a 5 years
Weighted nominal interest rate
Weighted effective interest rate
Fair value
as at 31/12
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
11.1
11.4
11.3
9.9
1,083.6
2.04%
1.70%
1,094.1
\u00a0
11.1
11.4
11.3
9.9
1,083.6
2.04%
1.70%
1,094.1
\u00a0
11.1
11.4
11.3
9.9
1,083.6
2.04%
1.70%
1,094.1
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
39.5
32.5
133.0
33.1
240.5
1.95%
2.85%
514.0
\u00a0
39.5
32.5
133.0
33.1
240.5
1.95%
2.85%
514.0
\u00a0
37.0
30.0
130.5
30.6
239.2
1.91%
2.96%
500.0
\u00a0
2.5
2.5
2.5
2.5
1.3
3.23%
1.24%
14.0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
0.6
134.4
0.6
0.6
8.2
4.11%
4.25%
157.9
\u00a0
0.6
134.4
0.6
0.6
8.2
4.11%
4.25%
157.9
\u00a0
0.6
134.4
0.6
0.6
8.2
4.11%
4.25%
157.9
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
304.2
32.1
0.0
0.0
23.0
\u00a0
\u00a0
464.5
\u00a0
304.2
32.1
0.0
0.0
23.0
\u00a0
\u00a0
464.5
\u00a0
304.2
32.1
0.0
0.0
23.0
\u00a0
\u00a0
464.5
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
10.7
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
366.1
210.3
144.8
43.5
1,355.3
\u00a0
\u00a0
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-113": { "value": "Additional disclosures regarding financial instruments in accordance with IFRS 7
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Interests in unconsolidated subsidiaries
FVOCI
2
44.9
44.9
Interests in unconsolidated subsidiaries
FVOCI
AC
28.9
28.9
Other equity interests
FVOCI
1
22.1
22.1
Other equity interests
FVOCI
2
158.3
158.3
Other equity interests
FVOCI
AC
42.3
42.3
Other equity interests and
unconsolidated subsidiaries
\u00a0
\u00a0
296.5
\u00a0
Derivatives in the energy area
FVPL
2
33.2
33.2
Derivatives in the energy area
FVPL
3
24.5
24.5
Derivatives in the finance area
FVPL
2
24.0
24.0
Receivables from derivative financial instruments
\u00a0
\u00a0
81.6
\u00a0
Securities
FVPL
1
161.7
161.7
Securities
FVOCI
3
10.1
10.1
Securities
FVOCI
AC
1.9
1.9
Securities \u2013 closed items on the balance sheet
AC
2
74.1
73.3
Loans \u2013 closed items on the balance sheet
AC
2
49.5
52.9
Loans
AC
2
64.4
65.3
Other
FVPL
3
44.2
44.2
Other
AC
\u2013
169.2
\u2013
Other
\u2013
\u2013
40.3
\u2013
Other investments and non-current other receivables
\u00a0
\u00a0
615.3
\u00a0
Current tax receivables
\u2013
\u2013
113.0
\u2013
Derivatives in the energy area
FVPL
1
0.2
0.2
Derivatives in the energy area
FVPL
2
103.4
103.4
Derivatives in the energy area
FVPL
3
5.5
5.5
Derivatives in the finance area
FVPL
2
1.8
1.8
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
7.0
7.0
Receivables from derivative financial instruments
\u00a0
\u00a0
117.9
\u00a0
Trade receivables
AC
\u2013
758.3
\u2013
Receivables from investees
AC
\u2013
35.0
\u2013
Loans to investees
AC
2
5.1
5.0
Other loans
AC
2
0.1
0.1
Loans \u2013 closed items on the balance sheet
AC
2
202.2
196.1
Securities
FVPL
1
1.1
1.1
Emission rights
\u2013
\u2013
70.9
\u2013
Other
AC
\u2013
95.5
\u2013
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Other
\u2013
\u2013
173.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,341.6
\u00a0
Cash and cash equivalents
AC
\u2013
72.8
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
1,526.1
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
406.5
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
308.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value
as at 31/12
Bonds
AC
2
1,126.7
1,028.9
Financial liabilities to banks and to others
AC
2
799.8
779.6
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
126.3
129.6
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
206.5
206.5
Capital shares attributable to limited partners
\u2013
\u2013
13.4
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,272.8
\u00a0
Derivatives in the energy area
FVPL
2
36.7
36.7
Liabilities from derivative financial instruments
\u00a0
\u00a0
36.7
\u00a0
Electricity supply commitment
\u2013
\u2013
62.4
\u2013
Obligation to return an interest
AC
3
227.1
227.1
Trade payables
AC
\u2013
2.6
\u2013
Lease liabilities
\u2013
\u2013
171.0
\u00a0
Other
AC
\u2013
541.1
\u2013
Other non-current liabilities
\u00a0
\u00a0
1,004.2
\u00a0
Derivatives in the energy area
FVPL
2
152.4
152.4
Liabilities from derivative financial instruments
\u00a0
\u00a0
152.4
\u00a0
Trade payables
AC
\u2013
241.1
\u2013
Lease liabilities
\u2013
\u2013
15.9
\u00a0
Other
AC
\u2013
573.1
\u2013
Other
\u2013
\u2013
175.6
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,005.6
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,637.8
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
189.1
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
206.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Interests in unconsolidated subsidiaries
FVOCI
2
40.9
40.9
Interests in unconsolidated subsidiaries
FVOCI
AC
13.0
13.0
Interests in unconsolidated subsidiaries
FVPL
3
10.4
10.4
Other equity interests
FVOCI
1
21.1
21.1
Other equity interests
FVOCI
2
153.5
153.5
Other equity interests
FVOCI
AC
33.2
33.2
Other equity interests and unconsolidated subsidiaries
\u00a0
\u00a0
272.1
\u00a0
Derivatives in the energy area
FVPL
2
37.0
37.0
Derivatives in the energy area
FVPL
3
12.0
12.0
Derivatives in the finance area
FVPL
2
22.2
22.2
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
11.6
11.6
Receivables from derivative financial instruments
\u00a0
\u00a0
82.8
\u00a0
Securities
FVPL
1
164.1
164.1
Securities
FVOCI
3
9.1
9.1
Securities
FVOCI
AC
1.6
1.6
Securities \u2013 closed items on the balance sheet
AC
2
77.9
78.1
Loans \u2013 closed items on the balance sheet
AC
2
269.7
270.5
Loans
AC
2
62.3
63.4
Other
FVPL
3
42.8
42.8
Other
AC
\u2013
143.9
\u2013
Other
\u2013
\u2013
31.5
\u2013
Investments and other receivables
\u00a0
\u00a0
803.0
\u00a0
Current tax receivables
\u2013
\u2013
16.8
\u2013
Derivatives in the energy area
FVPL
1
0.1
0.1
Derivatives in the energy area
FVPL
2
329.7
329.7
Derivatives in the finance area
FVPL
2
3.0
3.0
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
4.3
4.3
Receivables from derivative financial instruments
\u00a0
\u00a0
337.1
\u00a0
Trade receivables
AC
\u2013
865.9
\u2013
Receivables from investees
AC
\u2013
39.6
\u2013
Loans to investees
AC
2
4.0
3.9
Loans \u2013 closed items on the balance sheet
AC
2
94.7
90.5
Securities
FVPL
1
2.5
2.5
Money market transactions
AC
2
30.0
30.0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Emission rights
\u2013
\u2013
48.9
\u2013
Other
AC
\u2013
120.9
\u2013
Other
\u2013
\u2013
48.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,255.1
\u00a0
Cash and cash equivalents
AC
\u2013
795.1
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
2,504.0
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
639.7
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
272.4
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Bonds
AC
2
1,135.4
1,094.1
Financial liabilities to banks and to others
AC
2
670.9
671.9
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
137.8
144.1
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
320.4
320.4
Capital shares attributable to limited partners
\u2013
\u2013
10.7
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,275.2
\u00a0
Derivatives in the energy area
FVPL
2
138.1
138.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
138.1
\u00a0
Electricity supply commitment
\u2013
\u2013
81.2
\u2013
Obligation to return an interest
AC
3
184.7
236.0
Trade payables
AC
\u2013
9.9
\u2013
Lease liabilities
\u2013
\u2013
168.1
\u00a0
Other
AC
\u2013
508.3
\u2013
Other non-current liabilities
\u00a0
\u00a0
952.4
\u00a0
Derivatives in the energy area
FVPL
2
101.2
101.2
Derivatives in the energy area
FVPL
3
1.8
1.8
Derivatives in the finance area
FVPL
2
0.1
\u2013\u00a00.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
103.0
\u00a0
Trade payables
AC
\u2013
370.8
\u2013
Lease liabilities
\u2013
\u2013
10.9
\u00a0
Other
AC
\u2013
572.5
\u2013
Other
\u2013
\u2013
130.2
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,084.4
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,590.4
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
241.2
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
320.4
\u00a0
Valuation techniques and input factors for determining fair values
\u00a0
Level
Financial instruments
Valuation technique
Input factor
1
Energy forwards
Market approach
Settlement price published by the stock exchange
1
Securities, other equity interest in Burgenland Holding AG
Market approach
Stock exchange price
2
Securities and other loans under closed items on the balance sheet, long-term loans, liabilities to banks, bonds and other financial liabilities
Net present value approach
Payments associated with financial instruments, yield curves and counterparties\u2019 credit risk (credit default swaps or credit spread curves)
2
Interests in unconsolidated subsidiaries and other equity interests in Energie AG Ober\u00f6sterreich, among other interests
Market approach
Trading multiple, transaction price
2
Non-listed energy forwards
Net present value approach
Forward price curve derived from market prices, yield curves and counterparties\u2019 credit risk
2
Other assets and liabilities measured at fair value in the finance area
Net present value approach
Cash flows already fixed or calculated from forward rates, yield curves or counterparties\u2019 credit risk
3
Return obligation (obligation to transfer back the 50% interest acquired in Donaukraftwerk Jochenstein AG)
Net present value approach
Price forecasts for electricity, weighted average cost of capital after taxes
3
Securities (shares in Wiener B\u00f6rse AG)
Net present value approach
Expected profit distributions, cost of equity
3
Other non-current receivables (profit participation right with respect to material assets of TAG)
Net present value approach
Expected profit distributions, cost of equity
AC
Other interests in unconsolidated subsidiaries, other equity interests and securities
\u2013
Cost as a best estimate of fair value
\u2013
Cash and cash equivalents, trade receivables and payables, other current receivables, other borrowings within current credit lines as well as other current liabilities
\u2013
Carrying amounts as a best estimate of fair value
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-112": { "value": "Additional disclosures regarding financial instruments in accordance with IFRS 7
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Interests in unconsolidated subsidiaries
FVOCI
2
44.9
44.9
Interests in unconsolidated subsidiaries
FVOCI
AC
28.9
28.9
Other equity interests
FVOCI
1
22.1
22.1
Other equity interests
FVOCI
2
158.3
158.3
Other equity interests
FVOCI
AC
42.3
42.3
Other equity interests and
unconsolidated subsidiaries
\u00a0
\u00a0
296.5
\u00a0
Derivatives in the energy area
FVPL
2
33.2
33.2
Derivatives in the energy area
FVPL
3
24.5
24.5
Derivatives in the finance area
FVPL
2
24.0
24.0
Receivables from derivative financial instruments
\u00a0
\u00a0
81.6
\u00a0
Securities
FVPL
1
161.7
161.7
Securities
FVOCI
3
10.1
10.1
Securities
FVOCI
AC
1.9
1.9
Securities \u2013 closed items on the balance sheet
AC
2
74.1
73.3
Loans \u2013 closed items on the balance sheet
AC
2
49.5
52.9
Loans
AC
2
64.4
65.3
Other
FVPL
3
44.2
44.2
Other
AC
\u2013
169.2
\u2013
Other
\u2013
\u2013
40.3
\u2013
Other investments and non-current other receivables
\u00a0
\u00a0
615.3
\u00a0
Current tax receivables
\u2013
\u2013
113.0
\u2013
Derivatives in the energy area
FVPL
1
0.2
0.2
Derivatives in the energy area
FVPL
2
103.4
103.4
Derivatives in the energy area
FVPL
3
5.5
5.5
Derivatives in the finance area
FVPL
2
1.8
1.8
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
7.0
7.0
Receivables from derivative financial instruments
\u00a0
\u00a0
117.9
\u00a0
Trade receivables
AC
\u2013
758.3
\u2013
Receivables from investees
AC
\u2013
35.0
\u2013
Loans to investees
AC
2
5.1
5.0
Other loans
AC
2
0.1
0.1
Loans \u2013 closed items on the balance sheet
AC
2
202.2
196.1
Securities
FVPL
1
1.1
1.1
Emission rights
\u2013
\u2013
70.9
\u2013
Other
AC
\u2013
95.5
\u2013
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Other
\u2013
\u2013
173.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,341.6
\u00a0
Cash and cash equivalents
AC
\u2013
72.8
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
1,526.1
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
406.5
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
308.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value
as at 31/12
Bonds
AC
2
1,126.7
1,028.9
Financial liabilities to banks and to others
AC
2
799.8
779.6
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
126.3
129.6
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
206.5
206.5
Capital shares attributable to limited partners
\u2013
\u2013
13.4
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,272.8
\u00a0
Derivatives in the energy area
FVPL
2
36.7
36.7
Liabilities from derivative financial instruments
\u00a0
\u00a0
36.7
\u00a0
Electricity supply commitment
\u2013
\u2013
62.4
\u2013
Obligation to return an interest
AC
3
227.1
227.1
Trade payables
AC
\u2013
2.6
\u2013
Lease liabilities
\u2013
\u2013
171.0
\u00a0
Other
AC
\u2013
541.1
\u2013
Other non-current liabilities
\u00a0
\u00a0
1,004.2
\u00a0
Derivatives in the energy area
FVPL
2
152.4
152.4
Liabilities from derivative financial instruments
\u00a0
\u00a0
152.4
\u00a0
Trade payables
AC
\u2013
241.1
\u2013
Lease liabilities
\u2013
\u2013
15.9
\u00a0
Other
AC
\u2013
573.1
\u2013
Other
\u2013
\u2013
175.6
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,005.6
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,637.8
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
189.1
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
206.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Interests in unconsolidated subsidiaries
FVOCI
2
40.9
40.9
Interests in unconsolidated subsidiaries
FVOCI
AC
13.0
13.0
Interests in unconsolidated subsidiaries
FVPL
3
10.4
10.4
Other equity interests
FVOCI
1
21.1
21.1
Other equity interests
FVOCI
2
153.5
153.5
Other equity interests
FVOCI
AC
33.2
33.2
Other equity interests and unconsolidated subsidiaries
\u00a0
\u00a0
272.1
\u00a0
Derivatives in the energy area
FVPL
2
37.0
37.0
Derivatives in the energy area
FVPL
3
12.0
12.0
Derivatives in the finance area
FVPL
2
22.2
22.2
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
11.6
11.6
Receivables from derivative financial instruments
\u00a0
\u00a0
82.8
\u00a0
Securities
FVPL
1
164.1
164.1
Securities
FVOCI
3
9.1
9.1
Securities
FVOCI
AC
1.6
1.6
Securities \u2013 closed items on the balance sheet
AC
2
77.9
78.1
Loans \u2013 closed items on the balance sheet
AC
2
269.7
270.5
Loans
AC
2
62.3
63.4
Other
FVPL
3
42.8
42.8
Other
AC
\u2013
143.9
\u2013
Other
\u2013
\u2013
31.5
\u2013
Investments and other receivables
\u00a0
\u00a0
803.0
\u00a0
Current tax receivables
\u2013
\u2013
16.8
\u2013
Derivatives in the energy area
FVPL
1
0.1
0.1
Derivatives in the energy area
FVPL
2
329.7
329.7
Derivatives in the finance area
FVPL
2
3.0
3.0
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
4.3
4.3
Receivables from derivative financial instruments
\u00a0
\u00a0
337.1
\u00a0
Trade receivables
AC
\u2013
865.9
\u2013
Receivables from investees
AC
\u2013
39.6
\u2013
Loans to investees
AC
2
4.0
3.9
Loans \u2013 closed items on the balance sheet
AC
2
94.7
90.5
Securities
FVPL
1
2.5
2.5
Money market transactions
AC
2
30.0
30.0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Emission rights
\u2013
\u2013
48.9
\u2013
Other
AC
\u2013
120.9
\u2013
Other
\u2013
\u2013
48.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,255.1
\u00a0
Cash and cash equivalents
AC
\u2013
795.1
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
2,504.0
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
639.7
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
272.4
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Bonds
AC
2
1,135.4
1,094.1
Financial liabilities to banks and to others
AC
2
670.9
671.9
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
137.8
144.1
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
320.4
320.4
Capital shares attributable to limited partners
\u2013
\u2013
10.7
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,275.2
\u00a0
Derivatives in the energy area
FVPL
2
138.1
138.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
138.1
\u00a0
Electricity supply commitment
\u2013
\u2013
81.2
\u2013
Obligation to return an interest
AC
3
184.7
236.0
Trade payables
AC
\u2013
9.9
\u2013
Lease liabilities
\u2013
\u2013
168.1
\u00a0
Other
AC
\u2013
508.3
\u2013
Other non-current liabilities
\u00a0
\u00a0
952.4
\u00a0
Derivatives in the energy area
FVPL
2
101.2
101.2
Derivatives in the energy area
FVPL
3
1.8
1.8
Derivatives in the finance area
FVPL
2
0.1
\u2013\u00a00.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
103.0
\u00a0
Trade payables
AC
\u2013
370.8
\u2013
Lease liabilities
\u2013
\u2013
10.9
\u00a0
Other
AC
\u2013
572.5
\u2013
Other
\u2013
\u2013
130.2
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,084.4
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,590.4
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
241.2
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
320.4
\u00a0
Valuation techniques and input factors for determining fair values
\u00a0
Level
Financial instruments
Valuation technique
Input factor
1
Energy forwards
Market approach
Settlement price published by the stock exchange
1
Securities, other equity interest in Burgenland Holding AG
Market approach
Stock exchange price
2
Securities and other loans under closed items on the balance sheet, long-term loans, liabilities to banks, bonds and other financial liabilities
Net present value approach
Payments associated with financial instruments, yield curves and counterparties\u2019 credit risk (credit default swaps or credit spread curves)
2
Interests in unconsolidated subsidiaries and other equity interests in Energie AG Ober\u00f6sterreich, among other interests
Market approach
Trading multiple, transaction price
2
Non-listed energy forwards
Net present value approach
Forward price curve derived from market prices, yield curves and counterparties\u2019 credit risk
2
Other assets and liabilities measured at fair value in the finance area
Net present value approach
Cash flows already fixed or calculated from forward rates, yield curves or counterparties\u2019 credit risk
3
Return obligation (obligation to transfer back the 50% interest acquired in Donaukraftwerk Jochenstein AG)
Net present value approach
Price forecasts for electricity, weighted average cost of capital after taxes
3
Securities (shares in Wiener B\u00f6rse AG)
Net present value approach
Expected profit distributions, cost of equity
3
Other non-current receivables (profit participation right with respect to material assets of TAG)
Net present value approach
Expected profit distributions, cost of equity
AC
Other interests in unconsolidated subsidiaries, other equity interests and securities
\u2013
Cost as a best estimate of fair value
\u2013
Cash and cash equivalents, trade receivables and payables, other current receivables, other borrowings within current credit lines as well as other current liabilities
\u2013
Carrying amounts as a best estimate of fair value
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-111": { "value": "Additional disclosures regarding financial instruments in accordance with IFRS 7
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Interests in unconsolidated subsidiaries
FVOCI
2
44.9
44.9
Interests in unconsolidated subsidiaries
FVOCI
AC
28.9
28.9
Other equity interests
FVOCI
1
22.1
22.1
Other equity interests
FVOCI
2
158.3
158.3
Other equity interests
FVOCI
AC
42.3
42.3
Other equity interests and
unconsolidated subsidiaries
\u00a0
\u00a0
296.5
\u00a0
Derivatives in the energy area
FVPL
2
33.2
33.2
Derivatives in the energy area
FVPL
3
24.5
24.5
Derivatives in the finance area
FVPL
2
24.0
24.0
Receivables from derivative financial instruments
\u00a0
\u00a0
81.6
\u00a0
Securities
FVPL
1
161.7
161.7
Securities
FVOCI
3
10.1
10.1
Securities
FVOCI
AC
1.9
1.9
Securities \u2013 closed items on the balance sheet
AC
2
74.1
73.3
Loans \u2013 closed items on the balance sheet
AC
2
49.5
52.9
Loans
AC
2
64.4
65.3
Other
FVPL
3
44.2
44.2
Other
AC
\u2013
169.2
\u2013
Other
\u2013
\u2013
40.3
\u2013
Other investments and non-current other receivables
\u00a0
\u00a0
615.3
\u00a0
Current tax receivables
\u2013
\u2013
113.0
\u2013
Derivatives in the energy area
FVPL
1
0.2
0.2
Derivatives in the energy area
FVPL
2
103.4
103.4
Derivatives in the energy area
FVPL
3
5.5
5.5
Derivatives in the finance area
FVPL
2
1.8
1.8
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
7.0
7.0
Receivables from derivative financial instruments
\u00a0
\u00a0
117.9
\u00a0
Trade receivables
AC
\u2013
758.3
\u2013
Receivables from investees
AC
\u2013
35.0
\u2013
Loans to investees
AC
2
5.1
5.0
Other loans
AC
2
0.1
0.1
Loans \u2013 closed items on the balance sheet
AC
2
202.2
196.1
Securities
FVPL
1
1.1
1.1
Emission rights
\u2013
\u2013
70.9
\u2013
Other
AC
\u2013
95.5
\u2013
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Other
\u2013
\u2013
173.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,341.6
\u00a0
Cash and cash equivalents
AC
\u2013
72.8
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
1,526.1
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
406.5
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
308.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value
as at 31/12
Bonds
AC
2
1,126.7
1,028.9
Financial liabilities to banks and to others
AC
2
799.8
779.6
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
126.3
129.6
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
206.5
206.5
Capital shares attributable to limited partners
\u2013
\u2013
13.4
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,272.8
\u00a0
Derivatives in the energy area
FVPL
2
36.7
36.7
Liabilities from derivative financial instruments
\u00a0
\u00a0
36.7
\u00a0
Electricity supply commitment
\u2013
\u2013
62.4
\u2013
Obligation to return an interest
AC
3
227.1
227.1
Trade payables
AC
\u2013
2.6
\u2013
Lease liabilities
\u2013
\u2013
171.0
\u00a0
Other
AC
\u2013
541.1
\u2013
Other non-current liabilities
\u00a0
\u00a0
1,004.2
\u00a0
Derivatives in the energy area
FVPL
2
152.4
152.4
Liabilities from derivative financial instruments
\u00a0
\u00a0
152.4
\u00a0
Trade payables
AC
\u2013
241.1
\u2013
Lease liabilities
\u2013
\u2013
15.9
\u00a0
Other
AC
\u2013
573.1
\u2013
Other
\u2013
\u2013
175.6
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,005.6
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,637.8
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
189.1
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
206.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Interests in unconsolidated subsidiaries
FVOCI
2
40.9
40.9
Interests in unconsolidated subsidiaries
FVOCI
AC
13.0
13.0
Interests in unconsolidated subsidiaries
FVPL
3
10.4
10.4
Other equity interests
FVOCI
1
21.1
21.1
Other equity interests
FVOCI
2
153.5
153.5
Other equity interests
FVOCI
AC
33.2
33.2
Other equity interests and unconsolidated subsidiaries
\u00a0
\u00a0
272.1
\u00a0
Derivatives in the energy area
FVPL
2
37.0
37.0
Derivatives in the energy area
FVPL
3
12.0
12.0
Derivatives in the finance area
FVPL
2
22.2
22.2
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
11.6
11.6
Receivables from derivative financial instruments
\u00a0
\u00a0
82.8
\u00a0
Securities
FVPL
1
164.1
164.1
Securities
FVOCI
3
9.1
9.1
Securities
FVOCI
AC
1.6
1.6
Securities \u2013 closed items on the balance sheet
AC
2
77.9
78.1
Loans \u2013 closed items on the balance sheet
AC
2
269.7
270.5
Loans
AC
2
62.3
63.4
Other
FVPL
3
42.8
42.8
Other
AC
\u2013
143.9
\u2013
Other
\u2013
\u2013
31.5
\u2013
Investments and other receivables
\u00a0
\u00a0
803.0
\u00a0
Current tax receivables
\u2013
\u2013
16.8
\u2013
Derivatives in the energy area
FVPL
1
0.1
0.1
Derivatives in the energy area
FVPL
2
329.7
329.7
Derivatives in the finance area
FVPL
2
3.0
3.0
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
4.3
4.3
Receivables from derivative financial instruments
\u00a0
\u00a0
337.1
\u00a0
Trade receivables
AC
\u2013
865.9
\u2013
Receivables from investees
AC
\u2013
39.6
\u2013
Loans to investees
AC
2
4.0
3.9
Loans \u2013 closed items on the balance sheet
AC
2
94.7
90.5
Securities
FVPL
1
2.5
2.5
Money market transactions
AC
2
30.0
30.0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Emission rights
\u2013
\u2013
48.9
\u2013
Other
AC
\u2013
120.9
\u2013
Other
\u2013
\u2013
48.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,255.1
\u00a0
Cash and cash equivalents
AC
\u2013
795.1
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
2,504.0
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
639.7
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
272.4
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Bonds
AC
2
1,135.4
1,094.1
Financial liabilities to banks and to others
AC
2
670.9
671.9
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
137.8
144.1
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
320.4
320.4
Capital shares attributable to limited partners
\u2013
\u2013
10.7
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,275.2
\u00a0
Derivatives in the energy area
FVPL
2
138.1
138.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
138.1
\u00a0
Electricity supply commitment
\u2013
\u2013
81.2
\u2013
Obligation to return an interest
AC
3
184.7
236.0
Trade payables
AC
\u2013
9.9
\u2013
Lease liabilities
\u2013
\u2013
168.1
\u00a0
Other
AC
\u2013
508.3
\u2013
Other non-current liabilities
\u00a0
\u00a0
952.4
\u00a0
Derivatives in the energy area
FVPL
2
101.2
101.2
Derivatives in the energy area
FVPL
3
1.8
1.8
Derivatives in the finance area
FVPL
2
0.1
\u2013\u00a00.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
103.0
\u00a0
Trade payables
AC
\u2013
370.8
\u2013
Lease liabilities
\u2013
\u2013
10.9
\u00a0
Other
AC
\u2013
572.5
\u2013
Other
\u2013
\u2013
130.2
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,084.4
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,590.4
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
241.2
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
320.4
\u00a0
For financial liabilities (arising from closed items on the balance sheet) classified as FVPL in the above table, the difference between the carrying amount as at 31\u00a0December 2025 and the amount that VERBUND would have to pay upon maturity is \u20ac6.6m (previous year: \u20ac0.9m). The amount due upon maturity was translated using the exchange rate at the reporting date (\u20ac1 = $1.175) (previous year: \u20ac1 = $1.038).
Of the derivative financial instruments in the energy area classified as FVPL in the above table, positive fair values in the amount of \u20ac73.7m (previous year: \u20ac405.7m) and negative fair values in the amount of \u20ac118.9m (previous year: \u20ac222.7m) relate to hedging relationships designated as cash flow hedges. These fair values represent gross amounts; following the inter-portfolio netting carried out in accordance with VERBUND\u2019s accounting policies (see section\u00a011.2 \u201cRisk management in the energy area\u201d), cash flow hedges can no longer be isolated.
Net gains or losses by measurement category
Net gains or net losses in accordance with IFRS\u00a07 mainly comprise impairment losses and reversals of impairment losses, foreign exchange gains and losses and the cumulative gain or loss realised on disposal.
Net results by measurement category
\u00a0
\u20acm
\u00a0
2024
2025
Financial assets measured at amortised cost
15.7
44.9
Financial assets measured at fair value through other comprehensive income
\u2013\u00a04.3
17.6
Financial assets and liabilities measured at fair value through profit or loss \u2013 designated
\u2013\u00a014.2
35.1
Financial liabilities measured at amortised cost
\u2013\u00a059.2
\u2013\u00a012,1
Financial assets and liabilities measured at fair value through profit or loss
\u2013\u00a0109.9
\u2013\u00a07.8
Total interest income from financial assets measured at amortised cost
89.4
57.8
Total interest expenses from financial liabilities measured at amortised cost
\u2013\u00a0104.2
\u2013\u00a094.6
Components of net gains or losses
\u00a0
Measurement category
Remark
Financial assets and liabilities measured at fair value through profit or loss
The net gains or losses arose from the measurement of derivative financial instruments in the energy area (wholesale and trading) in the operating result, as well as from the measurement of (other) derivative and non-derivative financial instruments in the finance area in the other financial result
Financial assets and liabilities measured at fair value through profit or loss \u2013 designated
The net gains or losses arose from the measurement of financial liabilities to banks (closed items on the balance sheet). These gains and losses are offset by net gains and losses from financial assets and liabilities measured at fair value through profit or loss and net gains and losses from financial assets and liabilities measured at cost in the corresponding amounts.
Financial assets and liabilities measured at amortised cost
The net gains and losses relate primarily to financial instruments associated with closed items on the balance sheet in the other financial result as well as to valuation allowances on trade receivables in the operating result.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-115": { "value": "
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Interests in unconsolidated subsidiaries
FVOCI
2
44.9
44.9
Interests in unconsolidated subsidiaries
FVOCI
AC
28.9
28.9
Other equity interests
FVOCI
1
22.1
22.1
Other equity interests
FVOCI
2
158.3
158.3
Other equity interests
FVOCI
AC
42.3
42.3
Other equity interests and
unconsolidated subsidiaries
\u00a0
\u00a0
296.5
\u00a0
Derivatives in the energy area
FVPL
2
33.2
33.2
Derivatives in the energy area
FVPL
3
24.5
24.5
Derivatives in the finance area
FVPL
2
24.0
24.0
Receivables from derivative financial instruments
\u00a0
\u00a0
81.6
\u00a0
Securities
FVPL
1
161.7
161.7
Securities
FVOCI
3
10.1
10.1
Securities
FVOCI
AC
1.9
1.9
Securities \u2013 closed items on the balance sheet
AC
2
74.1
73.3
Loans \u2013 closed items on the balance sheet
AC
2
49.5
52.9
Loans
AC
2
64.4
65.3
Other
FVPL
3
44.2
44.2
Other
AC
\u2013
169.2
\u2013
Other
\u2013
\u2013
40.3
\u2013
Other investments and non-current other receivables
\u00a0
\u00a0
615.3
\u00a0
Current tax receivables
\u2013
\u2013
113.0
\u2013
Derivatives in the energy area
FVPL
1
0.2
0.2
Derivatives in the energy area
FVPL
2
103.4
103.4
Derivatives in the energy area
FVPL
3
5.5
5.5
Derivatives in the finance area
FVPL
2
1.8
1.8
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
7.0
7.0
Receivables from derivative financial instruments
\u00a0
\u00a0
117.9
\u00a0
Trade receivables
AC
\u2013
758.3
\u2013
Receivables from investees
AC
\u2013
35.0
\u2013
Loans to investees
AC
2
5.1
5.0
Other loans
AC
2
0.1
0.1
Loans \u2013 closed items on the balance sheet
AC
2
202.2
196.1
Securities
FVPL
1
1.1
1.1
Emission rights
\u2013
\u2013
70.9
\u2013
Other
AC
\u2013
95.5
\u2013
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Other
\u2013
\u2013
173.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,341.6
\u00a0
Cash and cash equivalents
AC
\u2013
72.8
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
1,526.1
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
406.5
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
308.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Interests in unconsolidated subsidiaries
FVOCI
2
40.9
40.9
Interests in unconsolidated subsidiaries
FVOCI
AC
13.0
13.0
Interests in unconsolidated subsidiaries
FVPL
3
10.4
10.4
Other equity interests
FVOCI
1
21.1
21.1
Other equity interests
FVOCI
2
153.5
153.5
Other equity interests
FVOCI
AC
33.2
33.2
Other equity interests and unconsolidated subsidiaries
\u00a0
\u00a0
272.1
\u00a0
Derivatives in the energy area
FVPL
2
37.0
37.0
Derivatives in the energy area
FVPL
3
12.0
12.0
Derivatives in the finance area
FVPL
2
22.2
22.2
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
11.6
11.6
Receivables from derivative financial instruments
\u00a0
\u00a0
82.8
\u00a0
Securities
FVPL
1
164.1
164.1
Securities
FVOCI
3
9.1
9.1
Securities
FVOCI
AC
1.6
1.6
Securities \u2013 closed items on the balance sheet
AC
2
77.9
78.1
Loans \u2013 closed items on the balance sheet
AC
2
269.7
270.5
Loans
AC
2
62.3
63.4
Other
FVPL
3
42.8
42.8
Other
AC
\u2013
143.9
\u2013
Other
\u2013
\u2013
31.5
\u2013
Investments and other receivables
\u00a0
\u00a0
803.0
\u00a0
Current tax receivables
\u2013
\u2013
16.8
\u2013
Derivatives in the energy area
FVPL
1
0.1
0.1
Derivatives in the energy area
FVPL
2
329.7
329.7
Derivatives in the finance area
FVPL
2
3.0
3.0
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
4.3
4.3
Receivables from derivative financial instruments
\u00a0
\u00a0
337.1
\u00a0
Trade receivables
AC
\u2013
865.9
\u2013
Receivables from investees
AC
\u2013
39.6
\u2013
Loans to investees
AC
2
4.0
3.9
Loans \u2013 closed items on the balance sheet
AC
2
94.7
90.5
Securities
FVPL
1
2.5
2.5
Money market transactions
AC
2
30.0
30.0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Emission rights
\u2013
\u2013
48.9
\u2013
Other
AC
\u2013
120.9
\u2013
Other
\u2013
\u2013
48.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,255.1
\u00a0
Cash and cash equivalents
AC
\u2013
795.1
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
2,504.0
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
639.7
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
272.4
\u00a0
6.3
Trade receivables, other receivables and securities
Trade receivables, other receivables and securities
Current tax receivables plus other receivables and assets
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Current tax receivables
\u2013
\u2013
16.8
113.0
Securities
\u2013
\u2013
2.5
1.1
Guarantees in electricity trading
132.0
136.6
77.2
63.4
Emission rights
\u2013
\u2013
48.9
70.9
Receivables from tax clearing
(excluding current tax receivables)
\u2013
\u2013
8.3
117.0
Other
86.2
117.1
113.8
88.8
Other receivables and assets
218.2
253.7
250.9
341.1
10.
Taxes
Current tax liabilities for the 2025 reporting period can be broken down as follows:
Current tax liabilities
\u00a0
\u20acm
\u00a0
2024
2025
Taxes on income
359.1
8.3
Other taxes
8.4
7.8
Current tax liabilities
367.4
16.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-116": { "value": "
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Interests in unconsolidated subsidiaries
FVOCI
2
44.9
44.9
Interests in unconsolidated subsidiaries
FVOCI
AC
28.9
28.9
Other equity interests
FVOCI
1
22.1
22.1
Other equity interests
FVOCI
2
158.3
158.3
Other equity interests
FVOCI
AC
42.3
42.3
Other equity interests and
unconsolidated subsidiaries
\u00a0
\u00a0
296.5
\u00a0
Derivatives in the energy area
FVPL
2
33.2
33.2
Derivatives in the energy area
FVPL
3
24.5
24.5
Derivatives in the finance area
FVPL
2
24.0
24.0
Receivables from derivative financial instruments
\u00a0
\u00a0
81.6
\u00a0
Securities
FVPL
1
161.7
161.7
Securities
FVOCI
3
10.1
10.1
Securities
FVOCI
AC
1.9
1.9
Securities \u2013 closed items on the balance sheet
AC
2
74.1
73.3
Loans \u2013 closed items on the balance sheet
AC
2
49.5
52.9
Loans
AC
2
64.4
65.3
Other
FVPL
3
44.2
44.2
Other
AC
\u2013
169.2
\u2013
Other
\u2013
\u2013
40.3
\u2013
Other investments and non-current other receivables
\u00a0
\u00a0
615.3
\u00a0
Current tax receivables
\u2013
\u2013
113.0
\u2013
Derivatives in the energy area
FVPL
1
0.2
0.2
Derivatives in the energy area
FVPL
2
103.4
103.4
Derivatives in the energy area
FVPL
3
5.5
5.5
Derivatives in the finance area
FVPL
2
1.8
1.8
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
7.0
7.0
Receivables from derivative financial instruments
\u00a0
\u00a0
117.9
\u00a0
Trade receivables
AC
\u2013
758.3
\u2013
Receivables from investees
AC
\u2013
35.0
\u2013
Loans to investees
AC
2
5.1
5.0
Other loans
AC
2
0.1
0.1
Loans \u2013 closed items on the balance sheet
AC
2
202.2
196.1
Securities
FVPL
1
1.1
1.1
Emission rights
\u2013
\u2013
70.9
\u2013
Other
AC
\u2013
95.5
\u2013
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value as at 31/12
Other
\u2013
\u2013
173.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,341.6
\u00a0
Cash and cash equivalents
AC
\u2013
72.8
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
1,526.1
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
406.5
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
308.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value
as at 31/12
Bonds
AC
2
1,126.7
1,028.9
Financial liabilities to banks and to others
AC
2
799.8
779.6
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
126.3
129.6
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
206.5
206.5
Capital shares attributable to limited partners
\u2013
\u2013
13.4
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,272.8
\u00a0
Derivatives in the energy area
FVPL
2
36.7
36.7
Liabilities from derivative financial instruments
\u00a0
\u00a0
36.7
\u00a0
Electricity supply commitment
\u2013
\u2013
62.4
\u2013
Obligation to return an interest
AC
3
227.1
227.1
Trade payables
AC
\u2013
2.6
\u2013
Lease liabilities
\u2013
\u2013
171.0
\u00a0
Other
AC
\u2013
541.1
\u2013
Other non-current liabilities
\u00a0
\u00a0
1,004.2
\u00a0
Derivatives in the energy area
FVPL
2
152.4
152.4
Liabilities from derivative financial instruments
\u00a0
\u00a0
152.4
\u00a0
Trade payables
AC
\u2013
241.1
\u2013
Lease liabilities
\u2013
\u2013
15.9
\u00a0
Other
AC
\u2013
573.1
\u2013
Other
\u2013
\u2013
175.6
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,005.6
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,637.8
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
189.1
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
206.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Interests in unconsolidated subsidiaries
FVOCI
2
40.9
40.9
Interests in unconsolidated subsidiaries
FVOCI
AC
13.0
13.0
Interests in unconsolidated subsidiaries
FVPL
3
10.4
10.4
Other equity interests
FVOCI
1
21.1
21.1
Other equity interests
FVOCI
2
153.5
153.5
Other equity interests
FVOCI
AC
33.2
33.2
Other equity interests and unconsolidated subsidiaries
\u00a0
\u00a0
272.1
\u00a0
Derivatives in the energy area
FVPL
2
37.0
37.0
Derivatives in the energy area
FVPL
3
12.0
12.0
Derivatives in the finance area
FVPL
2
22.2
22.2
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
11.6
11.6
Receivables from derivative financial instruments
\u00a0
\u00a0
82.8
\u00a0
Securities
FVPL
1
164.1
164.1
Securities
FVOCI
3
9.1
9.1
Securities
FVOCI
AC
1.6
1.6
Securities \u2013 closed items on the balance sheet
AC
2
77.9
78.1
Loans \u2013 closed items on the balance sheet
AC
2
269.7
270.5
Loans
AC
2
62.3
63.4
Other
FVPL
3
42.8
42.8
Other
AC
\u2013
143.9
\u2013
Other
\u2013
\u2013
31.5
\u2013
Investments and other receivables
\u00a0
\u00a0
803.0
\u00a0
Current tax receivables
\u2013
\u2013
16.8
\u2013
Derivatives in the energy area
FVPL
1
0.1
0.1
Derivatives in the energy area
FVPL
2
329.7
329.7
Derivatives in the finance area
FVPL
2
3.0
3.0
Derivatives in the finance area \u2013
closed items on the balance sheet
FVPL
2
4.3
4.3
Receivables from derivative financial instruments
\u00a0
\u00a0
337.1
\u00a0
Trade receivables
AC
\u2013
865.9
\u2013
Receivables from investees
AC
\u2013
39.6
\u2013
Loans to investees
AC
2
4.0
3.9
Loans \u2013 closed items on the balance sheet
AC
2
94.7
90.5
Securities
FVPL
1
2.5
2.5
Money market transactions
AC
2
30.0
30.0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Assets \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Emission rights
\u2013
\u2013
48.9
\u2013
Other
AC
\u2013
120.9
\u2013
Other
\u2013
\u2013
48.6
\u2013
Trade receivables, other receivables and securities
\u00a0
\u00a0
1,255.1
\u00a0
Cash and cash equivalents
AC
\u2013
795.1
\u2013
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets measured at amortised cost
AC
\u00a0
2,504.0
\u00a0
Financial assets measured at fair value
through profit or loss
FVPL
\u00a0
639.7
\u00a0
Financial assets measured at fair value
through other comprehensive income
FVOCI
\u00a0
272.4
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Bonds
AC
2
1,135.4
1,094.1
Financial liabilities to banks and to others
AC
2
670.9
671.9
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
137.8
144.1
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
320.4
320.4
Capital shares attributable to limited partners
\u2013
\u2013
10.7
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,275.2
\u00a0
Derivatives in the energy area
FVPL
2
138.1
138.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
138.1
\u00a0
Electricity supply commitment
\u2013
\u2013
81.2
\u2013
Obligation to return an interest
AC
3
184.7
236.0
Trade payables
AC
\u2013
9.9
\u2013
Lease liabilities
\u2013
\u2013
168.1
\u00a0
Other
AC
\u2013
508.3
\u2013
Other non-current liabilities
\u00a0
\u00a0
952.4
\u00a0
Derivatives in the energy area
FVPL
2
101.2
101.2
Derivatives in the energy area
FVPL
3
1.8
1.8
Derivatives in the finance area
FVPL
2
0.1
\u2013\u00a00.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
103.0
\u00a0
Trade payables
AC
\u2013
370.8
\u2013
Lease liabilities
\u2013
\u2013
10.9
\u00a0
Other
AC
\u2013
572.5
\u2013
Other
\u2013
\u2013
130.2
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,084.4
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,590.4
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
241.2
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
320.4
\u00a0
Net gains or losses by measurement category
Net gains or net losses in accordance with IFRS\u00a07 mainly comprise impairment losses and reversals of impairment losses, foreign exchange gains and losses and the cumulative gain or loss realised on disposal.
Net results by measurement category
\u00a0
\u20acm
\u00a0
2024
2025
Financial assets measured at amortised cost
15.7
44.9
Financial assets measured at fair value through other comprehensive income
\u2013\u00a04.3
17.6
Financial assets and liabilities measured at fair value through profit or loss \u2013 designated
\u2013\u00a014.2
35.1
Financial liabilities measured at amortised cost
\u2013\u00a059.2
\u2013\u00a012,1
Financial assets and liabilities measured at fair value through profit or loss
\u2013\u00a0109.9
\u2013\u00a07.8
Total interest income from financial assets measured at amortised cost
89.4
57.8
Total interest expenses from financial liabilities measured at amortised cost
\u2013\u00a0104.2
\u2013\u00a094.6
Components of net gains or losses
\u00a0
Measurement category
Remark
Financial assets and liabilities measured at fair value through profit or loss
The net gains or losses arose from the measurement of derivative financial instruments in the energy area (wholesale and trading) in the operating result, as well as from the measurement of (other) derivative and non-derivative financial instruments in the finance area in the other financial result
Financial assets and liabilities measured at fair value through profit or loss \u2013 designated
The net gains or losses arose from the measurement of financial liabilities to banks (closed items on the balance sheet). These gains and losses are offset by net gains and losses from financial assets and liabilities measured at fair value through profit or loss and net gains and losses from financial assets and liabilities measured at cost in the corresponding amounts.
Financial assets and liabilities measured at amortised cost
The net gains and losses relate primarily to financial instruments associated with closed items on the balance sheet in the other financial result as well as to valuation allowances on trade receivables in the operating result.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-117": { "value": "
Carrying amounts and fair values by measurement category 31/12/2025
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
as at 31/12
Fair value
as at 31/12
Bonds
AC
2
1,126.7
1,028.9
Financial liabilities to banks and to others
AC
2
799.8
779.6
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
126.3
129.6
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
206.5
206.5
Capital shares attributable to limited partners
\u2013
\u2013
13.4
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,272.8
\u00a0
Derivatives in the energy area
FVPL
2
36.7
36.7
Liabilities from derivative financial instruments
\u00a0
\u00a0
36.7
\u00a0
Electricity supply commitment
\u2013
\u2013
62.4
\u2013
Obligation to return an interest
AC
3
227.1
227.1
Trade payables
AC
\u2013
2.6
\u2013
Lease liabilities
\u2013
\u2013
171.0
\u00a0
Other
AC
\u2013
541.1
\u2013
Other non-current liabilities
\u00a0
\u00a0
1,004.2
\u00a0
Derivatives in the energy area
FVPL
2
152.4
152.4
Liabilities from derivative financial instruments
\u00a0
\u00a0
152.4
\u00a0
Trade payables
AC
\u2013
241.1
\u2013
Lease liabilities
\u2013
\u2013
15.9
\u00a0
Other
AC
\u2013
573.1
\u2013
Other
\u2013
\u2013
175.6
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,005.6
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,637.8
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
189.1
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
206.5
\u00a0
Carrying amounts and fair values by measurement category 31/12/2024
\u20acm
Liabilities \u2013 balance sheet items
Measurement category in accordance with IFRS\u00a09
Level
Carrying amount
Fair value
Bonds
AC
2
1,135.4
1,094.1
Financial liabilities to banks and to others
AC
2
670.9
671.9
Financial liabilities to banks \u2013
closed items on the balance sheet
AC
2
137.8
144.1
Financial liabilities to banks \u2013
closed items on the balance sheet
FVPL \u2013 D
2
320.4
320.4
Capital shares attributable to limited partners
\u2013
\u2013
10.7
\u2013
Non-current and current financial liabilities
\u00a0
\u00a0
2,275.2
\u00a0
Derivatives in the energy area
FVPL
2
138.1
138.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
138.1
\u00a0
Electricity supply commitment
\u2013
\u2013
81.2
\u2013
Obligation to return an interest
AC
3
184.7
236.0
Trade payables
AC
\u2013
9.9
\u2013
Lease liabilities
\u2013
\u2013
168.1
\u00a0
Other
AC
\u2013
508.3
\u2013
Other non-current liabilities
\u00a0
\u00a0
952.4
\u00a0
Derivatives in the energy area
FVPL
2
101.2
101.2
Derivatives in the energy area
FVPL
3
1.8
1.8
Derivatives in the finance area
FVPL
2
0.1
\u2013\u00a00.1
Liabilities from derivative financial instruments
\u00a0
\u00a0
103.0
\u00a0
Trade payables
AC
\u2013
370.8
\u2013
Lease liabilities
\u2013
\u2013
10.9
\u00a0
Other
AC
\u2013
572.5
\u2013
Other
\u2013
\u2013
130.2
\u2013
Trade payables and current other liabilities
\u00a0
\u00a0
1,084.4
\u00a0
Aggregated by measurement category
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities measured at amortised cost
AC
\u00a0
3,590.4
\u00a0
Financial liabilities measured at fair value
through profit or loss
FVPL
\u00a0
241.2
\u00a0
Financial liabilities measured at fair value
through profit or loss \u2013 designated
FVPL \u2013 D
\u00a0
320.4
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-118": { "value": "
All interest expenses were recognised under interest expenses; interest income was recognised partly under interest income and partly under the other financial result.
Cash flow hedges \u2013 effects on the statement of comprehensive income and balance sheet 2025
\u20acm
\u00a0
Gains/losses recognised in other comprehensive income
Ineffective portion of the hedge recognised in profit or loss
Line items in the income statement in which hedge ineffectiveness was recognised
Reclassifications from reserves to profit or loss
Line items in the income statement in which the reclassification was recognised
Electricity futures and forwards \u2013 sales
64.9
0.1
Revenue
313.7
Revenue
Electricity futures and forwards \u2013 purchases
\u2013\u00a03.9
0.0
Electricity purchase
\u2013\u00a026.9
Electricity purchase
Gas forwards \u2013 purchases
\u2013\u00a02.3
0.0
Gas purchases
0.0
Gas purchases
Interest rate swaps
\u2013\u00a03.7
0.2
Other financial result
3.0
Interest expenses
Cash flow hedges \u2013 effects on the statement of
comprehensive income and balance sheet 2024
\u00a0
\u20acm
\u00a0
Gains/losses recognised in other comprehensive income
Hedging costs
Ineffective portion of the hedge recognised in profit or loss
Line items in the income statement in which hedge ineffectiveness was recognised
Reclassifications from reserves to profit or loss
Line items in the income statement in which the reclassification was recognised
Electricity futures and forwards \u2013 sales
\u2013\u00a0149.0
0.0
0.1
Revenue
702.9
Revenue
Electricity futures and forwards \u2013 purchases
39.6
0.0
0.0
Electricity purchase
\u2013\u00a0294.8
Electricity purchase
Gas forwards \u2013 purchases
0.9
0.0
0.0
Gas purchases
\u2013\u00a015.3
Gas purchases
Interest rate swaps
\u2013\u00a00.1
0.4
0.0
Other financial result
4.5
Interest expenses
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-119": { "value": "
5.2
Accounting treatment of hedging relationships
VERBUND applies special accounting policies to hedging relationships in the energy area as well as in the finance area.
5.2.1 Hedging relationships in the energy area
VERBUND employs electricity forward contracts and electricity futures contracts as derivatives within the meaning of IFRS\u00a09 as part of cash flow hedges in the energy area. The objective of hedging relationships is to reduce the cash flow volatility resulting from market price fluctuations by hedging prices for the following transactions:
\u25cf
sale of own generation and marketing of electricity from renewable energy plants not owned by VERBUND;
\u25cf
reinsurance for electricity deliveries to customers; and
\u25cf
reinsurance for gas deliveries to customers.
The timing and amount of the hedging of future electricity deliveries depends in each case on the current price trend. Hedges are generally entered into successively. A portion of the entire volume anticipated is hedged in accordance with the risk management strategy. As a rule, once the relevant contractual terms of the electricity futures and forwards entered into coincide with those of the hedged items, a qualitative measurement of hedge effectiveness is carried out. It can generally be assumed that changes in the value of the hedging instruments will entirely offset the changes in future cash flows.
The exception to this rule involves hedges of electricity deliveries on a market differing from the place of delivery. Such hedges have been used since 1\u00a0October 2018 as a consequence of the restriction on unlimited trading on the German-Austrian electricity market. Due to the higher liquidity, the majority of Austrian electricity deliveries are hedged with German futures market products. The Austrian price is derived from the German price plus a DE/AT spread. Hence German forward products are used to hedge Austrian electricity deliveries, whereby the terms of the hedging instruments and those of the projected cash flows largely also match in these cases.
Accounting treatment of hedging relationships in the energy area
In the case of derivative financial instruments that are designated as cash flow hedges in accordance with IFRS\u00a09, the portion of the unrealised gains or losses that is determined to be an effective hedge is recognised under other comprehensive income. In contrast, the ineffective portions of the hedge are recognised in profit or loss.
Unrealised gains or losses are only reclassified (\u201crecycled\u201d) to the income statement when the hedged item affects profit or loss.
Electricity, gas and CO2 derivatives for future delivery periods that are not designated as hedging instruments are allocated to the wholesale portfolio. Fair value changes in (freestanding) electricity and gas derivatives in the wholesale portfolio that have not been designated as hedging instruments are recognised in profit or loss net of previously realised futures after netting the positive and negative fair values.
5.2.2 Hedging relationships in the finance area
Apart from derivative financial instruments associated with closed items on the balance sheet, interest rate swaps are used to hedge future payments of financial liabilities bearing interest at variable rates in order to reduce the cash flow risk associated with an increase in market interest rates. The hedging instruments\u2019 contract terms are almost identical to those of the hedged items (\u201ccritical terms match\u201d). The qualitative basis of the economic relationship is regularly reviewed by VERBUND. As a general rule, it can be assumed that changes in the value of the hedging instruments will entirely offset changes in future cash flows. The entire risk of an increase in market interest rates for variable-interest-bearing financial liabilities is not always hedged, i.e. the hedge ratio does not always amount to 100%. Hedge ineffectiveness can only result from changes in the credit risk of the counterparty or of VERBUND.
Payments are made on interest rate swaps every six months. The underlying variable market interest rate is the 6-month EURIBOR. The future interest payments hedged by the interest rate swaps will arise over the next 11\u00a0years (2026 to 2036) and will be recognised in profit or loss accordingly.
Accounting treatment of hedging relationships in the finance area
Some of the interest rate swaps are designated as cash flow hedges in accordance with IFRS\u00a09. The investments associated with certain closed items on the balance sheet (see section\u00a08.1 \u201cFinancial liabilities\u201d and section\u00a011.1 \u201cRisk management in the finance area\u201d) generate variable income and fixed expenses. To mitigate risk, interest rate swaps were entered into for the corresponding financial liabilities. These interest rate swaps exhibit a risk profile that mirrors that of the associated balance sheet items. Therefore, the carrying amount of the associated financial liabilities is adjusted to reflect the hedged risk to compensate for the fair value measurement of the interest rate swaps.
The fair value of interest rate swaps is the amount that VERBUND would receive or have to pay if the transaction were settled on the reporting date. When calculating that amount, current market conditions\u00a0\u2013 particularly current interest rates, yield curves and counterparty credit risk\u00a0\u2013 are taken into account (see section\u00a05.1 \u201cAccounting treatment of financial instruments\u201d).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-120": { "value": "
Valuation allowances are recognised at every reporting date for expected credit losses relating to financial assets classified as measured at amortised cost (AC) and debt instruments classified as measured at fair value through other comprehensive income (FVOCI), receivables under leases, contract assets and financial guarantee contracts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-121": { "value": "
5.4
Cash and cash equivalents
5.4.1

Cash and cash equivalents
Cash and cash equivalents
\u00a0
\u20acm
\u00a0
2024
2025
Cash at banks
795.1
72.8
Cash and cash equivalents
795.1
72.8
The lock-in period for all current financial investments reported in cash and cash equivalents was less than three months at the time of investment. The cash and cash equivalents reported in the balance sheet correspond to the cash and cash equivalents in the cash flow statement and qualify as cash and cash equivalents as defined in IAS\u00a07.
6.
Working capital
Working capital includes the following balance sheet items:
\u25cf
Inventories
\u25cf
Trade receivables, other current receivables and securities
\u25cf
Receivables and liabilities from derivative financial instruments
\u25cf
Trade payables and other current liabilities
Financial instruments subject to credit risk by assigned rating group 2025
\u20acm
Credit rating group
Equivalent Moody\u2019s rating
Financial instruments \u2013 closed items on the balance sheet
Securities
Non-current and current other receivables1
Trade receivables
Investments as well as cash and cash equivalents2
A
up to Aa3
196.1
2.5
0.0
88.4
\u2013\u00a010.3
B
up to A3
136.7
2.0
27.1
97.9
53.1
C1\u2013C3
up to Baa3
0.0
0.0
44.2
299.9
30.0
D1\u2013D5
below Baa3
0.0
0.0
0.0
30.4
0.0
Not rated
\u00a0
0.0
170.1
342.1
241.7
0.0
Total
\u00a0
332.8
174.7
413.4
758.3
72.8
1 Incl. receivables from investees and loans to investees // 2 Other non-current and current loans and money market transactions have been combined under investments in this table.
Financial instruments subject to credit risk by assigned rating group 2024
\u20acm
Credit rating group
Equivalent Moody\u2019s rating
Financial instruments \u2013 closed items on the balance sheet
Securities
Non-current and current other receivables
Trade receivables
Investments as well as cash and cash equivalents
A
up to Aa3
299.3
3.1
0.0
31.3
337.5
B
up to A3
158.8
1.9
22.1
165.7
453.2
C1\u2013C3
up to Baa3
0.0
0.0
42.8
352.5
34.4
D1\u2013D5
below Baa3
0.0
0.0
0.0
34.5
0.0
Not rated
\u00a0
0.0
172.4
348.5
281.8
0.0
Total
\u00a0
458.1
177.4
413.5
865.9
825.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-122": { "value": "
The lock-in period for all current financial investments reported in cash and cash equivalents was less than three months at the time of investment. The cash and cash equivalents reported in the balance sheet correspond to the cash and cash equivalents in the cash flow statement and qualify as cash and cash equivalents as defined in IAS\u00a07.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-123": { "value": "
6.
Working capital
Working capital includes the following balance sheet items:
\u25cf
Inventories
\u25cf
Trade receivables, other current receivables and securities
\u25cf
Receivables and liabilities from derivative financial instruments
\u25cf
Trade payables and other current liabilities
6.3
Trade receivables, other receivables and securities
Trade receivables and receivables from investees are classified as \u201cmeasured at amortised cost\u201d (AC) and thus accounted for at cost less any impairment losses (see section\u00a05 \u201cFinancial instruments\u201d).
Other receivables with a maturity of more than one year are reported under Investments and other non-current receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-124": { "value": "
6.
Working capital
Working capital includes the following balance sheet items:
\u25cf
Inventories
\u25cf
Trade receivables, other current receivables and securities
\u25cf
Receivables and liabilities from derivative financial instruments
\u25cf
Trade payables and other current liabilities
6.1
Inventories and guarantees of origin/green electricity certificates
Inventories of primary energy sources as well as additives and consumables inventories are measured at the lower of cost or net realisable value at the reporting date. The use of primary energy sources and raw materials, additives and consumables is determined using the moving average price method.
Inventories of natural gas held for trading by VERBUND are recognised in profit or loss under other revenue. According to the brokerage exemption for raw materials and commodity traders, the measurement benchmark is fair value (Level 1) less costs to sell. The fair value corresponds to the quoted price for front-month gas forwards on the Central European Gas Hub (CEGH).
Guarantees of origin and green electricity certificates that are held for sale in the normal course of business are recognised in accordance with IAS\u00a02 and IAS\u00a020. Guarantees of origin and green electricity certificates are recognised as inventories when the legally enforceable rights are acquired (as a rule, generation of electricity in certified power plants). Both the income from the allocation of certificates and the change in inventories from the disposal of certificates are presented under other operating income. Whenever necessary, subsequent measurement is carried out and the guarantees/certificates are written down to the lower net realisable value. Proceeds from the sale of guarantees of origin or green electricity certificates are recognised under other revenue.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-125": { "value": "
6.
Working capital
Working capital includes the following balance sheet items:
\u25cf
Inventories
\u25cf
Trade receivables, other current receivables and securities
\u25cf
Receivables and liabilities from derivative financial instruments
\u25cf
Trade payables and other current liabilities
6.1
Inventories and guarantees of origin/green electricity certificates
Inventories of primary energy sources as well as additives and consumables inventories are measured at the lower of cost or net realisable value at the reporting date. The use of primary energy sources and raw materials, additives and consumables is determined using the moving average price method.
Inventories of natural gas held for trading by VERBUND are recognised in profit or loss under other revenue. According to the brokerage exemption for raw materials and commodity traders, the measurement benchmark is fair value (Level 1) less costs to sell. The fair value corresponds to the quoted price for front-month gas forwards on the Central European Gas Hub (CEGH).
Guarantees of origin and green electricity certificates that are held for sale in the normal course of business are recognised in accordance with IAS\u00a02 and IAS\u00a020. Guarantees of origin and green electricity certificates are recognised as inventories when the legally enforceable rights are acquired (as a rule, generation of electricity in certified power plants). Both the income from the allocation of certificates and the change in inventories from the disposal of certificates are presented under other operating income. Whenever necessary, subsequent measurement is carried out and the guarantees/certificates are written down to the lower net realisable value. Proceeds from the sale of guarantees of origin or green electricity certificates are recognised under other revenue.
Inventories
Inventories
\u00a0
\u20acm
\u00a0
2024
2025
Natural gas1
47.9
22.7
Inventories of primary energy sources
47.9
22.7
Emission rights held for trading
19.7
22.5
Changes in emission rights held for trading
2.2
4.6
Fair value of emission rights held for trading
21.9
27.1
Guarantees of origin and green electricity certificates
0.8
0.2
Additives and consumables
13.8
18.6
Other
9.8
7.4
Inventories
94.3
75.9
1 A write-down of approximately \u20ac7.9m (previous year: write-up of approximately \u20ac6.3m) was recognised on gas inventories in the income statement for the reporting period based on lower market prices.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-126": { "value": "
6.
Working capital
Working capital includes the following balance sheet items:
\u25cf
Inventories
\u25cf
Trade receivables, other current receivables and securities
\u25cf
Receivables and liabilities from derivative financial instruments
\u25cf
Trade payables and other current liabilities
Receivables from derivative financial instruments
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Derivatives in the energy area
49.0
57.7
329.8
109.1
Derivatives in the finance area
33.8
24.0
7.3
8.8
Receivables from derivative financial instruments
82.8
81.6
337.1
117.9
6.3
Trade receivables, other receivables and securities
Trade receivables, other receivables and securities
Trade receivables, other receivables and securities
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Trade receivables
\u2013
\u2013
865.9
758.3
Receivables from investees
\u2013
\u2013
39.6
35.0
Loans \u2013 closed items on the balance sheet
269.7
49.5
94.7
202.2
Loans to investees
54.8
51.1
4.0
5.1
Other receivables and assets
(excluding current tax receivables)
218.2
253.7
251.0
341.1
Trade receivables, other receivables and securities
542.7
354.3
1,255.1
1,341.6
Current tax receivables plus other receivables and assets
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Current tax receivables
\u2013
\u2013
16.8
113.0
Securities
\u2013
\u2013
2.5
1.1
Guarantees in electricity trading
132.0
136.6
77.2
63.4
Emission rights
\u2013
\u2013
48.9
70.9
Receivables from tax clearing
(excluding current tax receivables)
\u2013
\u2013
8.3
117.0
Other
86.2
117.1
113.8
88.8
Other receivables and assets
218.2
253.7
250.9
341.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-127": { "value": "
6.
Working capital
Working capital includes the following balance sheet items:
\u25cf
Inventories
\u25cf
Trade receivables, other current receivables and securities
\u25cf
Receivables and liabilities from derivative financial instruments
\u25cf
Trade payables and other current liabilities
6.2
Receivables from derivative financial instruments
Receivables from derivative financial instruments include derivatives and hedging instruments from both the financial and the energy areas.Receivables from derivative financial instruments
6.4
Liabilities from derivative financial instruments
6.4.1

Liabilities from derivative financial instruments
Liabilities from derivative financial instruments
\u20acm
\u00a0
2024
Non-current
2025
Non-current
2024
Current
2025
Current
Derivatives in the energy area
138.1
36.7
102.9
152.4
Derivatives in the finance area
0.0
0.0
0.1
0.0
Liabilities from derivative financial instruments
138.1
36.7
103.0
152.4
Further details on liabilities from derivative financial instruments can be found in section 11.2 \u201cRisk management in the energy area\u201d.
Trade payables and other current liabilitiesTrade payables and other current liabilities
Trade payables and current other liabilities
\u00a0
\u20acm
\u00a0
2024
2025
Trade payables
370.8
241.1
Outstanding invoices for capital expenditure
224.0
207.2
Liabilities to unconsolidated subsidiaries and investees
100.1
136.7
Other liabilities for maintenance expenses
69.4
100.9
Other personnel-related liabilities
58.2
64.1
Liabilities to the emissions registry
38.6
59.0
Advance payments received
5.4
49.8
Other liabilities from electricity deliveries and grid services
67.9
24.7
Accruals and deferred income
14.1
23.7
Security deposits for transport services
33.1
21.3
Electricity supply commitment
16.7
18.8
Lease liabilities
10.9
15.9
Liabilities to tax authorities
27.2
9.5
Other
47.7
33.0
Trade payables and other current liabilities
1,084.4
1,005.6
8.
Liabilities
The explanatory notes relate to non-current and current financial liabilities as well as other non-current liabilities. See section\u00a06 \u201cWorking capital\u201d for details regarding trade payables and other current liabilities.
8.2
Other non-current liabilities
Other non-current liabilities are accounted for at amortised cost and relate primarily to the following transactions:
\u25cf
an obligation to supply electricity under a 20-year electricity supply agreement that was incurred in connection with the acquisition of Kraftwerksgruppe Inn\u00a0GmbH (now VERBUND Innkraftwerke\u00a0GmbH) in the 2009 reporting period;
\u25cf
an obligation to transfer 50% of the shares in Donaukraftwerk Jochenstein\u00a0AG to the Free State of Bavaria without exchange of consideration, assumed as part of the acquisition of (additional) Bavarian hydropower plant capacities; and
\u25cf
recognition of lease liabilities in accordance with IFRS\u00a016 (see section\u00a04.3 \u201cLeases\u201d).
Other non-current liabilities
Other non-current liabilities
\u00a0
\u20acm
\u00a0
2024
2025
Other liabilities from electricity deliveries and grid services
313.4
374.7
Obligation to return an interest
184.7
227.1
Lease liabilities
168.1
171.0
Advance payments received for grid access fees (electricity)
98.9
79.8
Electricity supply commitment
81.2
62.4
Liabilities for grid usage fees (gas)
36.8
33.7
Liabilities from outstanding capital expenditure invoices
22.0
21.9
Security deposits for transport services
6.6
8.5
Trade payables
9.9
2.6
Other
30.7
22.6
Other non-current liabilities
952.4
1,004.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-128": { "value": "
6.
Working capital
Working capital includes the following balance sheet items:
\u25cf
Inventories
\u25cf
Trade receivables, other current receivables and securities
\u25cf
Receivables and liabilities from derivative financial instruments
\u25cf
Trade payables and other current liabilities
8.2
Other non-current liabilities
Other non-current liabilities are accounted for at amortised cost and relate primarily to the following transactions:
\u25cf
an obligation to supply electricity under a 20-year electricity supply agreement that was incurred in connection with the acquisition of Kraftwerksgruppe Inn\u00a0GmbH (now VERBUND Innkraftwerke\u00a0GmbH) in the 2009 reporting period;
\u25cf
an obligation to transfer 50% of the shares in Donaukraftwerk Jochenstein\u00a0AG to the Free State of Bavaria without exchange of consideration, assumed as part of the acquisition of (additional) Bavarian hydropower plant capacities; and
\u25cf
recognition of lease liabilities in accordance with IFRS\u00a016 (see section\u00a04.3 \u201cLeases\u201d).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-129": { "value": "
6.3
Trade receivables, other receivables and securities
Trade receivables, other receivables and securities
Trade receivables, other receivables and securities
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Trade receivables
\u2013
\u2013
865.9
758.3
Receivables from investees
\u2013
\u2013
39.6
35.0
Loans \u2013 closed items on the balance sheet
269.7
49.5
94.7
202.2
Loans to investees
54.8
51.1
4.0
5.1
Other receivables and assets
(excluding current tax receivables)
218.2
253.7
251.0
341.1
Trade receivables, other receivables and securities
542.7
354.3
1,255.1
1,341.6
Current tax receivables plus other receivables and assets
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Current tax receivables
\u2013
\u2013
16.8
113.0
Securities
\u2013
\u2013
2.5
1.1
Guarantees in electricity trading
132.0
136.6
77.2
63.4
Emission rights
\u2013
\u2013
48.9
70.9
Receivables from tax clearing
(excluding current tax receivables)
\u2013
\u2013
8.3
117.0
Other
86.2
117.1
113.8
88.8
Other receivables and assets
218.2
253.7
250.9
341.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-130": { "value": "
6.3
Trade receivables, other receivables and securities
Trade receivables, other receivables and securities
Trade receivables, other receivables and securities
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Trade receivables
\u2013
\u2013
865.9
758.3
Receivables from investees
\u2013
\u2013
39.6
35.0
Loans \u2013 closed items on the balance sheet
269.7
49.5
94.7
202.2
Loans to investees
54.8
51.1
4.0
5.1
Other receivables and assets
(excluding current tax receivables)
218.2
253.7
251.0
341.1
Trade receivables, other receivables and securities
542.7
354.3
1,255.1
1,341.6
Current tax receivables plus other receivables and assets
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Current tax receivables
\u2013
\u2013
16.8
113.0
Securities
\u2013
\u2013
2.5
1.1
Guarantees in electricity trading
132.0
136.6
77.2
63.4
Emission rights
\u2013
\u2013
48.9
70.9
Receivables from tax clearing
(excluding current tax receivables)
\u2013
\u2013
8.3
117.0
Other
86.2
117.1
113.8
88.8
Other receivables and assets
218.2
253.7
250.9
341.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-133": { "value": "Trade payables and other current liabilitiesTrade payables and other current liabilities
Trade payables and current other liabilities
\u00a0
\u20acm
\u00a0
2024
2025
Trade payables
370.8
241.1
Outstanding invoices for capital expenditure
224.0
207.2
Liabilities to unconsolidated subsidiaries and investees
100.1
136.7
Other liabilities for maintenance expenses
69.4
100.9
Other personnel-related liabilities
58.2
64.1
Liabilities to the emissions registry
38.6
59.0
Advance payments received
5.4
49.8
Other liabilities from electricity deliveries and grid services
67.9
24.7
Accruals and deferred income
14.1
23.7
Security deposits for transport services
33.1
21.3
Electricity supply commitment
16.7
18.8
Lease liabilities
10.9
15.9
Liabilities to tax authorities
27.2
9.5
Other
47.7
33.0
Trade payables and other current liabilities
1,084.4
1,005.6
8.2
Other non-current liabilities
Other non-current liabilities are accounted for at amortised cost and relate primarily to the following transactions:
\u25cf
an obligation to supply electricity under a 20-year electricity supply agreement that was incurred in connection with the acquisition of Kraftwerksgruppe Inn\u00a0GmbH (now VERBUND Innkraftwerke\u00a0GmbH) in the 2009 reporting period;
\u25cf
an obligation to transfer 50% of the shares in Donaukraftwerk Jochenstein\u00a0AG to the Free State of Bavaria without exchange of consideration, assumed as part of the acquisition of (additional) Bavarian hydropower plant capacities; and
\u25cf
recognition of lease liabilities in accordance with IFRS\u00a016 (see section\u00a04.3 \u201cLeases\u201d).
Other non-current liabilities
\u00a0
\u20acm
\u00a0
2024
2025
Other liabilities from electricity deliveries and grid services
313.4
374.7
Obligation to return an interest
184.7
227.1
Lease liabilities
168.1
171.0
Advance payments received for grid access fees (electricity)
98.9
79.8
Electricity supply commitment
81.2
62.4
Liabilities for grid usage fees (gas)
36.8
33.7
Liabilities from outstanding capital expenditure invoices
22.0
21.9
Security deposits for transport services
6.6
8.5
Trade payables
9.9
2.6
Other
30.7
22.6
Other non-current liabilities
952.4
1,004.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-132": { "value": "Trade payables and other current liabilitiesTrade payables and other current liabilities
Trade payables and current other liabilities
\u00a0
\u20acm
\u00a0
2024
2025
Trade payables
370.8
241.1
Outstanding invoices for capital expenditure
224.0
207.2
Liabilities to unconsolidated subsidiaries and investees
100.1
136.7
Other liabilities for maintenance expenses
69.4
100.9
Other personnel-related liabilities
58.2
64.1
Liabilities to the emissions registry
38.6
59.0
Advance payments received
5.4
49.8
Other liabilities from electricity deliveries and grid services
67.9
24.7
Accruals and deferred income
14.1
23.7
Security deposits for transport services
33.1
21.3
Electricity supply commitment
16.7
18.8
Lease liabilities
10.9
15.9
Liabilities to tax authorities
27.2
9.5
Other
47.7
33.0
Trade payables and other current liabilities
1,084.4
1,005.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-131": { "value": "Trade payables and other current liabilitiesTrade payables and other current liabilities
Trade payables and current other liabilities
\u00a0
\u20acm
\u00a0
2024
2025
Trade payables
370.8
241.1
Outstanding invoices for capital expenditure
224.0
207.2
Liabilities to unconsolidated subsidiaries and investees
100.1
136.7
Other liabilities for maintenance expenses
69.4
100.9
Other personnel-related liabilities
58.2
64.1
Liabilities to the emissions registry
38.6
59.0
Advance payments received
5.4
49.8
Other liabilities from electricity deliveries and grid services
67.9
24.7
Accruals and deferred income
14.1
23.7
Security deposits for transport services
33.1
21.3
Electricity supply commitment
16.7
18.8
Lease liabilities
10.9
15.9
Liabilities to tax authorities
27.2
9.5
Other
47.7
33.0
Trade payables and other current liabilities
1,084.4
1,005.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-134": { "value": "
7.
Equity
Share capital
As in the previous year, the share capital comprised 170,233,686 no-par value bearer shares (category A) and 177,182,000 no-par value registered shares (category B). Category B represents 51% of the share capital, authenticated by an interim certificate deposited with the Federal Ministry of Finance and made out in the name of the Republic of Austria. The share capital is fully paid up.
Capital reserves
An amount of \u20ac954.3m (previous year: \u20ac954.3m) is recognised under capital reserves; this represents the portion of the reserves not retained from the profit for the period in previous reporting periods.
Accumulated profits/losses
Accumulated profits/losses comprise retained earnings plus the effects on equity attributable to the shareholders of VERBUND AG due to shifts between shareholder groups. Of the accumulated profits and losses, the amount that can be distributed to the shareholders of VERBUND\u00a0AG is the amount presented as net profit for the period in the (separate) annual financial statements of VERBUND\u00a0AG as at 31\u00a0December 2025, which are prepared in accordance with the Austrian Commercial Code (UGB). The (as yet unapproved) net profit for financial year 2025 amounted to \u20ac1,094.4m (previous year: \u20ac972.8m). A dividend distribution of \u20ac3.15 per share (previous year: \u20ac2.80 per share)\u00a0\u2013 including a special dividend of \u20ac1.15 per share (previous year: \u20ac0.00 per share)\u00a0\u2013 will be proposed to the Annual General Meeting.
Reserve for foreign exchange differences
The reserve for foreign exchange differences primarily includes the currency translation of the consolidated Romanian subsidiary VERBUND Wind Power Romania\u00a0SRL.
Non-controlling interests
\u00a0
in %
\u00a0
2024
2025
Gas Connect Austria GmbH
49.00
49.00
Austrian Gas Grid Management AG
73.99
73.99
VERBUND Innkraftwerke GmbH
29.73
29.73
VERBUND Hydro Power GmbH
15.94
15.94
VERBUND Wind Power Austria GmbH
15.94
15.94
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-135": { "value": "
7.
Equity
Capital reserves
An amount of \u20ac954.3m (previous year: \u20ac954.3m) is recognised under capital reserves; this represents the portion of the reserves not retained from the profit for the period in previous reporting periods.
The reserve for foreign exchange differences primarily includes the currency translation of the consolidated Romanian subsidiary VERBUND Wind Power Romania\u00a0SRL.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-136": { "value": "
Share capital
As in the previous year, the share capital comprised 170,233,686 no-par value bearer shares (category A) and 177,182,000 no-par value registered shares (category B). Category B represents 51% of the share capital, authenticated by an interim certificate deposited with the Federal Ministry of Finance and made out in the name of the Republic of Austria. The share capital is fully paid up.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-138": { "value": "A dividend distribution of \u20ac3.15 per share (previous year: \u20ac2.80 per share)\u00a0\u2013 including a special dividend of \u20ac1.15 per share (previous year: \u20ac0.00 per share)\u00a0\u2013 will be proposed to the Annual General Meeting.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-137": { "value": "3.15", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-139": { "value": "
Non-controlling interests
Non-controlling interests
\u00a0
in %
\u00a0
2024
2025
Gas Connect Austria GmbH
49.00
49.00
Austrian Gas Grid Management AG
73.99
73.99
VERBUND Innkraftwerke GmbH
29.73
29.73
VERBUND Hydro Power GmbH
15.94
15.94
VERBUND Wind Power Austria GmbH
15.94
15.94
Subsidiaries with material non-controlling interests
The following tables contain condensed financial information for each of the Group\u2019s subsidiaries with material non-controlling interests, before intra-Group adjustments:
Subsidiaries with material non-controlling interests: statement of comprehensive income
\u20acm
\u00a0
\u00a0
\u00a0
2024
\u00a0
\u00a0
2025
\u00a0
VERBUND Hydro Power GmbH
Gas Connect Austria GmbH
VERBUND Innkraftwerke GmbH
VERBUND Hydro Power GmbH
Gas Connect Austria GmbH
VERBUND Innkraftwerke GmbH
Amounts held as non-controlling interests
15.94%
49.00%
29.73%
15.94%
49.00%
29.73%
Revenue
2,714.0
183.8
279.0
2,079.5
229.1
166.5
Profit for the period
1,632.8
\u2013\u00a093.9
157.9
1,067.9
\u2013\u00a02.2
101.4
Profit for the period attributable to non-controlling interests
260.2
\u2013\u00a047.2
47.0
170.1
\u2013\u00a00.6
30.2
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Other comprehensive income
\u2013\u00a017.7
\u2013\u00a01.1
\u2013\u00a01.1
9.0
3.4
\u2013\u00a01.1
Total comprehensive income for the period
1,615.1
\u2013\u00a095.1
156.8
1,076.9
1.2
100.4
Total profit or loss for the period attributable to non-controlling interests
257.4
\u2013\u00a046.6
46.6
171.7
0.6
29.8
Subsidiaries with material non-controlling interests: balance sheet
\u20acm
\u00a0
\u00a0
\u00a0
31/12/2024
\u00a0
\u00a0
31/12/2025
\u00a0
VERBUND Hydro Power GmbH
Gas Connect Austria GmbH
VERBUND Innkraftwerke GmbH
VERBUND Hydro Power GmbH
Gas Connect Austria GmbH
VERBUND Innkraftwerke GmbH
Non-current assets
5,389.8
544.4
930.5
5,417.4
541.8
933.8
Current assets
902.7
65.1
172.6
384.3
64.5
10.0
Non-current liabilities
\u2013\u00a01,649.3
\u2013\u00a0299.1
\u2013\u00a0182.2
\u2013\u00a01,373.5
\u2013\u00a0296.6
\u2013\u00a0168.1
Current liabilities
\u2013\u00a0351.5
\u2013\u00a064.5
\u2013\u00a044.6
\u2013\u00a0539.4
\u2013\u00a061.7
\u2013\u00a013.7
Net assets
4,291.7
245.9
876.3
3,888.8
248.0
762.1
Amounts held as non-controlling interests
15.94%
49.00%
29.73%
15.94%
49.00%
29.73%
Net assets attributable to non-controlling interests
684.1
120.5
260.5
619.9
121.5
226.6
Subsidiaries with material non-controlling interests: cash flows
\u20acm
\u00a0
\u00a0
\u00a0
31/12/2024
\u00a0
\u00a0
31/12/2025
\u00a0
VERBUND Hydro Power GmbH
Gas Connect Austria GmbH
VERBUND Innkraftwerke GmbH
VERBUND Hydro Power GmbH
Gas Connect Austria GmbH
VERBUND Innkraftwerke GmbH
Cash flow from operating activities
1,747.7
37.0
224.0
1,022.5
39.6
79.3
Cash flow from investing activities
\u2013\u00a0400.5
\u2013\u00a034.8
\u2013\u00a016.3
\u2013\u00a0404.9
\u2013\u00a043.2
\u2013\u00a027.1
Cash flow from financing activities
\u2013\u00a01,347.2
\u2013\u00a02.7
\u2013\u00a0207.7
\u2013\u00a0617.6
3.7
\u2013\u00a052.3
Change in cash and cash equivalents
0.0
\u2013\u00a00.4
0.0
0.0
0.1
0.0
Dividends paid to non-controlling interests
369.8
20.0
102.3
292.0
0.9
63.8
A shareholder agreement in force for VERBUND\u00a0Innkraftwerke\u00a0GmbH specifies that the entire profit for the year is to be approved as net profit for the period and distributed to shareholders, except in the following cases:
\u25cf
the shareholders unanimously agree to a different payout ratio;
\u25cf
distribution of the entire profit would violate statutory provisions;
\u25cf
equity as a percentage of assets would fall below 25% at the respective reporting date if the entire profit were distributed;
\u25cf
there are insufficient cash and cash equivalents available to distribute the entire profit; or
\u25cf
distribution of the entire profit would not leave enough cash and cash equivalents for approved capital expenditure, maintenance and restructuring measures or actions that must be taken due to force majeure, or for reserves required to be recognised for the reversal of impairment losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-140": { "value": "
8.
Liabilities
The explanatory notes relate to non-current and current financial liabilities as well as other non-current liabilities. See section\u00a06 \u201cWorking capital\u201d for details regarding trade payables and other current liabilities.
8.1
Financial liabilities
Financial liabilities are recognised at fair value upon addition. As a rule, the fair value recognised corresponds to the amount actually received. Any premiums or discounts are allocated over the financing term by applying the effective interest method and are presented on an accrual basis in interest expenses.
Individual financial liabilities originally incurred in connection with cross-border leasing transactions are classified at fair value through profit or loss upon initial recognition using the fair value option. This enables measurement inconsistencies that would have otherwise arisen to be eliminated.
The closed items on the balance sheet reported under financial liabilities as well as under investments relate to cross-border leasing transactions that were terminated early. Some of the transactions were terminated in their entirety, i.e. all investments and all liabilities (A-loans and B-loans) were repaid. Some of the transactions were only partially terminated, whereby the existing B-loans and the corresponding investments were continued. Therefore, accounting coverage continues to be ensured. Accounting balances denominated in foreign currency (US dollars) are measured at the exchange rate prevailing on the reporting date. The expenses and income arising from the measurement of these positions are equal in amount and denominated in the same currency, and are offset against each other. Investments and liabilities resulting from cross-border leasing transactions that were terminated early are presented separately; all items are closed on the balance sheet with the exception of valuation allowances recognised for expected credit losses (see section\u00a011.1 \u201cRisk management in the finance area\u201d).
Non-current and current financial liabilities
Non-current and current financial liabilities
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Bonds
1,127.3
1,116.3
8.1
10.4
Financial liabilities to banks
478.5
454.9
47.4
199.9
Financial liabilities to others
144.4
144.0
0.6
1.0
Capital shares attributable to limited partners
10.7
13.4
0.0
0.0
Financial liabilities not including closed items on
the balance sheet
1,760.8
1,728.7
56.2
211.3
Financial liabilities to banks \u2013 closed items on
the balance sheet
359.3
49.5
98.9
283.3
Non-current and current financial liabilities
2,120.1
1,778.2
155.1
494.6
Non-current and current financial liabilities1
\u00a0
\u20acm
\u00a0
2024
2025
Carrying amount as at 1/1
1,987.3
1,817.0
Borrowings
628.8
0.0
Change in the basis of consolidation2
43.8
21.3
Net change in money market transactions
\u2013\u00a0143.2
158.0
Changes in capital shares attributable to limited partners
2.4
2.7
Changes in interest accruals
13.1
3.6
Unscheduled repayments
0.0
\u2013\u00a05.3
Scheduled repayments
\u2013\u00a0715.3
\u2013\u00a057.4
Carrying amount as at 31/12
1,817.0
1,940.0
of which non-current liabilities
1,760.8
1,728.7
of which current liabilities
56.2
211.3
1 Excl. financial liabilities under closed items on the balance sheet // 2 2025 relates to the acquisition of a wind farm company, MSH B\u00fcrger-Windpark-Feldatal GmbH & Co. KG
Financial liabilities \u2013 closed items on the balance sheet
\u00a0
\u20acm
\u00a0
2024
2025
Carrying amount as at 1/1
420.6
458.3
Foreign exchange gains or losses
22.9
\u2013\u00a044.5
Capitalisation
33.3
28.4
Repayments and/or disposals
\u2013\u00a015.3
\u2013\u00a0100.5
Fair value changes
\u2013\u00a03.3
\u2013\u00a08.8
Carrying amount as at 31/12
458.3
332.9
of which non-current liabilities
359.3
49.5
of which current liabilities
98.9
283.3
VERBUND had no mortgage-backed liabilities as at 31\u00a0December 2025 or in the previous year.
As at 31 December 2025, the new renewables generation portfolio included long-term project financing. These financial liabilities to external banks and bondholders serve to finance VERBUND\u2019s current wind and PV projects. The financing agreements are worth \u20ac435.1m (previous year: \u20ac453.2m) and contain various (financial) covenants, such as a debt service coverage ratio (DSCR) to be met each year. At the reporting date, two project financings with outstanding amounts of \u20ac181.9m and \u20ac144.0m had fallen below the agreed DSCR thresholds. The necessary waivers were issued for both financing arrangements prior to the reporting date, confirming that neither measures to call in the long-term financing nor the exercise of enforcement rights would be initiated.
Non-current and current financial liabilities 2025
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Longest maturity
Issue volume
Carrying amount
as at 31/12
1 year or less
\u00a0
Bonds
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
EUR currency
2041
1,203.0
1,126.7
10.4
\u00a0
Total bonds
\u00a0
1,203.0
1,126.7
10.4
\u00a0
of which at a fixed interest rate
2041
1,203.0
1,126.7
10.4
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities to banks
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
EUR currency
2041
916.1
654.8
199.9
\u00a0
Total financial liabilities to banks
\u00a0
916.1
654.8
199.9
\u00a0
of which at a fixed interest rate
2041
708.1
482.6
36.5
\u00a0
of which at a variable interest rate
2030
208.0
172.2
163.5
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities to others
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
EUR currency
2027
151.0
145.0
1.0
\u00a0
Total financial liabilities to others
\u00a0
151.0
145.0
1.0
\u00a0
of which at a variable interest rate
2027
151.0
145.0
1.0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities to banks \u2013
closed items on the balance sheet1
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Foreign currencies (USD)
2030
\u00a0
332.9
283.3
\u00a0
Total financial liabilities to banks \u2013
closed items on the balance sheet
\u00a0
\u00a0
332.9
283.3
\u00a0
of which at a fixed interest rate
2030
\u00a0
332.9
283.3
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Capital shares attributable to limited partners
\u00a0
\u00a0
13.4
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Total financial liabilities
\u00a0
2,270.1
2,272.8
494.6
1 These financial liabilities are covered by assets on the balance sheet.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
\u203a\u00a01 to 2 years
\u203a\u00a02 to 3 years
\u203a\u00a03 to 4 years
\u203a\u00a04 to 5 years
\u203a 5 years
Weighted nominal interest rate
Weighted effective interest rate
Fair value
as at 31/12
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
12.0
11.9
10.5
10.5
1,071.5
2.04%
1.70%
1,028.9
\u00a0
12.0
11.9
10.5
10.5
1,071.5
2.04%
1.70%
1,028.9
\u00a0
12.0
11.9
10.5
10.5
1,071.5
2.04%
1.70%
1,028.9
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
33.1
134.0
34.6
33.4
219.9
2.13%
3.15%
623.7
\u00a0
33.1
134.0
34.6
33.4
219.9
2.13%
3.15%
623.7
\u00a0
30.6
131.5
32.1
32.2
219.9
2.06%
3.31%
456.5
\u00a0
2.5
2.5
2.5
1.3
0.0
2.31%
1.53%
169.7
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
134.1
0.6
0.6
0.6
8.2
3.56%
3.85%
155.8
\u00a0
134.1
0.6
0.6
0.6
8.2
3.56%
3.85%
155.8
134.1
0.6
0.6
0.6
8.2
3.56%
3.85%
155.8
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
28.8
0.0
0.0
20.7
0.0
\u00a0
\u00a0
336.1
\u00a0
28.8
0.0
0.0
20.7
0.0
\u00a0
\u00a0
336.1
\u00a0
28.8
0.0
0.0
20.7
0.0
\u00a0
\u00a0
336.1
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
13.4
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
221.4
146.4
45.6
65.2
1,299.6
\u00a0
\u00a0
2,144.6
Non-current and current financial liabilities 2024
\u00a0
Longest term to maturity
Issue volume
Carrying amount
as at 31/12
1 year or less
\u00a0
Bonds
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
EUR currency
2041
1,203.0
1,135.4
8.1
\u00a0
Total bonds
\u00a0
1,203.0
1,135.4
8.1
\u00a0
of which at fixed interest rates
2041
1,203.0
1,135.4
8.1
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities to banks
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
EUR currency
2041
907.8
525.9
47.4
\u00a0
Total financial liabilities to banks
\u00a0
907.8
525.9
47.4
\u00a0
of which at fixed interest rates
2041
857.8
508.3
41.0
\u00a0
of which at variable interest rates
2030
50.0
17.6
6.4
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities to other entities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
EUR currency
2027
151.0
145.0
0.6
\u00a0
Total financial liabilities to other entities
\u00a0
151.0
145.0
0.6
\u00a0
of which at variable interest rates
2027
151.0
145.0
0.6
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Financial liabilities to banks \u2013
closed items on the balance sheet
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Foreign currencies (USD)
2030
\u00a0
458.3
98.9
\u00a0
Total financial liabilities to banks \u2013
closed items on the balance sheet
\u00a0
\u00a0
458.3
98.9
\u00a0
of which at fixed interest rates
2030
\u00a0
458.3
98.9
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Capital shares attributable to limited partners
\u00a0
\u00a0
10.7
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Total financial liabilities
\u00a0
\u00a0
2,275.2
155.1
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
\u203a\u00a01 to 2 years
\u203a\u00a02 to 3 years
\u203a\u00a03 to 4 years
\u203a\u00a04 to 5 years
\u203a 5 years
Weighted nominal interest rate
Weighted effective interest rate
Fair value
as at 31/12
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
11.1
11.4
11.3
9.9
1,083.6
2.04%
1.70%
1,094.1
\u00a0
11.1
11.4
11.3
9.9
1,083.6
2.04%
1.70%
1,094.1
\u00a0
11.1
11.4
11.3
9.9
1,083.6
2.04%
1.70%
1,094.1
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
39.5
32.5
133.0
33.1
240.5
1.95%
2.85%
514.0
\u00a0
39.5
32.5
133.0
33.1
240.5
1.95%
2.85%
514.0
\u00a0
37.0
30.0
130.5
30.6
239.2
1.91%
2.96%
500.0
\u00a0
2.5
2.5
2.5
2.5
1.3
3.23%
1.24%
14.0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
0.6
134.4
0.6
0.6
8.2
4.11%
4.25%
157.9
\u00a0
0.6
134.4
0.6
0.6
8.2
4.11%
4.25%
157.9
\u00a0
0.6
134.4
0.6
0.6
8.2
4.11%
4.25%
157.9
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
304.2
32.1
0.0
0.0
23.0
\u00a0
\u00a0
464.5
\u00a0
304.2
32.1
0.0
0.0
23.0
\u00a0
\u00a0
464.5
\u00a0
304.2
32.1
0.0
0.0
23.0
\u00a0
\u00a0
464.5
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
10.7
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
366.1
210.3
144.8
43.5
1,355.3
\u00a0
\u00a0
\u00a0
8.2
Other non-current liabilities
Other non-current liabilities are accounted for at amortised cost and relate primarily to the following transactions:
\u25cf
an obligation to supply electricity under a 20-year electricity supply agreement that was incurred in connection with the acquisition of Kraftwerksgruppe Inn\u00a0GmbH (now VERBUND Innkraftwerke\u00a0GmbH) in the 2009 reporting period;
\u25cf
an obligation to transfer 50% of the shares in Donaukraftwerk Jochenstein\u00a0AG to the Free State of Bavaria without exchange of consideration, assumed as part of the acquisition of (additional) Bavarian hydropower plant capacities; and
\u25cf
recognition of lease liabilities in accordance with IFRS\u00a016 (see section\u00a04.3 \u201cLeases\u201d).
8.2.1

Other non-current liabilities
Other non-current liabilities
\u00a0
\u20acm
\u00a0
2024
2025
Other liabilities from electricity deliveries and grid services
313.4
374.7
Obligation to return an interest
184.7
227.1
Lease liabilities
168.1
171.0
Advance payments received for grid access fees (electricity)
98.9
79.8
Electricity supply commitment
81.2
62.4
Liabilities for grid usage fees (gas)
36.8
33.7
Liabilities from outstanding capital expenditure invoices
22.0
21.9
Security deposits for transport services
6.6
8.5
Trade payables
9.9
2.6
Other
30.7
22.6
Other non-current liabilities
952.4
1,004.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-141": { "value": "
8.
Liabilities
The explanatory notes relate to non-current and current financial liabilities as well as other non-current liabilities. See section\u00a06 \u201cWorking capital\u201d for details regarding trade payables and other current liabilities.
8.1
Financial liabilities
Financial liabilities are recognised at fair value upon addition. As a rule, the fair value recognised corresponds to the amount actually received. Any premiums or discounts are allocated over the financing term by applying the effective interest method and are presented on an accrual basis in interest expenses.
Individual financial liabilities originally incurred in connection with cross-border leasing transactions are classified at fair value through profit or loss upon initial recognition using the fair value option. This enables measurement inconsistencies that would have otherwise arisen to be eliminated.
The closed items on the balance sheet reported under financial liabilities as well as under investments relate to cross-border leasing transactions that were terminated early. Some of the transactions were terminated in their entirety, i.e. all investments and all liabilities (A-loans and B-loans) were repaid. Some of the transactions were only partially terminated, whereby the existing B-loans and the corresponding investments were continued. Therefore, accounting coverage continues to be ensured. Accounting balances denominated in foreign currency (US dollars) are measured at the exchange rate prevailing on the reporting date. The expenses and income arising from the measurement of these positions are equal in amount and denominated in the same currency, and are offset against each other. Investments and liabilities resulting from cross-border leasing transactions that were terminated early are presented separately; all items are closed on the balance sheet with the exception of valuation allowances recognised for expected credit losses (see section\u00a011.1 \u201cRisk management in the finance area\u201d).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-142": { "value": "
8.1
Financial liabilities
Financial liabilities are recognised at fair value upon addition. As a rule, the fair value recognised corresponds to the amount actually received. Any premiums or discounts are allocated over the financing term by applying the effective interest method and are presented on an accrual basis in interest expenses.
Individual financial liabilities originally incurred in connection with cross-border leasing transactions are classified at fair value through profit or loss upon initial recognition using the fair value option. This enables measurement inconsistencies that would have otherwise arisen to be eliminated.
The closed items on the balance sheet reported under financial liabilities as well as under investments relate to cross-border leasing transactions that were terminated early. Some of the transactions were terminated in their entirety, i.e. all investments and all liabilities (A-loans and B-loans) were repaid. Some of the transactions were only partially terminated, whereby the existing B-loans and the corresponding investments were continued. Therefore, accounting coverage continues to be ensured. Accounting balances denominated in foreign currency (US dollars) are measured at the exchange rate prevailing on the reporting date. The expenses and income arising from the measurement of these positions are equal in amount and denominated in the same currency, and are offset against each other. Investments and liabilities resulting from cross-border leasing transactions that were terminated early are presented separately; all items are closed on the balance sheet with the exception of valuation allowances recognised for expected credit losses (see section\u00a011.1 \u201cRisk management in the finance area\u201d).
8.2
Other non-current liabilities
Other non-current liabilities are accounted for at amortised cost and relate primarily to the following transactions:
\u25cf
an obligation to supply electricity under a 20-year electricity supply agreement that was incurred in connection with the acquisition of Kraftwerksgruppe Inn\u00a0GmbH (now VERBUND Innkraftwerke\u00a0GmbH) in the 2009 reporting period;
\u25cf
an obligation to transfer 50% of the shares in Donaukraftwerk Jochenstein\u00a0AG to the Free State of Bavaria without exchange of consideration, assumed as part of the acquisition of (additional) Bavarian hydropower plant capacities; and
\u25cf
recognition of lease liabilities in accordance with IFRS\u00a016 (see section\u00a04.3 \u201cLeases\u201d).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-143": { "value": "
9.
Provisions
9.1
Provisions in the Group
Non-current and current provisions can be broken down as follows:Non-current and current provisions
Non-current and current provisions
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Provisions for pensions
321.0
277.2
\u2013
\u2013
Provisions for obligations
similar to pensions
121.0
113.8
\u2013
\u2013
Provisions for termination benefits
89.3
78.7
\u2013
\u2013
Provisions for partial retirement
2.2
2.1
1.2
1.4
Other personnel-related provisions
36.0
33.9
45.8
52.2
Other provisions
51.8
50.3
16.7
38.5
Non-current and current provisions
621.3
556.0
63.7
92.1
Personnel provisionsMeasurement of pensions and similar obligations as well as statutory termination benefits
Actuarial assumptions for pension obligations
\u00a0
\u00a0
2024
2025
Discount rate or expected rate of return from plan assets
3.25%
3.75%
Pension increases
2.00%\u2013\u00a04.25%
2.00%\u2013\u00a03.50%
Salary increases
2.50%\u2013\u00a04.25%
2.50%\u2013\u00a03.25%
Employee turnover
None
none
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Actuarial assumptions for obligations similar to pensions
\u00a0
\u00a0
2024
2025
Discount rate
3.25%
4.00%
Employee turnover (depending on duration of employment)
0.00%\u2013\u00a05.80%
0.0%\u2013\u00a06.20%
Change in contributions based on hospital cost index for
new contracts
2.50%\u2013\u00a06.00%
2.50%\u2013\u00a06.00%
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Actuarial assumptions for termination benefit obligations
\u00a0
\u00a0
2024
2025
Discount rate
3.00%
3.50%
Salary increases
2.50%\u2013\u00a04.25%
2.50%\u2013\u00a03.25%
Employee turnover (depending on duration of employment)
0.00%\u2013\u00a00.60%
0.00%\u2013\u00a00.60%
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Sensitivity analysis for net pension liability 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in net liability of
If assumption decreases, change in net liability of
Discount rate
0.25%
\u2013\u00a02.37%
2.48%
Pension increases
0.50%
5.13%
\u2013\u00a04.72%
Longevity based on mortality table
1 year
5.23%
\u2013\u00a05.16%
Sensitivity analysis for obligations similar to pensions 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a03.11%
3.28%
Change in contributions based on
hospital cost index (new contracts)
0.50%
6.62%
\u2013\u00a06.02%
Longevity based on mortality table
1 year
6.09%
\u2013\u00a05.88%
Sensitivity analysis for termination benefit obligations 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a01.36%
1.59%
Salary increases
0.50%
3.37%
\u2013\u00a03.23%
Longevity based on mortality table
1 year
\u2013\u00a00.01%
0.01%
Sensitivity analysis for net pension liability 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in net liability of
If assumption decreases, change in net liability of
Discount rate
0.25%
\u2013\u00a02.48%
2.60%
Pension increases
0.50%
5.35%
\u2013\u00a04.91%
Longevity based on mortality table
1 year
5.27%
\u2013\u00a05.20%
Sensitivity analysis for obligations similar to pensions 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a03.33%
3.52%
Change in contributions based on
hospital cost index (new contracts)
0.50%
7.09%
\u2013\u00a06.41%
Longevity based on mortality table
1 year
6.26%
\u2013\u00a06.03%
Sensitivity analysis for termination benefit obligations 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a01.69%
1.73%
Salary increases
0.50%
3.65%
\u2013\u00a03.48%
Longevity based on mortality table
1 year
0.00%
0.00%
Provisions for pensions and similar obligations
Reconciliation from defined benefit obligation to provisions
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Pension obligations
Pension obligations
Obligations similar to pensions
Obligations similar to pensions
Defined benefit obligation covered
by plan assets
247.4
227.8
\u2013
\u2013
Fair value of plan assets
\u2013\u00a0164.5
\u2013\u00a0169.0
\u2013
\u2013
Net value of obligations covered
by plan assets
82.9
58.8
\u2013
\u2013
Defined benefit obligation not covered by plan assets
238.1
218.4
120.8
113.8
Carrying amount of provisions
as at 31/12
321.0
277.2
120.8
113.8
Pension expenses
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Pension obligations
Pension obligations
Obligations similar to pensions
Obligations similar to pensions
Service costs (vested claims)
1.5
1.6
1.0
1.2
Net interest expense
10.6
9.8
3.9
3.9
Pension expenses (recognised in profit for the period)
12.1
11.4
4.9
5.1
Remeasurements of the net liability
32.3
\u2013\u00a021.8
15.5
\u2013\u00a06.6
Pension expenses (recognised in total comprehensive income
for the period)
44.4
\u2013\u00a0\u00a010.4
20.4
\u2013\u00a0\u00a01.5
Change in defined benefit obligation\u00a0
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Pension obligations
Pension obligations
Obligations similar to pensions
Obligations similar to pensions
Defined benefit obligation as at 1/1
466.6
485.5
105.7
120.8
Service costs (vested claims)
1.5
1.6
1.0
1.2
Pension payments or contributions to supplementary health insurance (benefit payments)
\u2013\u00a037.8
\u2013\u00a037.4
\u2013\u00a05.3
\u2013\u00a05.5
Interest expenses
16.6
15.1
3.9
3.9
Remeasurements based on experience adjustments
3.3
\u2013\u00a02.0
3.5
1.1
Remeasurements arising from changes in demographic assumptions
0.0
0.0
0.0
\u2013\u00a01.3
Remeasurements arising from changes in financial assumptions
35.3
\u2013\u00a016.6
12.0
\u2013\u00a06.4
Defined benefit obligation as at 31/12
485.5
446.2
120.8
113.8
On 31\u00a0December 2025, the weighted average term of pension obligations was 10 years (previous year: 10 years) and that of obligations similar to pensions was 13\u00a0years (previous year: 14\u00a0years).
Change in plan assets
\u00a0
\u20acm
\u00a0
2024
2025
\u00a0
Pension obligations
Pension obligations
Fair value of plan assets as at 1/1
163.0
164.5
Contributions by VERBUND
5.4
12.3
Payouts (benefit payments)
\u2013\u00a016.2
\u2013\u00a016.3
Interest income
6.0
5.3
Other gains (+) or losses (\u2013)
6.3
3.2
Fair value of plan assets as at 31/12
164.5
169.0
The investment and risk pool attributable to VERBUND within the pension fund realised a gain of \u20ac8.5m in the 2025 reporting period (previous year: gain of \u20ac12.3m). The deficit represents the portion of pension obligations not covered by plan assets; these relate primarily to direct commitments to pension recipients. In the 2026 reporting period, current contributions to the pension fund for coverage of defined benefit pension plans are expected to amount to \u20ac0.8m (previous year: \u20ac6.3m).
Plan assets
\u00a0
in %
\u00a0
2024
2025
\u00a0
Quoted
Quoted
Shares
43.1
43.6
Bonds
29.8
29.5
Money market
4.1
3.0
Other investments
23.0
23.9
Total
100.0
100.0
Provisions for termination benefits
Analysis of provisions for termination benefits
\u00a0
\u20acm
\u00a0
2024
2025
Provisions for statutory termination benefits
89.1
78.5
Provisions for termination benefits based on special agreements as defined in the Sozialplan concluded between management and the works council
0.2
0.2
Carrying amount of provisions as at 31/12
89.3
78.7
Termination benefit expenses
\u00a0
\u20acm
\u00a0
2024
2025
Service costs
0.8
0.7
Net interest expense
3.2
2.6
Termination benefit expenses (recognised in profit for the period)
4.0
3.3
Remeasurements of termination benefits
5.6
\u2013\u00a04.1
Termination benefit expenses (recognised in total comprehensive income for the period)
9.6
\u2013\u00a00.8
Change in defined benefit obligation for statutory termination benefits
\u00a0
\u20acm
\u00a0
2024
2025
Defined benefit obligation as at 1/1
89.9
89.1
Service costs (vested claims)
0.8
0.7
Interest expenses
3.2
2.6
Termination benefits (benefit payments)
\u2013\u00a010.4
\u2013\u00a09.8
Remeasurements based on experience adjustments
0.9
\u2013\u00a00.5
Remeasurements arising from changes in demographic assumptions
0.0
0.1
Remeasurements arising from changes in financial assumptions
4.7
\u2013\u00a03.7
Defined benefit obligation as at 31/12
89.1
78.5
Provisions for
partial retirement obligations
Reconciliation from defined benefit obligation to provisions
\u00a0
\u20acm
\u00a0
2024
2025
Defined benefit obligation covered by plan assets
6.7
5.7
Fair value of plan assets
\u2013\u00a03.2
\u2013\u00a02.2
Carrying amount of provisions as at 31/12
3.5
3.5
Expenses for partial retirement
\u00a0
\u20acm
\u00a0
2024
2025
Service costs
2.4
0.6
Net interest expense
0.2
0.1
Remeasurements
\u2013\u00a00.5
1.4
Expenses for partial retirement (recognised in profit for the period)
2.1
2.1
Change in defined benefit obligation
\u00a0
\u20acm
\u00a0
2024
2025
Defined benefit obligation as at 1/1
7.3
6.7
Service costs (vested claims)
2.4
0.6
Net interest expense
0.2
0.1
Payments for early retirement
\u2013\u00a02.6
\u2013\u00a02.1
Remeasurements
\u2013\u00a00.6
0.4
Defined benefit obligation as at 31/12
6.7
5.7
Change in plan assets
\u00a0
\u20acm
\u00a0
2024
2025
Fair value of plan assets as at 1/1
3.3
3.2
Other gains (+) or losses (\u2013)
\u2013\u00a00.1
\u2013\u00a01.0
Fair value of plan assets as at 31/12
3.2
2.2
Plan assets
\u00a0
in %
\u00a0
2024
2025
Bonds
100.0
100.0
Total
100.0
100.0
Other personnel-related provisions
Analysis of other personnel-related provisions
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Provision for bonuses from
the performance-based
remuneration system
\u2013
\u2013
43.1
50.0
Provision for anniversary bonuses
28.1
26.5
\u2013
\u2013
Miscellaneous1
7.9
7.4
2.7
2.2
Other personnel-related provisions
36.0
33.9
45.8
52.2
1 This item includes provisions for short-term and long-term remuneration (STI and LTI). See \u201cDisclosures regarding the governing bodies of the Group\u201d in section 13.3 for more information on the short-term remuneration (short-term incentive, STI) and long-term variable remuneration (long-term incentive, LTI) included here.
Change in other personnel-related provisions
\u00a0
\u20acm
\u00a0
2024
2025
Carrying amount as at 1/1
68.4
81.8
of which non-current
29.0
36.0
of which current
39.4
45.8
New provisions
46.4
38.9
Interest accrued
0.9
1.0
Appropriation
\u2013\u00a031.5
\u2013\u00a030.8
Reversal
\u2013\u00a02.4
\u2013\u00a04.8
Carrying amount as at 31/12
81.8
86.1
of which non-current
36.0
33.9
of which current
45.8
52.2
Other provisionsOther provisions
Change in other provisions 2025
\u20acm
\u00a0
Dismantling and decontamination costs
Other
Total
Carrying amount as at 1/1/2025
39.7
28.8
68.5
of which non-current
38.2
13.6
51.8
of which current
1.5
15.2
16.7
Additions/reclassifications
1.3
45.3
46.7
Interest accrued
1.0
0.2
1.2
Appropriation
\u2013\u00a01.0
\u2013\u00a011.6
\u2013\u00a012.6
Reversal
\u2013\u00a02.4
\u2013\u00a012.6
\u2013\u00a014.9
Carrying amount as at 31/12/2025
38.7
50.1
88.8
of which non-current
37.7
12.6
50.3
of which current
1.0
37.6
38.5
Change in other provisions 2024
\u20acm
\u00a0
Dismantling and decontamination costs
Other
Total
Carrying amount as at 1/1/2024
35.3
39.7
75.0
of which non-current
32.4
4.5
36.9
of which current
2.9
35.2
38.1
Change in the scope of consolidation
0.7
0.0
0.7
New provisions
7.4
8.2
15.6
Interest accrued
1.0
0.9
1.9
Appropriation
\u2013\u00a04.2
\u2013\u00a012.3
\u2013\u00a016.4
Reversal
\u2013\u00a00.6
\u2013\u00a07.7
\u2013\u00a08.3
Carrying amount as at 31/12/2024
39.7
28.8
68.5
of which non-current
38.2
13.6
51.9
of which current
1.5
15.2
16.7
13.
Other
13.1
Other obligations/entitlements and risks
Contingent liabilities not recognised in VERBUND\u2019s balance sheet are assessed quarterly with respect to their probability of occurrence. The assessment is carried out by the managers responsible, taking account of market-related inputs (to the extent possible) and expert opinions (in individual cases).
Pending court proceedings relate mainly to the following matters:
\u25cf
The substantive validity of the electricity price increase implemented in 2022 based on a price adjustment clause in the General Terms and Conditions (GTCs) was disputed in several class action lawsuits brought against VERBUND AG. In this context, VERBUND has reached out-of-court settlements with relevant class-action institutions over the past two years.
\u25cf
Recognition by the tax authorities of the amortisation of an electricity purchase right amounting to approximately \u20ac2.3m per year in connection with the acquisition of interests in a German power plant company in 2012 is disputed. An objection to the notices issued by the tax authorities concerning the years 2013 to 2021 was filed within the prescribed time period.
No information has been provided on any contingent liabilities or provisions associated with the above-mentioned proceedings, as it is to be expected that any such disclosures in the notes to the financial statements would seriously affect the position of the Group companies being sued in these proceedings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-144": { "value": "
9.
Provisions
9.1
Provisions in the Group
Non-current and current provisions can be broken down as follows:
Non-current and current provisions
Non-current and current provisions
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Provisions for pensions
321.0
277.2
\u2013
\u2013
Provisions for obligations
similar to pensions
121.0
113.8
\u2013
\u2013
Provisions for termination benefits
89.3
78.7
\u2013
\u2013
Provisions for partial retirement
2.2
2.1
1.2
1.4
Other personnel-related provisions
36.0
33.9
45.8
52.2
Other provisions
51.8
50.3
16.7
38.5
Non-current and current provisions
621.3
556.0
63.7
92.1
Personnel provisionsMeasurement of pensions and similar obligations as well as statutory termination benefits
Actuarial assumptions for pension obligations
\u00a0
\u00a0
2024
2025
Discount rate or expected rate of return from plan assets
3.25%
3.75%
Pension increases
2.00%\u2013\u00a04.25%
2.00%\u2013\u00a03.50%
Salary increases
2.50%\u2013\u00a04.25%
2.50%\u2013\u00a03.25%
Employee turnover
None
none
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Actuarial assumptions for obligations similar to pensions
\u00a0
\u00a0
2024
2025
Discount rate
3.25%
4.00%
Employee turnover (depending on duration of employment)
0.00%\u2013\u00a05.80%
0.0%\u2013\u00a06.20%
Change in contributions based on hospital cost index for
new contracts
2.50%\u2013\u00a06.00%
2.50%\u2013\u00a06.00%
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Actuarial assumptions for termination benefit obligations
\u00a0
\u00a0
2024
2025
Discount rate
3.00%
3.50%
Salary increases
2.50%\u2013\u00a04.25%
2.50%\u2013\u00a03.25%
Employee turnover (depending on duration of employment)
0.00%\u2013\u00a00.60%
0.00%\u2013\u00a00.60%
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Sensitivity analysis for net pension liability 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in net liability of
If assumption decreases, change in net liability of
Discount rate
0.25%
\u2013\u00a02.37%
2.48%
Pension increases
0.50%
5.13%
\u2013\u00a04.72%
Longevity based on mortality table
1 year
5.23%
\u2013\u00a05.16%
Sensitivity analysis for obligations similar to pensions 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a03.11%
3.28%
Change in contributions based on
hospital cost index (new contracts)
0.50%
6.62%
\u2013\u00a06.02%
Longevity based on mortality table
1 year
6.09%
\u2013\u00a05.88%
Sensitivity analysis for termination benefit obligations 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a01.36%
1.59%
Salary increases
0.50%
3.37%
\u2013\u00a03.23%
Longevity based on mortality table
1 year
\u2013\u00a00.01%
0.01%
Sensitivity analysis for net pension liability 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in net liability of
If assumption decreases, change in net liability of
Discount rate
0.25%
\u2013\u00a02.48%
2.60%
Pension increases
0.50%
5.35%
\u2013\u00a04.91%
Longevity based on mortality table
1 year
5.27%
\u2013\u00a05.20%
Sensitivity analysis for obligations similar to pensions 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a03.33%
3.52%
Change in contributions based on
hospital cost index (new contracts)
0.50%
7.09%
\u2013\u00a06.41%
Longevity based on mortality table
1 year
6.26%
\u2013\u00a06.03%
Sensitivity analysis for termination benefit obligations 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a01.69%
1.73%
Salary increases
0.50%
3.65%
\u2013\u00a03.48%
Longevity based on mortality table
1 year
0.00%
0.00%
Provisions for pensions and similar obligations
Reconciliation from defined benefit obligation to provisions
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Pension obligations
Pension obligations
Obligations similar to pensions
Obligations similar to pensions
Defined benefit obligation covered
by plan assets
247.4
227.8
\u2013
\u2013
Fair value of plan assets
\u2013\u00a0164.5
\u2013\u00a0169.0
\u2013
\u2013
Net value of obligations covered
by plan assets
82.9
58.8
\u2013
\u2013
Defined benefit obligation not covered by plan assets
238.1
218.4
120.8
113.8
Carrying amount of provisions
as at 31/12
321.0
277.2
120.8
113.8
Pension expenses
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Pension obligations
Pension obligations
Obligations similar to pensions
Obligations similar to pensions
Service costs (vested claims)
1.5
1.6
1.0
1.2
Net interest expense
10.6
9.8
3.9
3.9
Pension expenses (recognised in profit for the period)
12.1
11.4
4.9
5.1
Remeasurements of the net liability
32.3
\u2013\u00a021.8
15.5
\u2013\u00a06.6
Pension expenses (recognised in total comprehensive income
for the period)
44.4
\u2013\u00a0\u00a010.4
20.4
\u2013\u00a0\u00a01.5
Change in defined benefit obligation\u00a0
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Pension obligations
Pension obligations
Obligations similar to pensions
Obligations similar to pensions
Defined benefit obligation as at 1/1
466.6
485.5
105.7
120.8
Service costs (vested claims)
1.5
1.6
1.0
1.2
Pension payments or contributions to supplementary health insurance (benefit payments)
\u2013\u00a037.8
\u2013\u00a037.4
\u2013\u00a05.3
\u2013\u00a05.5
Interest expenses
16.6
15.1
3.9
3.9
Remeasurements based on experience adjustments
3.3
\u2013\u00a02.0
3.5
1.1
Remeasurements arising from changes in demographic assumptions
0.0
0.0
0.0
\u2013\u00a01.3
Remeasurements arising from changes in financial assumptions
35.3
\u2013\u00a016.6
12.0
\u2013\u00a06.4
Defined benefit obligation as at 31/12
485.5
446.2
120.8
113.8
On 31\u00a0December 2025, the weighted average term of pension obligations was 10 years (previous year: 10 years) and that of obligations similar to pensions was 13\u00a0years (previous year: 14\u00a0years).
Change in plan assets
\u00a0
\u20acm
\u00a0
2024
2025
\u00a0
Pension obligations
Pension obligations
Fair value of plan assets as at 1/1
163.0
164.5
Contributions by VERBUND
5.4
12.3
Payouts (benefit payments)
\u2013\u00a016.2
\u2013\u00a016.3
Interest income
6.0
5.3
Other gains (+) or losses (\u2013)
6.3
3.2
Fair value of plan assets as at 31/12
164.5
169.0
The investment and risk pool attributable to VERBUND within the pension fund realised a gain of \u20ac8.5m in the 2025 reporting period (previous year: gain of \u20ac12.3m). The deficit represents the portion of pension obligations not covered by plan assets; these relate primarily to direct commitments to pension recipients. In the 2026 reporting period, current contributions to the pension fund for coverage of defined benefit pension plans are expected to amount to \u20ac0.8m (previous year: \u20ac6.3m).
Plan assets
\u00a0
in %
\u00a0
2024
2025
\u00a0
Quoted
Quoted
Shares
43.1
43.6
Bonds
29.8
29.5
Money market
4.1
3.0
Other investments
23.0
23.9
Total
100.0
100.0
Provisions for termination benefits
Analysis of provisions for termination benefits
\u00a0
\u20acm
\u00a0
2024
2025
Provisions for statutory termination benefits
89.1
78.5
Provisions for termination benefits based on special agreements as defined in the Sozialplan concluded between management and the works council
0.2
0.2
Carrying amount of provisions as at 31/12
89.3
78.7
Termination benefit expenses
\u00a0
\u20acm
\u00a0
2024
2025
Service costs
0.8
0.7
Net interest expense
3.2
2.6
Termination benefit expenses (recognised in profit for the period)
4.0
3.3
Remeasurements of termination benefits
5.6
\u2013\u00a04.1
Termination benefit expenses (recognised in total comprehensive income for the period)
9.6
\u2013\u00a00.8
Change in defined benefit obligation for statutory termination benefits
\u00a0
\u20acm
\u00a0
2024
2025
Defined benefit obligation as at 1/1
89.9
89.1
Service costs (vested claims)
0.8
0.7
Interest expenses
3.2
2.6
Termination benefits (benefit payments)
\u2013\u00a010.4
\u2013\u00a09.8
Remeasurements based on experience adjustments
0.9
\u2013\u00a00.5
Remeasurements arising from changes in demographic assumptions
0.0
0.1
Remeasurements arising from changes in financial assumptions
4.7
\u2013\u00a03.7
Defined benefit obligation as at 31/12
89.1
78.5
Provisions for
partial retirement obligations
Reconciliation from defined benefit obligation to provisions
\u00a0
\u20acm
\u00a0
2024
2025
Defined benefit obligation covered by plan assets
6.7
5.7
Fair value of plan assets
\u2013\u00a03.2
\u2013\u00a02.2
Carrying amount of provisions as at 31/12
3.5
3.5
Expenses for partial retirement
\u00a0
\u20acm
\u00a0
2024
2025
Service costs
2.4
0.6
Net interest expense
0.2
0.1
Remeasurements
\u2013\u00a00.5
1.4
Expenses for partial retirement (recognised in profit for the period)
2.1
2.1
Change in defined benefit obligation
\u00a0
\u20acm
\u00a0
2024
2025
Defined benefit obligation as at 1/1
7.3
6.7
Service costs (vested claims)
2.4
0.6
Net interest expense
0.2
0.1
Payments for early retirement
\u2013\u00a02.6
\u2013\u00a02.1
Remeasurements
\u2013\u00a00.6
0.4
Defined benefit obligation as at 31/12
6.7
5.7
Change in plan assets
\u00a0
\u20acm
\u00a0
2024
2025
Fair value of plan assets as at 1/1
3.3
3.2
Other gains (+) or losses (\u2013)
\u2013\u00a00.1
\u2013\u00a01.0
Fair value of plan assets as at 31/12
3.2
2.2
Plan assets
\u00a0
in %
\u00a0
2024
2025
Bonds
100.0
100.0
Total
100.0
100.0
Other personnel-related provisions
Analysis of other personnel-related provisions
\u20acm
\u00a0
2024
2025
2024
2025
\u00a0
Non-current
Non-current
Current
Current
Provision for bonuses from
the performance-based
remuneration system
\u2013
\u2013
43.1
50.0
Provision for anniversary bonuses
28.1
26.5
\u2013
\u2013
Miscellaneous1
7.9
7.4
2.7
2.2
Other personnel-related provisions
36.0
33.9
45.8
52.2
1 This item includes provisions for short-term and long-term remuneration (STI and LTI). See \u201cDisclosures regarding the governing bodies of the Group\u201d in section 13.3 for more information on the short-term remuneration (short-term incentive, STI) and long-term variable remuneration (long-term incentive, LTI) included here.
Change in other personnel-related provisions
\u00a0
\u20acm
\u00a0
2024
2025
Carrying amount as at 1/1
68.4
81.8
of which non-current
29.0
36.0
of which current
39.4
45.8
New provisions
46.4
38.9
Interest accrued
0.9
1.0
Appropriation
\u2013\u00a031.5
\u2013\u00a030.8
Reversal
\u2013\u00a02.4
\u2013\u00a04.8
Carrying amount as at 31/12
81.8
86.1
of which non-current
36.0
33.9
of which current
45.8
52.2
Other provisionsOther provisions
Change in other provisions 2025
\u20acm
\u00a0
Dismantling and decontamination costs
Other
Total
Carrying amount as at 1/1/2025
39.7
28.8
68.5
of which non-current
38.2
13.6
51.8
of which current
1.5
15.2
16.7
Additions/reclassifications
1.3
45.3
46.7
Interest accrued
1.0
0.2
1.2
Appropriation
\u2013\u00a01.0
\u2013\u00a011.6
\u2013\u00a012.6
Reversal
\u2013\u00a02.4
\u2013\u00a012.6
\u2013\u00a014.9
Carrying amount as at 31/12/2025
38.7
50.1
88.8
of which non-current
37.7
12.6
50.3
of which current
1.0
37.6
38.5
Change in other provisions 2024
\u20acm
\u00a0
Dismantling and decontamination costs
Other
Total
Carrying amount as at 1/1/2024
35.3
39.7
75.0
of which non-current
32.4
4.5
36.9
of which current
2.9
35.2
38.1
Change in the scope of consolidation
0.7
0.0
0.7
New provisions
7.4
8.2
15.6
Interest accrued
1.0
0.9
1.9
Appropriation
\u2013\u00a04.2
\u2013\u00a012.3
\u2013\u00a016.4
Reversal
\u2013\u00a00.6
\u2013\u00a07.7
\u2013\u00a08.3
Carrying amount as at 31/12/2024
39.7
28.8
68.5
of which non-current
38.2
13.6
51.9
of which current
1.5
15.2
16.7
Pending court proceedings relate mainly to the following matters:
\u25cf
The substantive validity of the electricity price increase implemented in 2022 based on a price adjustment clause in the General Terms and Conditions (GTCs) was disputed in several class action lawsuits brought against VERBUND AG. In this context, VERBUND has reached out-of-court settlements with relevant class-action institutions over the past two years.
\u25cf
Recognition by the tax authorities of the amortisation of an electricity purchase right amounting to approximately \u20ac2.3m per year in connection with the acquisition of interests in a German power plant company in 2012 is disputed. An objection to the notices issued by the tax authorities concerning the years 2013 to 2021 was filed within the prescribed time period.
No information has been provided on any contingent liabilities or provisions associated with the above-mentioned proceedings, as it is to be expected that any such disclosures in the notes to the financial statements would seriously affect the position of the Group companies being sued in these proceedings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-145": { "value": "
9.
Provisions
9.1
Provisions in the Group
In accordance with IAS\u00a037, provisions are recognised for legal and constructive obligations to external third parties resulting from past events, the settlement of which is expected to result in an outflow of resources embodying economic benefits. It must be possible to reliably estimate the amount of the obligation. Provisions are measured at the expected settlement amount.
Non-current provisions recognised for the purpose of settling claims more than twelve months into the future are discounted if the present value of the expected settlement amount differs significantly from the undiscounted settlement amount. The discount rate is a pre-tax interest rate adjusted to reflect risk specific to the liability. Accrued interest amounts are presented as interest expenses; any effects from changes in the interest rate are recognised in the operating result.
Personnel provisions
Provisions for current pensions, vested pensions and similar obligations are determined in accordance with IAS\u00a019 using the projected unit credit method (PUC method), whereby remeasurements of the net liability are recognised in other comprehensive income in the year in which the liability is incurred. With the exception of net interest expense, all expenses (and income) related to these obligations are recognised under personnel expenses. The net interest expense is reported under interest expenses.
These defined benefit pension plan obligations are partially covered by pension plan assets at APK\u00a0Pensionskasse\u00a0AG earmarked for this purpose. Contractual trust arrangements (CTAs) were set up in order to secure the entitlements from the company pension plan for employees of VERBUND Innkraftwerke\u00a0GmbH, Innwerk\u00a0AG and Grenzkraftwerke\u00a0GmbH. VERBUND is obligated to provide additional funding to the extent that the obligations are required to be fulfilled through the pension fund; there is no such obligation to provide additional funding for the CTA. Both the pension plan assets and the contractual trust arrangements are recognised as plan assets as defined in IAS\u00a019 and offset against provisions for current pensions and vested pension benefits.
Pension plan assets are invested in compliance with the provisions of the Austrian Pension Fund Act (Pensionskassengesetz) and the corresponding directives from the Financial Market Authority.
Similar obligations relate to employer contributions for supplementary health insurance premiums to be paid after retirement. The provisions are calculated in the same manner as provisions for pension obligations.
Existing provisions for pensions and similar obligations as well as obligations for termination benefits (carrying amount as at 31\u00a0December 2025: \u20ac467.5m; previous year: \u20ac529.1m) were measured based on assumptions and estimates as at the reporting date. The key factors of influence included the discount rate, the estimated retirement age and estimated life expectancy as well as future increases in salaries and pension benefits:
Actuarial assumptions for pension obligations
\u00a0
\u00a0
2024
2025
Discount rate or expected rate of return from plan assets
3.25%
3.75%
Pension increases
2.00%\u2013\u00a04.25%
2.00%\u2013\u00a03.50%
Salary increases
2.50%\u2013\u00a04.25%
2.50%\u2013\u00a03.25%
Employee turnover
None
none
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Actuarial assumptions for obligations similar to pensions
\u00a0
\u00a0
2024
2025
Discount rate
3.25%
4.00%
Employee turnover (depending on duration of employment)
0.00%\u2013\u00a05.80%
0.0%\u2013\u00a06.20%
Change in contributions based on hospital cost index for
new contracts
2.50%\u2013\u00a06.00%
2.50%\u2013\u00a06.00%
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Actuarial assumptions for termination benefit obligations
\u00a0
\u00a0
2024
2025
Discount rate
3.00%
3.50%
Salary increases
2.50%\u2013\u00a04.25%
2.50%\u2013\u00a03.25%
Employee turnover (depending on duration of employment)
0.00%\u2013\u00a00.60%
0.00%\u2013\u00a00.60%
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
VERBUND is exposed to investment risk, interest rate risk, life expectancy risk, salary risk, price risk and employee turnover risk based on its existing pensions and similar obligations as well as its obligations for statutory termination benefits. The following sensitivity analyses show the effects on these obligations of changes in significant actuarial assumptions. Changes in obligations were determined in a manner comparable with the determination of the actual obligation based on the PUC method in accordance with IAS\u00a019.
On 31\u00a0December 2025, the weighted average term of pension obligations was 10 years (previous year: 10 years) and that of obligations similar to pensions was 13\u00a0years (previous year: 14\u00a0years).
VERBUND regularly coordinates its general investment guidelines with APK\u00a0Pensionskasse\u00a0AG. Risk management at APK\u00a0Pensionskasse\u00a0AG is guided by the provisions of the Austrian Pension Fund Act and the corresponding directives from the Financial Market Authority.
Employees whose employment relationship began on or before 31\u00a0December 2002 are entitled to receive a one-time payment based on statutory provisions, in particular when they retire. This obligation is measured in accordance with IAS\u00a019 based on the PUC method with an accumulation period of 25\u00a0years, whereby remeasurements of the net liability are recognised immediately in other comprehensive income.
The employer is only obligated to make regular contributions for employees in Austria whose period of employment began after 31\u00a0December 2002. Such contributions are therefore accounted for as defined contribution plans in accordance with IAS\u00a019. For these employment contracts, the employer pays 1.53% of the gross monthly salary into an employee pension fund.
The weighted average term of the obligations from termination benefits was seven years as at 31\u00a0December 2025 (previous year: seven years).
Partial retirement obligations are measured in accordance with IAS\u00a019 based on the PUC method, whereby remeasurements of the net liability are recognised immediately through profit or loss. The resulting expenses to be recognised are presented under pension expenses.
Other provisions
Dismantling and decommissioning obligations
For obligations resulting from the dismantling or decommissioning of power plants, provisions are recognised at the discounted settlement amounts in the reporting period in which the obligations are incurred; the carrying amounts of the power plants increase concurrently (see section\u00a04.2 \u201cProperty, plant and equipment\u201d). In subsequent periods, the capitalised costs for dismantling or decommissioning are depreciated over the (remaining) useful life of the plants; interest is accrued on the provisions annually.
The provisions were measured at the reporting date on the basis of assumptions and estimates,with the main influencing factors being the expected dismantling dates, any expert reports commissioned to ascertain the costs of dismantling and decontamination or the proceeds from the sale of scrap, the indexing of these costs and the discount rate of 4.00%\u20137.42% (previous year: 3.25%\u20137.18%).
Miscellaneous other provisions mainly consist of provisions for legal and consultancy services and for damage caused by natural hazards as well as damage compensation payments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-147": { "value": "Personnel provisions
Provisions for current pensions, vested pensions and similar obligations are determined in accordance with IAS\u00a019 using the projected unit credit method (PUC method), whereby remeasurements of the net liability are recognised in other comprehensive income in the year in which the liability is incurred. With the exception of net interest expense, all expenses (and income) related to these obligations are recognised under personnel expenses. The net interest expense is reported under interest expenses.
These defined benefit pension plan obligations are partially covered by pension plan assets at APK\u00a0Pensionskasse\u00a0AG earmarked for this purpose. Contractual trust arrangements (CTAs) were set up in order to secure the entitlements from the company pension plan for employees of VERBUND Innkraftwerke\u00a0GmbH, Innwerk\u00a0AG and Grenzkraftwerke\u00a0GmbH. VERBUND is obligated to provide additional funding to the extent that the obligations are required to be fulfilled through the pension fund; there is no such obligation to provide additional funding for the CTA. Both the pension plan assets and the contractual trust arrangements are recognised as plan assets as defined in IAS\u00a019 and offset against provisions for current pensions and vested pension benefits.
Pension plan assets are invested in compliance with the provisions of the Austrian Pension Fund Act (Pensionskassengesetz) and the corresponding directives from the Financial Market Authority.
Similar obligations relate to employer contributions for supplementary health insurance premiums to be paid after retirement. The provisions are calculated in the same manner as provisions for pension obligations.
Existing provisions for pensions and similar obligations as well as obligations for termination benefits (carrying amount as at 31\u00a0December 2025: \u20ac467.5m; previous year: \u20ac529.1m) were measured based on assumptions and estimates as at the reporting date. The key factors of influence included the discount rate, the estimated retirement age and estimated life expectancy as well as future increases in salaries and pension benefits:
Actuarial assumptions for pension obligations
\u00a0
\u00a0
2024
2025
Discount rate or expected rate of return from plan assets
3.25%
3.75%
Pension increases
2.00%\u2013\u00a04.25%
2.00%\u2013\u00a03.50%
Salary increases
2.50%\u2013\u00a04.25%
2.50%\u2013\u00a03.25%
Employee turnover
None
none
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Actuarial assumptions for obligations similar to pensions
\u00a0
\u00a0
2024
2025
Discount rate
3.25%
4.00%
Employee turnover (depending on duration of employment)
0.00%\u2013\u00a05.80%
0.0%\u2013\u00a06.20%
Change in contributions based on hospital cost index for
new contracts
2.50%\u2013\u00a06.00%
2.50%\u2013\u00a06.00%
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Actuarial assumptions for termination benefit obligations
\u00a0
\u00a0
2024
2025
Discount rate
3.00%
3.50%
Salary increases
2.50%\u2013\u00a04.25%
2.50%\u2013\u00a03.25%
Employee turnover (depending on duration of employment)
0.00%\u2013\u00a00.60%
0.00%\u2013\u00a00.60%
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Sensitivity analysis for net pension liability 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in net liability of
If assumption decreases, change in net liability of
Discount rate
0.25%
\u2013\u00a02.37%
2.48%
Pension increases
0.50%
5.13%
\u2013\u00a04.72%
Longevity based on mortality table
1 year
5.23%
\u2013\u00a05.16%
Sensitivity analysis for obligations similar to pensions 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a03.11%
3.28%
Change in contributions based on
hospital cost index (new contracts)
0.50%
6.62%
\u2013\u00a06.02%
Longevity based on mortality table
1 year
6.09%
\u2013\u00a05.88%
Sensitivity analysis for termination benefit obligations 2025
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a01.36%
1.59%
Salary increases
0.50%
3.37%
\u2013\u00a03.23%
Longevity based on mortality table
1 year
\u2013\u00a00.01%
0.01%
Sensitivity analysis for net pension liability 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in net liability of
If assumption decreases, change in net liability of
Discount rate
0.25%
\u2013\u00a02.48%
2.60%
Pension increases
0.50%
5.35%
\u2013\u00a04.91%
Longevity based on mortality table
1 year
5.27%
\u2013\u00a05.20%
Sensitivity analysis for obligations similar to pensions 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a03.33%
3.52%
Change in contributions based on
hospital cost index (new contracts)
0.50%
7.09%
\u2013\u00a06.41%
Longevity based on mortality table
1 year
6.26%
\u2013\u00a06.03%
Sensitivity analysis for termination benefit obligations 2024
\u00a0
\u00a0
Change in assumption in percentage points or years
If assumption increases, change in obligation of
If assumption decreases, change in obligation of
Discount rate
0.25%
\u2013\u00a01.69%
1.73%
Salary increases
0.50%
3.65%
\u2013\u00a03.48%
Longevity based on mortality table
1 year
0.00%
0.00%
On 31\u00a0December 2025, the weighted average term of pension obligations was 10 years (previous year: 10 years) and that of obligations similar to pensions was 13\u00a0years (previous year: 14\u00a0years).
VERBUND regularly coordinates its general investment guidelines with APK\u00a0Pensionskasse\u00a0AG. Risk management at APK\u00a0Pensionskasse\u00a0AG is guided by the provisions of the Austrian Pension Fund Act and the corresponding directives from the Financial Market Authority.
Employees whose employment relationship began on or before 31\u00a0December 2002 are entitled to receive a one-time payment based on statutory provisions, in particular when they retire. This obligation is measured in accordance with IAS\u00a019 based on the PUC method with an accumulation period of 25\u00a0years, whereby remeasurements of the net liability are recognised immediately in other comprehensive income.
The employer is only obligated to make regular contributions for employees in Austria whose period of employment began after 31\u00a0December 2002. Such contributions are therefore accounted for as defined contribution plans in accordance with IAS\u00a019. For these employment contracts, the employer pays 1.53% of the gross monthly salary into an employee pension fund.
The weighted average term of the obligations from termination benefits was seven years as at 31\u00a0December 2025 (previous year: seven years).
Partial retirement obligations are measured in accordance with IAS\u00a019 based on the PUC method, whereby remeasurements of the net liability are recognised immediately through profit or loss. The resulting expenses to be recognised are presented under pension expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-146": { "value": "Personnel provisions
Provisions for current pensions, vested pensions and similar obligations are determined in accordance with IAS\u00a019 using the projected unit credit method (PUC method), whereby remeasurements of the net liability are recognised in other comprehensive income in the year in which the liability is incurred. With the exception of net interest expense, all expenses (and income) related to these obligations are recognised under personnel expenses. The net interest expense is reported under interest expenses.
These defined benefit pension plan obligations are partially covered by pension plan assets at APK\u00a0Pensionskasse\u00a0AG earmarked for this purpose. Contractual trust arrangements (CTAs) were set up in order to secure the entitlements from the company pension plan for employees of VERBUND Innkraftwerke\u00a0GmbH, Innwerk\u00a0AG and Grenzkraftwerke\u00a0GmbH. VERBUND is obligated to provide additional funding to the extent that the obligations are required to be fulfilled through the pension fund; there is no such obligation to provide additional funding for the CTA. Both the pension plan assets and the contractual trust arrangements are recognised as plan assets as defined in IAS\u00a019 and offset against provisions for current pensions and vested pension benefits.
Pension plan assets are invested in compliance with the provisions of the Austrian Pension Fund Act (Pensionskassengesetz) and the corresponding directives from the Financial Market Authority.
Similar obligations relate to employer contributions for supplementary health insurance premiums to be paid after retirement. The provisions are calculated in the same manner as provisions for pension obligations.
Measurement of pensions and similar obligations as well as statutory termination benefits
Existing provisions for pensions and similar obligations as well as obligations for termination benefits (carrying amount as at 31\u00a0December 2025: \u20ac467.5m; previous year: \u20ac529.1m) were measured based on assumptions and estimates as at the reporting date. The key factors of influence included the discount rate, the estimated retirement age and estimated life expectancy as well as future increases in salaries and pension benefits:
Actuarial assumptions for pension obligations
\u00a0
\u00a0
2024
2025
Discount rate or expected rate of return from plan assets
3.25%
3.75%
Pension increases
2.00%\u2013\u00a04.25%
2.00%\u2013\u00a03.50%
Salary increases
2.50%\u2013\u00a04.25%
2.50%\u2013\u00a03.25%
Employee turnover
None
none
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Actuarial assumptions for obligations similar to pensions
\u00a0
\u00a0
2024
2025
Discount rate
3.25%
4.00%
Employee turnover (depending on duration of employment)
0.00%\u2013\u00a05.80%
0.0%\u2013\u00a06.20%
Change in contributions based on hospital cost index for
new contracts
2.50%\u2013\u00a06.00%
2.50%\u2013\u00a06.00%
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
Actuarial assumptions for termination benefit obligations
\u00a0
\u00a0
2024
2025
Discount rate
3.00%
3.50%
Salary increases
2.50%\u2013\u00a04.25%
2.50%\u2013\u00a03.25%
Employee turnover (depending on duration of employment)
0.00%\u2013\u00a00.60%
0.00%\u2013\u00a00.60%
Longevity based on mortality table
AV\u00d6 2018-P/Heubeck mortality tables 2018\u00a0G
AV\u00d6 2018-P/ Heubeck mortality tables 2018 G
VERBUND is exposed to investment risk, interest rate risk, life expectancy risk, salary risk, price risk and employee turnover risk based on its existing pensions and similar obligations as well as its obligations for statutory termination benefits. The following sensitivity analyses show the effects on these obligations of changes in significant actuarial assumptions. Changes in obligations were determined in a manner comparable with the determination of the actual obligation based on the PUC method in accordance with IAS\u00a019.
On 31\u00a0December 2025, the weighted average term of pension obligations was 10 years (previous year: 10 years) and that of obligations similar to pensions was 13\u00a0years (previous year: 14\u00a0years).
VERBUND regularly coordinates its general investment guidelines with APK\u00a0Pensionskasse\u00a0AG. Risk management at APK\u00a0Pensionskasse\u00a0AG is guided by the provisions of the Austrian Pension Fund Act and the corresponding directives from the Financial Market Authority.
Provisions for termination benefits
Employees whose employment relationship began on or before 31\u00a0December 2002 are entitled to receive a one-time payment based on statutory provisions, in particular when they retire. This obligation is measured in accordance with IAS\u00a019 based on the PUC method with an accumulation period of 25\u00a0years, whereby remeasurements of the net liability are recognised immediately in other comprehensive income.
The employer is only obligated to make regular contributions for employees in Austria whose period of employment began after 31\u00a0December 2002. Such contributions are therefore accounted for as defined contribution plans in accordance with IAS\u00a019. For these employment contracts, the employer pays 1.53% of the gross monthly salary into an employee pension fund.
The weighted average term of the obligations from termination benefits was seven years as at 31\u00a0December 2025 (previous year: seven years).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-148": { "value": "1 This item includes provisions for short-term and long-term remuneration (STI and LTI). See \u201cDisclosures regarding the governing bodies of the Group\u201d in section 13.3 for more information on the short-term remuneration (short-term incentive, STI) and long-term variable remuneration (long-term incentive, LTI) included here.and a long-term component (long-term incentive, LTI) that is designed as a virtual performance share plan (\u201cphantom share plan\u201d).
In the case of the LTI, both the number of phantom shares allocated and the amount actually paid out depend on the average share price over the last 60 trading days prior to the date in question. This long-term variable remuneration component is therefore classified as a cash-settled share-based payment transaction. Other key performance criteria used to calculate the LTI payout amount are total shareholder return relative to a peer group of European energy companies (\u201crelative TSR\u201d) and free cash flow before dividends as well as one or more sustainability targets based on the catalogue of criteria derived from the Group\u2019s sustainability strategy.
The total obligation recognised for the phantom share plans as at 31 December 2025 amounted to \u20ac3,863,850 (previous year: \u20ac4,445,681), \u20ac3,494,414 of which (previous year: \u20ac4,024,107) related to Executive Board members. Personnel expenses recognised in this context amounted to \u20ac581,530 in the financial year (previous year: \u20ac447,203), \u20ac529,693 of which (previous year: \u20ac376,565) related to the Executive Board.
Long-term remuneration \u2013 Long-Term Incentive (LTI)
\u00a0
\u00a0
\u00a0
2024 LTI
LTI 2025
Assessment period
4 years
4 years
Amount allocated
90% of annual gross basic salary
90% of annual gross basic salary
Target achievement cap
150%
150%
Payout cap
135% of annual gross basic salary
135% of annual gross basic salary
Long-term remuneration \u2013 Long-Term Incentive (LTI)
Assessment period
Criteria
Weighting
LTI 2022 (term until 2024)\u00a0
Relative total shareholder return
30%
Free cash flow before dividends
35%
Overheads
35%
LTI 2023 (term until 2025)
Relative total shareholder return
30%
Free cash flow before dividends
35%
Sustainability performance targets
35%
LTI 2024 (term until 2027)
Relative total shareholder return
30%
Free cash flow before dividends
40%
Sustainability performance targets
30%
LTI 2025 (term until 2028)
Relative total shareholder return
30%
Free cash flow before dividends
40%
Sustainability performance targets
30%
The actual level of target achievement for the 2022 STI (vesting in 2024) was 120% for all criteria.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-149": { "value": "
Dismantling and decommissioning obligations
For obligations resulting from the dismantling or decommissioning of power plants, provisions are recognised at the discounted settlement amounts in the reporting period in which the obligations are incurred; the carrying amounts of the power plants increase concurrently (see section\u00a04.2 \u201cProperty, plant and equipment\u201d). In subsequent periods, the capitalised costs for dismantling or decommissioning are depreciated over the (remaining) useful life of the plants; interest is accrued on the provisions annually.
The provisions were measured at the reporting date on the basis of assumptions and estimates,with the main influencing factors being the expected dismantling dates, any expert reports commissioned to ascertain the costs of dismantling and decontamination or the proceeds from the sale of scrap, the indexing of these costs and the discount rate of 4.00%\u20137.42% (previous year: 3.25%\u20137.18%).
Miscellaneous other provisions mainly consist of provisions for legal and consultancy services and for damage caused by natural hazards as well as damage compensation payments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-150": { "value": "
11.
Risk management
VERBUND also uses primary and derivative financial instruments to manage risk in both the finance and the energy area.
11.1
Risk management in the finance area
VERBUND is exposed to considerable financial risk in its operating activities and in the related financing transactions. Financial risk mainly comprises interest rate and liquidity risks, counterparty risks, price risks from securities, foreign exchange risks and the risk of a change in VERBUND\u2019s rating.
In the finance area, VERBUND therefore focuses on the identification, analysis and assessment of risks and opportunities as well as on the determination of measures to be implemented in this context. VERBUND has set out its own rules in Group policies to enable the corresponding monitoring and management of financial risk.
Methods for monitoring and managing financial risk include, in particular:
\u25cf
the measurement and assessment of KPIs in line with market conditions with respect to locking in interest rates, currency diversification and the duration of financial liabilities; and
\u25cf
the drafting of a continuous liquidity plan on which basis sufficient liquidity is ensured at all times.
Financial instruments
The primary financial instruments held by VERBUND include, in particular, investments such as securities, loans, equity interests, trade receivables, cash at banks, securitised and non-securitised financial liabilities and trade payables.
The derivative financial instruments used in the finance area comprise the following and are recognised under the balance sheet items listed:
Receivables from derivative financial instruments
\u20acm
\u00a0
Reference value1
Positive fair values
Positive fair values
\u00a0
\u00a0
31/12/2024
31/12/2025
Interest rate swaps \u2013 closed items on the balance sheet (fixed interest recipient)
$221.3m
(previous year: $297.5m)
15.8
7.0
Interest rate swaps \u2013 hedges
(fixed interest payer)
\u20ac199.5m
(previous year: \u20ac216.4m)
25.2
25.8
1 The reference value includes the reference basis of the derivative instruments. The actual cash flows only represent a fraction of these values.
Liabilities from derivative financial instruments
\u20acm
\u00a0
Reference value1
Negative fair values
Negative fair values
\u00a0
\u00a0
31/12/2024
31/12/2025
Interest rate swaps \u2013 hedges
(fixed interest payer)
\u20ac2.8m
(previous year: \u20ac12.9m)
0.1
0.0
1 The reference value represents the notional amount of the derivative instruments. The actual cash flows only represent a fraction of those amounts.
The derivative financial instruments listed serve exclusively as financial hedges against existing currency and interest rate risks (see the section entitled \u201cInterest rate risk\u201d for explanatory disclosures on the interest rate swaps entered into for financial liabilities bearing variable interest).
Liquidity risk
For VERBUND, ensuring that liquidity is available at all times is of the utmost priority. As at 31\u00a0December 2025, VERBUND had a sustainability-linked syndicated loan in the amount of \u20ac1,000.0m at its disposal that had not been drawn down. The loan, which was taken out with 15 domestic and international banks with good credit ratings, matures in December 2028 with two additional extension options of one year in each case. VERBUND also had access to committed lines of credit amounting to \u20ac1,000.0m (previous year: \u20ac1,000.0m) as at 31\u00a0December 2025. None of those lines of credit had been drawn on as at 31\u00a0December 2025 (previous year: also no drawings). VERBUND also has liquidity reserves in the form of securities and investment funds.
See section\u00a05.1 \u201cAccounting treatment of financial instruments\u201d regarding contractually agreed (undiscounted) cash outflows for financial liabilities in accordance with IFRS\u00a07.
Credit risk
The amounts reported on the asset side also represent the maximum credit and default risk. Counterparty risk in the electricity and grid business as well as in the finance area is measured and monitored uniformly as part of Group-wide risk management.
Measures to reduce counterparty risk
\u00a0
1
Transactions and investments are in principle only carried out with customers deemed sufficiently creditworthy (i.e. with an external investment grade rating from an international rating agency or based on an internal credit review)
2
Assigning individual limits to each counterparty based on the credit assessment
3
Group-wide monitoring of individual counterparty limits
4
Observing counterparty risk as a whole and risk to the customer\u2019s structural portfolio based on probabilities as published by international rating agencies
5
Securing sufficient collateral (e.g. advance payments, bank guarantees, letters of comfort) for transactions entered into
6
Reducing risk by entering into offsetting agreements (with the exception of operating activities in the regulated Grid segment, where there are some trade receivables for which the debtor does not meet the requirements due to obligations to contract)
In the 2025 reporting period, a credit insurance policy with a 10% deductible was in effect for Austria and Germany in the consumer business area. As at 31\u00a0December 2025, \u20ac75.4m of trade receivables (previous year: \u20ac82.9m) were covered under this insurance policy; however, there is a maximum coverage limit of \u20ac30.0m per year (previous year: \u20ac30.0m per year).
The table below provides an overview by credit rating group of the main financial instruments subject to credit risk:
Financial instruments subject to credit risk by assigned rating group 2025
\u20acm
Credit rating group
Equivalent Moody\u2019s rating
Financial instruments \u2013 closed items on the balance sheet
Securities
Non-current and current other receivables1
Trade receivables
Investments as well as cash and cash equivalents2
A
up to Aa3
196.1
2.5
0.0
88.4
\u2013\u00a010.3
B
up to A3
136.7
2.0
27.1
97.9
53.1
C1\u2013C3
up to Baa3
0.0
0.0
44.2
299.9
30.0
D1\u2013D5
below Baa3
0.0
0.0
0.0
30.4
0.0
Not rated
\u00a0
0.0
170.1
342.1
241.7
0.0
Total
\u00a0
332.8
174.7
413.4
758.3
72.8
1 Incl. receivables from investees and loans to investees // 2 Other non-current and current loans and money market transactions have been combined under investments in this table.
Financial instruments subject to credit risk by assigned rating group 2024
\u20acm
Credit rating group
Equivalent Moody\u2019s rating
Financial instruments \u2013 closed items on the balance sheet
Securities
Non-current and current other receivables
Trade receivables
Investments as well as cash and cash equivalents
A
up to Aa3
299.3
3.1
0.0
31.3
337.5
B
up to A3
158.8
1.9
22.1
165.7
453.2
C1\u2013C3
up to Baa3
0.0
0.0
42.8
352.5
34.4
D1\u2013D5
below Baa3
0.0
0.0
0.0
34.5
0.0
Not rated
\u00a0
0.0
172.4
348.5
281.8
0.0
Total
\u00a0
458.1
177.4
413.5
865.9
825.2
\u25cf
Securities and loans relating to closed items on the balance sheet
From VERBUND\u2019s perspective, these securities and loans are not exposed to price risk or foreign exchange risk. The investments were either carried out on the basis of matching currencies and maturities or they were adjusted to reflect the terms to maturity, interest rates and currencies of the corresponding financial liabilities through corresponding derivatives. The remaining credit risk of the partner in which the investments were made was minimised by only investing with partners with investment grade ratings (Group A) at the time of selection.
\u25cf
Other securities
Other securities without assigned ratings include, in particular, domestic investment funds (funds for institutional investors) acquired to cover personnel-related provisions.
\u25cf
Trade receivables
The amounts shown as \u201cnot rated\u201d result on the one hand from the consumer business, which leads to a large number of receivables that individually lie below the de minimis threshold (< \u20ac0.2m). However, they also include receivables for which no credit assessments were carried out due to special circumstances (e.g. legal obligations to accept contracts).
The table below contains information regarding default risk and the recognised expected credit losses for financial instruments classified as measured at amortised cost, with the exception of trade receivables and receivables from investees, which relate primarily to trade receivables. For all financial instruments, the valuation allowance was recognised in the amount of the twelve-month expected credit loss due to the low risk of default.
Expected credit losses 2025
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Equivalent Moody\u2019s rating
Probability of default
Loss ratio
Gross carrying amount
Valuation allowance
Net carrying amount
A
bis Aa3
0.03%
0.60%
196.2
0.0
196.1
B
bis A3
0.08%
0.70%
151.5
\u2013\u00a00.1
151.4
C1\u2013C3
bis Baa3
0.13%\u20130.37%
0.80%
0.0
0.0
0.0
Loans \u2013 portion of a net investment1
\u2013
\u2013
\u2013
33.1
0.0
33.1
No recognition of expected credit losses2
\u2013
\u2013
\u2013
\u2013
\u2013
352.1
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
732.8
1 In terms of their economic substance, loans represent an increase in the net investment in Ashta Beteiligungsverwaltung GmbH (see section 4.5 Interests accounted for using the equity method). // 2 Guarantees in energy trading in the amount of \u20ac224.6m (previous year: \u20ac209.3m ) are maintained as a special asset pool, which is why there is no default risk. No expected credit losses are recognised for the other remaining financial instruments due to their low level of exposure to default risk, short terms to maturity or the borrower\u2019s good creditworthiness.
Expected credit losses 2024
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Equivalent Moody\u2019s rating
Probability of default
Loss ratio
Gross carrying amount
Valuation allowance
Net carrying amount
A
up to Aa3
0.03%
0.60%
299.4
0.0
299.4
B
up to A3
0.07%
0.70%
165.3
\u2013\u00a00.1
165.2
C1\u2013C3
up to Baa3
0.11%\u2013\u00a00.30%
0.80%
30.0
0.0
30.0
Loans \u2013 portion of a net investment
\u2013
\u2013
\u2013
36.6
0.0
36.6
No recognition of expected credit losses
\u2013
\u2013
\u2013
\u2013
\u2013
1,067.3
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
1,598.5
For trade receivables and receivables from investees that primarily comprise trade receivables, the credit losses expected over the term to maturity are measured using a valuation allowance matrix:
Expected credit losses 2025
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Loss ratio
Gross carrying amount
Valuation allowance
Net carrying amount
Not past due
0%
744.7
0.0
744.7
1\u2013\u00a030 days past due
0%
29.7
0.0
29.7
31\u2013\u00a0120 days past due
10\u201350%
3.9
\u2013\u00a00.7
3.2
> 120 days past due
90%
45.2
\u2013\u00a029.5
15.7
Total
\u00a0
823.5
\u2013\u00a030.2
793.2
Expected credit losses 2024
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Loss ratio
Gross carrying amount
Valuation allowance
Net carrying amount
Not past due
0%
873.4
0.0
873.4
1\u2013\u00a030 days past due
0%
28.1
0.0
28.1
31\u2013\u00a0120 days past due
10\u201350%
1.1
\u2013\u00a00.2
0.9
> 120 days past due
90%
18.4
\u2013\u00a015.4
3.0
Total
\u00a0
921.0
\u2013\u00a015.6
905.4
Interest rate risk
VERBUND regards fluctuations in interest rates as a significant cash flow risk. The portion of financial liabilities (taking interest rate swaps into account) with respect to which VERBUND was exposed to a corresponding interest rate risk was 17.0% as at 31\u00a0December 2025 (previous year: 9.6%).
A 1.0% increase in the interest rate would result in a decrease of \u20ac3.5m p.a. (previous year: \u20ac1.3m p.a.) in profit before taxes with respect to the loan portfolio in existence at the reporting date, including the money market transactions. As a rule, hedging instruments are used in an attempt to reduce the effects of short-term market price fluctuations on financial performance. However, prolonged negative market price changes can negatively impact financial performance.
As at 31\u00a0December 2025, interest rate swaps relating to economically matched assets and liabilities were reported in a notional amount of $221.3m (previous year: $297.5m). The fair value of these derivatives, together with the related securities, loans and receivables, in each case form a micro hedge that exactly equates to the fair value recognised for the related financial liability. The changes in the fair value of the interest rate swaps correspond to the interest rate-related fluctuations in the value of the hedged financial liabilities measured at fair value.
As at 31\u00a0December 2025, additional interest rate swaps were outstanding in a total notional amount of \u20ac202.3m (previous year: \u20ac229.3m). The interest rate swaps converted variable interest into fixed interest and were designated as hedging instruments as part of cash flow hedges in accordance with IFRS\u00a09.
The average weighted remaining term for the portfolio as a whole is 7.1 years (previous year: 8.2 years).
Foreign exchange risk
There are no assets exposed to significant foreign exchange risks because deliveries are settled almost entirely in euros; the same generally applies to other primary financial instruments.
Since the securities and loans under closed items on the balance sheet as well as the associated obligations are denominated exclusively in US dollars, no foreign exchange risk is incurred.
Risk from cross-border leasing transactions
All cross-border leasing transactions entered into between 1999 and 2001 were terminated early in prior financial years (see section 8.1 \u201cFinancial liabilities\u201d). With respect to the remaining balance sheet positions, accounting and financial coverage continues to be ensured. The expenses and income arising from the measurement of these positions are equal in amount and denominated in the same currency, and are offset against each other. The reference value of the interest rate swaps amounts to $221.3m (previous year: $297.5m).
The financial assets and financial liabilities that relate to closed items on the balance sheet are not offset against each other for accounting purposes. In the event of insolvency, the interest rates swaps (\u20ac7.0m; previous year: \u20ac15.8m) can be offset against the financial liabilities to banks recognised at fair value (\u20ac206.5m; previous year: \u20ac320.4m). The net liability from these two items therefore amounted to \u20ac199.5m as at 31\u00a0December 2025 (previous year: \u20ac304.6m).
11.2
Risk management in the energy area
Within its core business, VERBUND is active in international energy markets and is thus exposed to market, counterparty and operational risks that have to be weighed against the corresponding opportunities. Market risks are managed by means of rule books and the limits established therein. Counterparty risk is approached using separate guidelines at both Group level and subsidiary level. There is a process manual for the management of operational risks.
The current utilisation of the various limits for market risk (value at risk, stress limit, stop-loss limits and exposure limits) is monitored, managed and reported on a daily basis, as is the risk position of (derivative) financial instruments in the energy area.
The table below provides an overview by credit rating group of the main financial instruments subject to credit risk:
Financial instruments subject to credit risk by assigned rating group
\u00a0
\u00a0
\u20acm
\u00a0
\u00a0
2024
2025
Credit rating group
Equivalent Moody\u2019s rating
Derivatives in the energy area
Derivatives in the energy area
A
up to Aa3
0.1
0.2
B
up to A3
123.1
110.6
C1\u2013C3
up to Baa3
247.7
52.7
D1\u2013D5
below Baa3
8.0
3.2
Total
\u00a0
378.8
166.8
As at 31\u00a0December 2025, derivative financial instruments in the energy area (electricity futures and electricity forwards as well as gas futures and gas forwards, CO2 futures and CO2 forwards) comprised the following:
Sales and procurement (cash flow hedges) as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
47.8
105.6
\u2013\u00a057.9
Forwards
26.0
10.7
15.3
Total before netting
73.7
116.3
\u2013\u00a042.6
of which current
60.4
115.1
\u2013\u00a054.7
of which non-current
13.3
1.3
12.1
of which in other comprehensive income
\u00a0
\u00a0
\u2013\u00a042.6
Wholesale as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
149.2
75.5
73.7
Forwards
177.5
216.0
\u2013\u00a038.5
Total before netting
326.7
291.6
35.2
of which current
236.3
211.1
25.3
of which non-current
90.4
80.5
9.9
Futures already realised
\u2013\u00a067.3
\u2013\u00a042.4
\u2013\u00a024.8
Total
\u00a0
\u00a0
10.3
Trading as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
15.4
17.2
\u2013\u00a01.9
Forwards
132.5
131.7
0.8
Total before netting
147.9
149.0
\u2013\u00a01.1
of which current
117.5
118.6
\u2013\u00a01.1
of which non-current
30.4
30.4
0.0
Total as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
212.3
198.4
13.9
Forwards
336.0
358.4
\u2013\u00a022.4
Total before netting
548.3
556.9
\u2013\u00a08.5
Including netting agreements
\u2013\u00a0367.8
\u2013\u00a0367.8
0.0
Total after netting
180.5
189.1
\u2013\u00a08.5
EEX/ECX clearing variation margins for futures
\u2013\u00a013.7
0.0
\u2013\u00a013.7
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments
166.8
189.1
\u2013\u00a022.3
of which current
109.1
152.4
\u2013\u00a043.3
of which non-current
57.7
36.7
21.0
As at 31\u00a0December 2024, derivative financial instruments in the energy area (electricity futures and electricity forwards as well as options, gas futures and gas forwards, CO2 futures and CO2 forwards) were as follows:
Sales and procurement (cash flow hedges) as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
253.6
177.6
76.0
Forwards
152.1
42.6
109.5
Total before netting
405.7
220.2
185.5
of which current
393.4
204.9
188.5
of which non-current
12.3
15.3
\u2013\u00a03.0
of which in other comprehensive income
\u00a0
\u00a0
185.5
Wholesale as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
227.7
313.7
\u2013\u00a086.1
Forwards
454.1
424.9
29.2
Total before netting
681.8
738.7
\u2013\u00a056.9
of which current
573.4
544.1
29.4
of which non-current
108.4
194.6
\u2013\u00a086.2
Futures already realised
187.9
124.9
62.9
Total
\u00a0
\u00a0
6.1
Trading as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
12.2
12.8
\u2013\u00a00.6
Forwards
115.7
116.7
\u2013\u00a01.0
Total before netting
127.8
129.5
\u2013\u00a01.7
of which current
89.1
90.7
\u2013\u00a01.7
of which non-current
38.8
38.8
0.0
Total as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
493.4
504.2
\u2013\u00a010.8
Forwards
721.9
584.2
137.7
Total before netting
1,215.3
1,088.4
127.0
Including netting agreements
\u2013\u00a0847.3
\u2013\u00a0847.3
0.0
Total after netting
368.0
241.0
127.0
EEX/ECX clearing variation margins for futures
10.8
0.0
10.8
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments
378.8
241.0
137.8
of which current
329.8
102.9
226.9
of which non-current
49.0
138.1
\u2013\u00a089.1
Sensitivity analyses were used to measure the impact of potential price fluctuations on the electricity market (\u201310.0% to +10.0%):
Sensitivity: market price fluctuation of +10%
\u00a0
\u20acm
\u00a0
2024
2025
Effect on operating result (wholesale and trading portfolio)
\u2013\u00a019.5
\u2013\u00a05.4
Effect on equity (revaluation reserve from cash flow hedges)
\u2013\u00a0171.5
\u2013\u00a086.5
\u00a0
\u00a0
\u00a0
Sensitivity: market price fluctuation of \u201310%
\u00a0
\u20acm
\u00a0
2024
2025
Effect on operating result (wholesale and trading portfolio)
19.5
5.4
Effect on equity (revaluation reserve from cash flow hedges)
171.5
86.5
The future sales and purchase transactions that are hedged by cash flow hedges will arise over the next seven years (2026 to 2032) and be recognised in profit or loss accordingly. See section\u00a05 \u201cFinancial instruments\u201d for further details regarding electricity futures and forwards designated as cash flow hedges.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-151": { "value": "
11.
Risk management
VERBUND also uses primary and derivative financial instruments to manage risk in both the finance and the energy area.
Interest rate risk
VERBUND regards fluctuations in interest rates as a significant cash flow risk. The portion of financial liabilities (taking interest rate swaps into account) with respect to which VERBUND was exposed to a corresponding interest rate risk was 17.0% as at 31\u00a0December 2025 (previous year: 9.6%).
A 1.0% increase in the interest rate would result in a decrease of \u20ac3.5m p.a. (previous year: \u20ac1.3m p.a.) in profit before taxes with respect to the loan portfolio in existence at the reporting date, including the money market transactions. As a rule, hedging instruments are used in an attempt to reduce the effects of short-term market price fluctuations on financial performance. However, prolonged negative market price changes can negatively impact financial performance.
As at 31\u00a0December 2025, interest rate swaps relating to economically matched assets and liabilities were reported in a notional amount of $221.3m (previous year: $297.5m). The fair value of these derivatives, together with the related securities, loans and receivables, in each case form a micro hedge that exactly equates to the fair value recognised for the related financial liability. The changes in the fair value of the interest rate swaps correspond to the interest rate-related fluctuations in the value of the hedged financial liabilities measured at fair value.
As at 31\u00a0December 2025, additional interest rate swaps were outstanding in a total notional amount of \u20ac202.3m (previous year: \u20ac229.3m). The interest rate swaps converted variable interest into fixed interest and were designated as hedging instruments as part of cash flow hedges in accordance with IFRS\u00a09.
The average weighted remaining term for the portfolio as a whole is 7.1 years (previous year: 8.2 years).
Foreign exchange risk
There are no assets exposed to significant foreign exchange risks because deliveries are settled almost entirely in euros; the same generally applies to other primary financial instruments.
Since the securities and loans under closed items on the balance sheet as well as the associated obligations are denominated exclusively in US dollars, no foreign exchange risk is incurred.
Risk from cross-border leasing transactions
All cross-border leasing transactions entered into between 1999 and 2001 were terminated early in prior financial years (see section 8.1 \u201cFinancial liabilities\u201d). With respect to the remaining balance sheet positions, accounting and financial coverage continues to be ensured. The expenses and income arising from the measurement of these positions are equal in amount and denominated in the same currency, and are offset against each other. The reference value of the interest rate swaps amounts to $221.3m (previous year: $297.5m).
The financial assets and financial liabilities that relate to closed items on the balance sheet are not offset against each other for accounting purposes. In the event of insolvency, the interest rates swaps (\u20ac7.0m; previous year: \u20ac15.8m) can be offset against the financial liabilities to banks recognised at fair value (\u20ac206.5m; previous year: \u20ac320.4m). The net liability from these two items therefore amounted to \u20ac199.5m as at 31\u00a0December 2025 (previous year: \u20ac304.6m).
11.2
Risk management in the energy area
Within its core business, VERBUND is active in international energy markets and is thus exposed to market, counterparty and operational risks that have to be weighed against the corresponding opportunities. Market risks are managed by means of rule books and the limits established therein. Counterparty risk is approached using separate guidelines at both Group level and subsidiary level. There is a process manual for the management of operational risks.
The current utilisation of the various limits for market risk (value at risk, stress limit, stop-loss limits and exposure limits) is monitored, managed and reported on a daily basis, as is the risk position of (derivative) financial instruments in the energy area.
As at 31\u00a0December 2025, derivative financial instruments in the energy area (electricity futures and electricity forwards as well as gas futures and gas forwards, CO2 futures and CO2 forwards) comprised the following:
Sales and procurement (cash flow hedges) as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
47.8
105.6
\u2013\u00a057.9
Forwards
26.0
10.7
15.3
Total before netting
73.7
116.3
\u2013\u00a042.6
of which current
60.4
115.1
\u2013\u00a054.7
of which non-current
13.3
1.3
12.1
of which in other comprehensive income
\u00a0
\u00a0
\u2013\u00a042.6
Wholesale as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
149.2
75.5
73.7
Forwards
177.5
216.0
\u2013\u00a038.5
Total before netting
326.7
291.6
35.2
of which current
236.3
211.1
25.3
of which non-current
90.4
80.5
9.9
Futures already realised
\u2013\u00a067.3
\u2013\u00a042.4
\u2013\u00a024.8
Total
\u00a0
\u00a0
10.3
Trading as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
15.4
17.2
\u2013\u00a01.9
Forwards
132.5
131.7
0.8
Total before netting
147.9
149.0
\u2013\u00a01.1
of which current
117.5
118.6
\u2013\u00a01.1
of which non-current
30.4
30.4
0.0
Total as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
212.3
198.4
13.9
Forwards
336.0
358.4
\u2013\u00a022.4
Total before netting
548.3
556.9
\u2013\u00a08.5
Including netting agreements
\u2013\u00a0367.8
\u2013\u00a0367.8
0.0
Total after netting
180.5
189.1
\u2013\u00a08.5
EEX/ECX clearing variation margins for futures
\u2013\u00a013.7
0.0
\u2013\u00a013.7
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments
166.8
189.1
\u2013\u00a022.3
of which current
109.1
152.4
\u2013\u00a043.3
of which non-current
57.7
36.7
21.0
As at 31\u00a0December 2024, derivative financial instruments in the energy area (electricity futures and electricity forwards as well as options, gas futures and gas forwards, CO2 futures and CO2 forwards) were as follows:
Sales and procurement (cash flow hedges) as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
253.6
177.6
76.0
Forwards
152.1
42.6
109.5
Total before netting
405.7
220.2
185.5
of which current
393.4
204.9
188.5
of which non-current
12.3
15.3
\u2013\u00a03.0
of which in other comprehensive income
\u00a0
\u00a0
185.5
Wholesale as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
227.7
313.7
\u2013\u00a086.1
Forwards
454.1
424.9
29.2
Total before netting
681.8
738.7
\u2013\u00a056.9
of which current
573.4
544.1
29.4
of which non-current
108.4
194.6
\u2013\u00a086.2
Futures already realised
187.9
124.9
62.9
Total
\u00a0
\u00a0
6.1
Trading as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
12.2
12.8
\u2013\u00a00.6
Forwards
115.7
116.7
\u2013\u00a01.0
Total before netting
127.8
129.5
\u2013\u00a01.7
of which current
89.1
90.7
\u2013\u00a01.7
of which non-current
38.8
38.8
0.0
Total as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
493.4
504.2
\u2013\u00a010.8
Forwards
721.9
584.2
137.7
Total before netting
1,215.3
1,088.4
127.0
Including netting agreements
\u2013\u00a0847.3
\u2013\u00a0847.3
0.0
Total after netting
368.0
241.0
127.0
EEX/ECX clearing variation margins for futures
10.8
0.0
10.8
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments
378.8
241.0
137.8
of which current
329.8
102.9
226.9
of which non-current
49.0
138.1
\u2013\u00a089.1
Sensitivity analyses were used to measure the impact of potential price fluctuations on the electricity market (\u201310.0% to +10.0%):
Sensitivity: market price fluctuation of +10%
\u00a0
\u20acm
\u00a0
2024
2025
Effect on operating result (wholesale and trading portfolio)
\u2013\u00a019.5
\u2013\u00a05.4
Effect on equity (revaluation reserve from cash flow hedges)
\u2013\u00a0171.5
\u2013\u00a086.5
\u00a0
\u00a0
\u00a0
Sensitivity: market price fluctuation of \u201310%
\u00a0
\u20acm
\u00a0
2024
2025
Effect on operating result (wholesale and trading portfolio)
19.5
5.4
Effect on equity (revaluation reserve from cash flow hedges)
171.5
86.5
The future sales and purchase transactions that are hedged by cash flow hedges will arise over the next seven years (2026 to 2032) and be recognised in profit or loss accordingly. See section\u00a05 \u201cFinancial instruments\u201d for further details regarding electricity futures and forwards designated as cash flow hedges.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-152": { "value": "
Liquidity risk
For VERBUND, ensuring that liquidity is available at all times is of the utmost priority. As at 31\u00a0December 2025, VERBUND had a sustainability-linked syndicated loan in the amount of \u20ac1,000.0m at its disposal that had not been drawn down. The loan, which was taken out with 15 domestic and international banks with good credit ratings, matures in December 2028 with two additional extension options of one year in each case. VERBUND also had access to committed lines of credit amounting to \u20ac1,000.0m (previous year: \u20ac1,000.0m) as at 31\u00a0December 2025. None of those lines of credit had been drawn on as at 31\u00a0December 2025 (previous year: also no drawings). VERBUND also has liquidity reserves in the form of securities and investment funds.
See section\u00a05.1 \u201cAccounting treatment of financial instruments\u201d regarding contractually agreed (undiscounted) cash outflows for financial liabilities in accordance with IFRS\u00a07.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-153": { "value": "
Credit risk
The amounts reported on the asset side also represent the maximum credit and default risk. Counterparty risk in the electricity and grid business as well as in the finance area is measured and monitored uniformly as part of Group-wide risk management.
Measures to reduce counterparty risk
\u00a0
1
Transactions and investments are in principle only carried out with customers deemed sufficiently creditworthy (i.e. with an external investment grade rating from an international rating agency or based on an internal credit review)
2
Assigning individual limits to each counterparty based on the credit assessment
3
Group-wide monitoring of individual counterparty limits
4
Observing counterparty risk as a whole and risk to the customer\u2019s structural portfolio based on probabilities as published by international rating agencies
5
Securing sufficient collateral (e.g. advance payments, bank guarantees, letters of comfort) for transactions entered into
6
Reducing risk by entering into offsetting agreements (with the exception of operating activities in the regulated Grid segment, where there are some trade receivables for which the debtor does not meet the requirements due to obligations to contract)
In the 2025 reporting period, a credit insurance policy with a 10% deductible was in effect for Austria and Germany in the consumer business area. As at 31\u00a0December 2025, \u20ac75.4m of trade receivables (previous year: \u20ac82.9m) were covered under this insurance policy; however, there is a maximum coverage limit of \u20ac30.0m per year (previous year: \u20ac30.0m per year).
The table below provides an overview by credit rating group of the main financial instruments subject to credit risk:
Financial instruments subject to credit risk by assigned rating group 2025
\u20acm
Credit rating group
Equivalent Moody\u2019s rating
Financial instruments \u2013 closed items on the balance sheet
Securities
Non-current and current other receivables1
Trade receivables
Investments as well as cash and cash equivalents2
A
up to Aa3
196.1
2.5
0.0
88.4
\u2013\u00a010.3
B
up to A3
136.7
2.0
27.1
97.9
53.1
C1\u2013C3
up to Baa3
0.0
0.0
44.2
299.9
30.0
D1\u2013D5
below Baa3
0.0
0.0
0.0
30.4
0.0
Not rated
\u00a0
0.0
170.1
342.1
241.7
0.0
Total
\u00a0
332.8
174.7
413.4
758.3
72.8
1 Incl. receivables from investees and loans to investees // 2 Other non-current and current loans and money market transactions have been combined under investments in this table.
Financial instruments subject to credit risk by assigned rating group 2024
\u20acm
Credit rating group
Equivalent Moody\u2019s rating
Financial instruments \u2013 closed items on the balance sheet
Securities
Non-current and current other receivables
Trade receivables
Investments as well as cash and cash equivalents
A
up to Aa3
299.3
3.1
0.0
31.3
337.5
B
up to A3
158.8
1.9
22.1
165.7
453.2
C1\u2013C3
up to Baa3
0.0
0.0
42.8
352.5
34.4
D1\u2013D5
below Baa3
0.0
0.0
0.0
34.5
0.0
Not rated
\u00a0
0.0
172.4
348.5
281.8
0.0
Total
\u00a0
458.1
177.4
413.5
865.9
825.2
\u25cf
Securities and loans relating to closed items on the balance sheet
From VERBUND\u2019s perspective, these securities and loans are not exposed to price risk or foreign exchange risk. The investments were either carried out on the basis of matching currencies and maturities or they were adjusted to reflect the terms to maturity, interest rates and currencies of the corresponding financial liabilities through corresponding derivatives. The remaining credit risk of the partner in which the investments were made was minimised by only investing with partners with investment grade ratings (Group A) at the time of selection.
\u25cf
Other securities
Other securities without assigned ratings include, in particular, domestic investment funds (funds for institutional investors) acquired to cover personnel-related provisions.
\u25cf
Trade receivables
The amounts shown as \u201cnot rated\u201d result on the one hand from the consumer business, which leads to a large number of receivables that individually lie below the de minimis threshold (< \u20ac0.2m). However, they also include receivables for which no credit assessments were carried out due to special circumstances (e.g. legal obligations to accept contracts).
The table below contains information regarding default risk and the recognised expected credit losses for financial instruments classified as measured at amortised cost, with the exception of trade receivables and receivables from investees, which relate primarily to trade receivables. For all financial instruments, the valuation allowance was recognised in the amount of the twelve-month expected credit loss due to the low risk of default.
Expected credit losses 2025
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Equivalent Moody\u2019s rating
Probability of default
Loss ratio
Gross carrying amount
Valuation allowance
Net carrying amount
A
bis Aa3
0.03%
0.60%
196.2
0.0
196.1
B
bis A3
0.08%
0.70%
151.5
\u2013\u00a00.1
151.4
C1\u2013C3
bis Baa3
0.13%\u20130.37%
0.80%
0.0
0.0
0.0
Loans \u2013 portion of a net investment1
\u2013
\u2013
\u2013
33.1
0.0
33.1
No recognition of expected credit losses2
\u2013
\u2013
\u2013
\u2013
\u2013
352.1
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
732.8
1 In terms of their economic substance, loans represent an increase in the net investment in Ashta Beteiligungsverwaltung GmbH (see section 4.5 Interests accounted for using the equity method). // 2 Guarantees in energy trading in the amount of \u20ac224.6m (previous year: \u20ac209.3m ) are maintained as a special asset pool, which is why there is no default risk. No expected credit losses are recognised for the other remaining financial instruments due to their low level of exposure to default risk, short terms to maturity or the borrower\u2019s good creditworthiness.
Expected credit losses 2024
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Equivalent Moody\u2019s rating
Probability of default
Loss ratio
Gross carrying amount
Valuation allowance
Net carrying amount
A
up to Aa3
0.03%
0.60%
299.4
0.0
299.4
B
up to A3
0.07%
0.70%
165.3
\u2013\u00a00.1
165.2
C1\u2013C3
up to Baa3
0.11%\u2013\u00a00.30%
0.80%
30.0
0.0
30.0
Loans \u2013 portion of a net investment
\u2013
\u2013
\u2013
36.6
0.0
36.6
No recognition of expected credit losses
\u2013
\u2013
\u2013
\u2013
\u2013
1,067.3
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
1,598.5
For trade receivables and receivables from investees that primarily comprise trade receivables, the credit losses expected over the term to maturity are measured using a valuation allowance matrix:
Expected credit losses 2025
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Loss ratio
Gross carrying amount
Valuation allowance
Net carrying amount
Not past due
0%
744.7
0.0
744.7
1\u2013\u00a030 days past due
0%
29.7
0.0
29.7
31\u2013\u00a0120 days past due
10\u201350%
3.9
\u2013\u00a00.7
3.2
> 120 days past due
90%
45.2
\u2013\u00a029.5
15.7
Total
\u00a0
823.5
\u2013\u00a030.2
793.2
Expected credit losses 2024
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Loss ratio
Gross carrying amount
Valuation allowance
Net carrying amount
Not past due
0%
873.4
0.0
873.4
1\u2013\u00a030 days past due
0%
28.1
0.0
28.1
31\u2013\u00a0120 days past due
10\u201350%
1.1
\u2013\u00a00.2
0.9
> 120 days past due
90%
18.4
\u2013\u00a015.4
3.0
Total
\u00a0
921.0
\u2013\u00a015.6
905.4
The table below provides an overview by credit rating group of the main financial instruments subject to credit risk:
Financial instruments subject to credit risk by assigned rating group
\u00a0
\u00a0
\u20acm
\u00a0
\u00a0
2024
2025
Credit rating group
Equivalent Moody\u2019s rating
Derivatives in the energy area
Derivatives in the energy area
A
up to Aa3
0.1
0.2
B
up to A3
123.1
110.6
C1\u2013C3
up to Baa3
247.7
52.7
D1\u2013D5
below Baa3
8.0
3.2
Total
\u00a0
378.8
166.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-154": { "value": "
The table below contains information regarding default risk and the recognised expected credit losses for financial instruments classified as measured at amortised cost, with the exception of trade receivables and receivables from investees, which relate primarily to trade receivables. For all financial instruments, the valuation allowance was recognised in the amount of the twelve-month expected credit loss due to the low risk of default.
Expected credit losses 2025
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Equivalent Moody\u2019s rating
Probability of default
Loss ratio
Gross carrying amount
Valuation allowance
Net carrying amount
A
bis Aa3
0.03%
0.60%
196.2
0.0
196.1
B
bis A3
0.08%
0.70%
151.5
\u2013\u00a00.1
151.4
C1\u2013C3
bis Baa3
0.13%\u20130.37%
0.80%
0.0
0.0
0.0
Loans \u2013 portion of a net investment1
\u2013
\u2013
\u2013
33.1
0.0
33.1
No recognition of expected credit losses2
\u2013
\u2013
\u2013
\u2013
\u2013
352.1
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
732.8
1 In terms of their economic substance, loans represent an increase in the net investment in Ashta Beteiligungsverwaltung GmbH (see section 4.5 Interests accounted for using the equity method). // 2 Guarantees in energy trading in the amount of \u20ac224.6m (previous year: \u20ac209.3m ) are maintained as a special asset pool, which is why there is no default risk. No expected credit losses are recognised for the other remaining financial instruments due to their low level of exposure to default risk, short terms to maturity or the borrower\u2019s good creditworthiness.
Expected credit losses 2024
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Equivalent Moody\u2019s rating
Probability of default
Loss ratio
Gross carrying amount
Valuation allowance
Net carrying amount
A
up to Aa3
0.03%
0.60%
299.4
0.0
299.4
B
up to A3
0.07%
0.70%
165.3
\u2013\u00a00.1
165.2
C1\u2013C3
up to Baa3
0.11%\u2013\u00a00.30%
0.80%
30.0
0.0
30.0
Loans \u2013 portion of a net investment
\u2013
\u2013
\u2013
36.6
0.0
36.6
No recognition of expected credit losses
\u2013
\u2013
\u2013
\u2013
\u2013
1,067.3
Total
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
1,598.5
For trade receivables and receivables from investees that primarily comprise trade receivables, the credit losses expected over the term to maturity are measured using a valuation allowance matrix:
Expected credit losses 2025
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Loss ratio
Gross carrying amount
Valuation allowance
Net carrying amount
Not past due
0%
744.7
0.0
744.7
1\u2013\u00a030 days past due
0%
29.7
0.0
29.7
31\u2013\u00a0120 days past due
10\u201350%
3.9
\u2013\u00a00.7
3.2
> 120 days past due
90%
45.2
\u2013\u00a029.5
15.7
Total
\u00a0
823.5
\u2013\u00a030.2
793.2
Expected credit losses 2024
\u00a0
\u00a0
\u00a0
\u20acm
\u00a0
Loss ratio
Gross carrying amount
Valuation allowance
Net carrying amount
Not past due
0%
873.4
0.0
873.4
1\u2013\u00a030 days past due
0%
28.1
0.0
28.1
31\u2013\u00a0120 days past due
10\u201350%
1.1
\u2013\u00a00.2
0.9
> 120 days past due
90%
18.4
\u2013\u00a015.4
3.0
Total
\u00a0
921.0
\u2013\u00a015.6
905.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-155": { "value": "
As at 31\u00a0December 2025, derivative financial instruments in the energy area (electricity futures and electricity forwards as well as gas futures and gas forwards, CO2 futures and CO2 forwards) comprised the following:
Sales and procurement (cash flow hedges) as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
47.8
105.6
\u2013\u00a057.9
Forwards
26.0
10.7
15.3
Total before netting
73.7
116.3
\u2013\u00a042.6
of which current
60.4
115.1
\u2013\u00a054.7
of which non-current
13.3
1.3
12.1
of which in other comprehensive income
\u00a0
\u00a0
\u2013\u00a042.6
Wholesale as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
149.2
75.5
73.7
Forwards
177.5
216.0
\u2013\u00a038.5
Total before netting
326.7
291.6
35.2
of which current
236.3
211.1
25.3
of which non-current
90.4
80.5
9.9
Futures already realised
\u2013\u00a067.3
\u2013\u00a042.4
\u2013\u00a024.8
Total
\u00a0
\u00a0
10.3
Trading as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
15.4
17.2
\u2013\u00a01.9
Forwards
132.5
131.7
0.8
Total before netting
147.9
149.0
\u2013\u00a01.1
of which current
117.5
118.6
\u2013\u00a01.1
of which non-current
30.4
30.4
0.0
Total as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
212.3
198.4
13.9
Forwards
336.0
358.4
\u2013\u00a022.4
Total before netting
548.3
556.9
\u2013\u00a08.5
Including netting agreements
\u2013\u00a0367.8
\u2013\u00a0367.8
0.0
Total after netting
180.5
189.1
\u2013\u00a08.5
EEX/ECX clearing variation margins for futures
\u2013\u00a013.7
0.0
\u2013\u00a013.7
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments
166.8
189.1
\u2013\u00a022.3
of which current
109.1
152.4
\u2013\u00a043.3
of which non-current
57.7
36.7
21.0
As at 31\u00a0December 2024, derivative financial instruments in the energy area (electricity futures and electricity forwards as well as options, gas futures and gas forwards, CO2 futures and CO2 forwards) were as follows:
Sales and procurement (cash flow hedges) as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
253.6
177.6
76.0
Forwards
152.1
42.6
109.5
Total before netting
405.7
220.2
185.5
of which current
393.4
204.9
188.5
of which non-current
12.3
15.3
\u2013\u00a03.0
of which in other comprehensive income
\u00a0
\u00a0
185.5
Wholesale as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
227.7
313.7
\u2013\u00a086.1
Forwards
454.1
424.9
29.2
Total before netting
681.8
738.7
\u2013\u00a056.9
of which current
573.4
544.1
29.4
of which non-current
108.4
194.6
\u2013\u00a086.2
Futures already realised
187.9
124.9
62.9
Total
\u00a0
\u00a0
6.1
Trading as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
12.2
12.8
\u2013\u00a00.6
Forwards
115.7
116.7
\u2013\u00a01.0
Total before netting
127.8
129.5
\u2013\u00a01.7
of which current
89.1
90.7
\u2013\u00a01.7
of which non-current
38.8
38.8
0.0
Total as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
493.4
504.2
\u2013\u00a010.8
Forwards
721.9
584.2
137.7
Total before netting
1,215.3
1,088.4
127.0
Including netting agreements
\u2013\u00a0847.3
\u2013\u00a0847.3
0.0
Total after netting
368.0
241.0
127.0
EEX/ECX clearing variation margins for futures
10.8
0.0
10.8
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments
378.8
241.0
137.8
of which current
329.8
102.9
226.9
of which non-current
49.0
138.1
\u2013\u00a089.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-156": { "value": "
As at 31\u00a0December 2025, derivative financial instruments in the energy area (electricity futures and electricity forwards as well as gas futures and gas forwards, CO2 futures and CO2 forwards) comprised the following:
Sales and procurement (cash flow hedges) as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
47.8
105.6
\u2013\u00a057.9
Forwards
26.0
10.7
15.3
Total before netting
73.7
116.3
\u2013\u00a042.6
of which current
60.4
115.1
\u2013\u00a054.7
of which non-current
13.3
1.3
12.1
of which in other comprehensive income
\u00a0
\u00a0
\u2013\u00a042.6
Wholesale as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
149.2
75.5
73.7
Forwards
177.5
216.0
\u2013\u00a038.5
Total before netting
326.7
291.6
35.2
of which current
236.3
211.1
25.3
of which non-current
90.4
80.5
9.9
Futures already realised
\u2013\u00a067.3
\u2013\u00a042.4
\u2013\u00a024.8
Total
\u00a0
\u00a0
10.3
Trading as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
15.4
17.2
\u2013\u00a01.9
Forwards
132.5
131.7
0.8
Total before netting
147.9
149.0
\u2013\u00a01.1
of which current
117.5
118.6
\u2013\u00a01.1
of which non-current
30.4
30.4
0.0
Total as at 31/12/2025
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
212.3
198.4
13.9
Forwards
336.0
358.4
\u2013\u00a022.4
Total before netting
548.3
556.9
\u2013\u00a08.5
Including netting agreements
\u2013\u00a0367.8
\u2013\u00a0367.8
0.0
Total after netting
180.5
189.1
\u2013\u00a08.5
EEX/ECX clearing variation margins for futures
\u2013\u00a013.7
0.0
\u2013\u00a013.7
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments
166.8
189.1
\u2013\u00a022.3
of which current
109.1
152.4
\u2013\u00a043.3
of which non-current
57.7
36.7
21.0
As at 31\u00a0December 2024, derivative financial instruments in the energy area (electricity futures and electricity forwards as well as options, gas futures and gas forwards, CO2 futures and CO2 forwards) were as follows:
Sales and procurement (cash flow hedges) as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
253.6
177.6
76.0
Forwards
152.1
42.6
109.5
Total before netting
405.7
220.2
185.5
of which current
393.4
204.9
188.5
of which non-current
12.3
15.3
\u2013\u00a03.0
of which in other comprehensive income
\u00a0
\u00a0
185.5
Wholesale as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
227.7
313.7
\u2013\u00a086.1
Forwards
454.1
424.9
29.2
Total before netting
681.8
738.7
\u2013\u00a056.9
of which current
573.4
544.1
29.4
of which non-current
108.4
194.6
\u2013\u00a086.2
Futures already realised
187.9
124.9
62.9
Total
\u00a0
\u00a0
6.1
Trading as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
12.2
12.8
\u2013\u00a00.6
Forwards
115.7
116.7
\u2013\u00a01.0
Total before netting
127.8
129.5
\u2013\u00a01.7
of which current
89.1
90.7
\u2013\u00a01.7
of which non-current
38.8
38.8
0.0
Total as at 31/12/2024
\u20acm
\u00a0
Positive fair values
Negative fair values
Net
Futures
493.4
504.2
\u2013\u00a010.8
Forwards
721.9
584.2
137.7
Total before netting
1,215.3
1,088.4
127.0
Including netting agreements
\u2013\u00a0847.3
\u2013\u00a0847.3
0.0
Total after netting
368.0
241.0
127.0
EEX/ECX clearing variation margins for futures
10.8
0.0
10.8
Recognised in either receivables from derivative financial instruments or liabilities from derivative financial instruments
378.8
241.0
137.8
of which current
329.8
102.9
226.9
of which non-current
49.0
138.1
\u2013\u00a089.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-157": { "value": "Capital management
The capital structure of the VERBUND Group comprises the Group\u2019s equity and net debt. Equity consists of no-par value shares, accumulated profits and losses and other reserves, retained earnings, and non-controlling interests, as presented in section 7. Net debt includes the financial liabilities described in sections 8 and 9, as well as interest-bearing other liabilities and interest-bearing provisions, less liquid financial assets.
The objectives of VERBUND\u2019s capital management include:
\u25cf
optimising the capital structure;
\u25cf
safeguarding liquidity and ensuring suitable liquidity reserves; and
\u25cf
securing a solid, long-term credit rating.
As part of its capital management, the Executive Board regularly monitors the following key performance indicators: net debt/EBITDA and free cash flow after dividends. The Group strives for a net debt/EBITDA ratio of <3.0 and a free cash flow (after dividends) of > \u20ac\u2013500.0m in order to secure its rating. These targets are based on the Group\u2019s existing asset and value chain structure.
VERBUND also follows a sustainable, shareholder-friendly dividend policy, the objective being to enable shareholders to share appropriately in the company\u2019s success while at the same time ensuring the Group\u2019s financial stability and long-term growth potential. The targeted payout ratio is in the range of 45%\u201355% of the Group\u2019s adjusted net income.
The relevant metrics changed as follows:
Net debt/EBITDA
\u00a0
\u20acm
\u00a0
2024
2025
Net debt
1,976.7
2,818.1
EBITDA
3,480.3
2,737.5
Net debt/EBITDA
0.6
1.0
Derivation of net debt
\u20acm
\u00a0
2024
2025
Financial liabilities not including closed items on the balance sheet
1,817.0
1,940.0
Interest-bearing provisions
623.3
553.9
Other interest-bearing liabilities
566.4
607.2
Liquid financial assets
\u2013\u00a01,030.0
\u2013\u00a0283.1
Net debt
1,976.7
2,818.1
Free cashflow after dividends
\u00a0
\u20acm
\u00a0
2024
2025
Cash flow from operating activities
3,248.6
1,918.5
Cash flow from investing activities, excluding cash inflows and outflows for capital expenditure and disposals under Investments
\u2013\u00a01,169.8
\u2013\u00a01,381.8
Free cash flow before dividends
2,078.8
536.8
Dividends paid
\u2013\u00a01,934.0
\u2013\u00a01,329.4
Free cashflow after dividends
144.8
\u2013\u00a0792.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-158": { "value": "
13.
Other
13.1
Other obligations/entitlements and risks
Contingent liabilities
Contingent liabilities not recognised in VERBUND\u2019s balance sheet are assessed quarterly with respect to their probability of occurrence. The assessment is carried out by the managers responsible, taking account of market-related inputs (to the extent possible) and expert opinions (in individual cases).
Court proceedings pending
Pending court proceedings relate mainly to the following matters:
\u25cf
The substantive validity of the electricity price increase implemented in 2022 based on a price adjustment clause in the General Terms and Conditions (GTCs) was disputed in several class action lawsuits brought against VERBUND AG. In this context, VERBUND has reached out-of-court settlements with relevant class-action institutions over the past two years.
\u25cf
Recognition by the tax authorities of the amortisation of an electricity purchase right amounting to approximately \u20ac2.3m per year in connection with the acquisition of interests in a German power plant company in 2012 is disputed. An objection to the notices issued by the tax authorities concerning the years 2013 to 2021 was filed within the prescribed time period.
No information has been provided on any contingent liabilities or provisions associated with the above-mentioned proceedings, as it is to be expected that any such disclosures in the notes to the financial statements would seriously affect the position of the Group companies being sued in these proceedings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-159": { "value": "
13.
Other
13.1
Other obligations/entitlements and risks
Contingent liabilities
Contingent liabilities not recognised in VERBUND\u2019s balance sheet are assessed quarterly with respect to their probability of occurrence. The assessment is carried out by the managers responsible, taking account of market-related inputs (to the extent possible) and expert opinions (in individual cases).
Court proceedings pending
Pending court proceedings relate mainly to the following matters:
\u25cf
The substantive validity of the electricity price increase implemented in 2022 based on a price adjustment clause in the General Terms and Conditions (GTCs) was disputed in several class action lawsuits brought against VERBUND AG. In this context, VERBUND has reached out-of-court settlements with relevant class-action institutions over the past two years.
\u25cf
Recognition by the tax authorities of the amortisation of an electricity purchase right amounting to approximately \u20ac2.3m per year in connection with the acquisition of interests in a German power plant company in 2012 is disputed. An objection to the notices issued by the tax authorities concerning the years 2013 to 2021 was filed within the prescribed time period.
No information has been provided on any contingent liabilities or provisions associated with the above-mentioned proceedings, as it is to be expected that any such disclosures in the notes to the financial statements would seriously affect the position of the Group companies being sued in these proceedings.
Contracts and purchase commitments
Purchase commitments for property, plant and equipment and intangible assets as well as other commitments as of 31/12/2025
\u20acm
\u00a0
2026
2027\u20132030
From 2031
Total commitment
1,438.0
1,291.3
115.0
Purchase commitments for property, plant and equipment and intangible assets as well as other commitments as of 31/12/2024
\u20acm
\u00a0
2025
2026\u20132029
From 2030
Total commitment
1,359.5
1,162.0
146.6
Additional purchase contracts have also been entered into as part of customary business operations; most of the contracts involve electricity supply agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-160": { "value": "
Contingent liabilities
Contingent liabilities not recognised in VERBUND\u2019s balance sheet are assessed quarterly with respect to their probability of occurrence. The assessment is carried out by the managers responsible, taking account of market-related inputs (to the extent possible) and expert opinions (in individual cases).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-161": { "value": "
Contracts and purchase commitments
Purchase commitments for property, plant and equipment and intangible assets as well as other commitments as of 31/12/2025
\u20acm
\u00a0
2026
2027\u20132030
From 2031
Total commitment
1,438.0
1,291.3
115.0
Purchase commitments for property, plant and equipment and intangible assets as well as other commitments as of 31/12/2024
\u20acm
\u00a0
2025
2026\u20132029
From 2030
Total commitment
1,359.5
1,162.0
146.6
Additional purchase contracts have also been entered into as part of customary business operations; most of the contracts involve electricity supply agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-162": { "value": "
13.2
Other disclosures
Average operational headcount
Average number of employees
\u00a0
\u00a0
\u00a0
2024
2025
Salaried employees
3,977
4,247
Apprentices
172
174
Average number of employees1
4,149
4,421
1 Part-time employees were taken into account proportionately based on their working hours.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-163": { "value": "
13.2
Other disclosures
Expenses for services provided by the Group auditor
Expenses for services provided by the Group auditor refer to VERBUND\u2019s consolidated subsidiaries that are audited by the Group auditor or the Group auditor\u2019s network. VERBUND\u2019s Group auditor in 2025 and in the previous year was Ernst\u00a0&\u00a0Young Wirtschaftspr\u00fcfungsgesellschaft\u00a0m.b.H.
Expenses for services provided by the Group auditor
\u20ack
\u00a0
Ernst & Young
Ernst & Young
\u00a0
2024
2025
Audit services relating to consolidated and separate financial statements
863.7
860.0
Other assurance services
677.0
622.0
Other advisory services
81.6
108.7
Total expenses
1,622.3
1,590.7
Fees in the amount of \u20ac763.2k (previous year: \u20ac731.2k) were incurred for audit services provided by the Ernst & Young network in relation to the consolidated and separate financial statements. Fees of \u20ac85.5k (previous year: \u20ac201.6k) were incurred for other consulting and assurance services provided by the Ernst\u00a0& Young network.
VERBUND\u2019s joint ventures incurred expenses of \u20ac27.8k (previous year: \u20ac23.9k) for services provided by the Group auditor in relation to the consolidated and separate financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-164": { "value": "
13.3
Transactions with related parties
VERBUND\u2019s related parties include:
\u25cf
all subsidiaries, associates and joint ventures;
\u25cf
the members of VERBUND\u2019s Executive Board and Supervisory Board as well as companies controlled or significantly influenced by them or their close family members;
\u25cf
the Republic of Austria due to its position as the majority shareholder; and
\u25cf
companies controlled or significantly influenced by the Republic of Austria.
Transactions with subsidiaries, joint ventures or associates that are not included in the scope of consolidation due to immateriality have not been presented owing to their lack of significance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-165": { "value": "
13.3
Transactions with related parties
VERBUND\u2019s related parties include:
\u25cf
all subsidiaries, associates and joint ventures;
\u25cf
the members of VERBUND\u2019s Executive Board and Supervisory Board as well as companies controlled or significantly influenced by them or their close family members;
\u25cf
the Republic of Austria due to its position as the majority shareholder; and
\u25cf
companies controlled or significantly influenced by the Republic of Austria.
Transactions with subsidiaries, joint ventures or associates that are not included in the scope of consolidation due to immateriality have not been presented owing to their lack of significance.
Transactions with joint ventures
Material transactions with joint ventures accounted for using the equity method impacted VERBUND\u2019s income statement and balance sheet as follows:
Transactions with joint ventures
\u00a0
\u20acm
\u00a0
2024
2025
Income statement
\u00a0
\u00a0
Other revenue
1.9
1.0
Expenses for electricity, grid, gas and certificate procurement
\u2013\u00a00.2
0.0
Fuel expenses and other usage-/revenue-dependent expenses
\u2013\u00a00.7
0.0
Interest income
0.8
0.7
Interest expenses
\u2013\u00a00.8
\u2013\u00a00.4
Other financial result
0.6
0.5
Transactions with joint ventures
\u00a0
\u20acm
\u00a0
31/12/2024
31/12/2025
Balance sheet
\u00a0
\u00a0
Investments and other non-current receivables
33.1
33.1
Trade receivables, other receivables and securities
3.6
0.3
Trade payables and other liabilities
22.2
21.0
Investments as at 31\u00a0December 2025 included a non-current loan to Energji\u00a0Ashta\u00a0Shpk in the amount of \u20ac29.6m (previous year: \u20ac33.1m) as well as an other current receivable in the amount of \u20ac3.5m (previous year: \u20ac3.5m). Both items were mainly used to finance construction services relating to an Albanian hydropower plant concession.
Transactions with associates
Material transactions with associates accounted for using the equity method impacted VERBUND\u2019s income statement and balance sheet as follows:
Transactions with associates
\u00a0
\u20acm
\u00a0
2024
2025
Income statement
\u00a0
\u00a0
Electricity revenue
118.8
99.6
Grid revenue
41.4
44.0
Other revenue
22.6
24.5
Other operating income
3.5
11.0
Expenses for electricity, grid, gas and certificate procurement
\u2013\u00a070.2
\u2013\u00a078.9
Other operating expenses
\u2013\u00a017.3
\u2013\u00a075.9
Transactions with associates
\u00a0
\u20acm
\u00a0
31/12/2024
31/12/2025
Balance sheet
\u00a0
\u00a0
Investments and other non-current receivables
42.8
44.2
Trade receivables, other receivables and securities
16.5
14.4
Building cost contributions
259.4
252.7
Details regarding material transactions:
\u25cf
Electricity revenue was generated through KELAG (\u20ac82.2m; previous year: \u20ac105.3m) and OeMAG Abwicklungsstelle f\u00fcr \u00d6kostrom\u00a0AG (\u20ac17.4m; previous year: \u20ac13.5m).
\u25cf
Electricity purchases amounted to \u20ac64.2m (previous year: \u20ac61.7m) and were mainly from KELAG.
\u25cf
Grid revenue was generated primarily through KELAG (\u20ac40.4m; previous year: \u20ac30.7m).
\u25cf
KELAG has acquired (pro-rated) electricity purchase rights by providing contributions to building costs for power plants on the Danube and Drau rivers and for the Malta and Rei\u00dfeck power plant groups. Based on these electricity supply agreements, VERBUND is obligated to deliver a portion of the electricity generated at these power plants to KELAG in exchange for reimbursement of contractually defined accounting expenses (excluding depreciation, amortisation and interest).
Transactions with the Republic of Austria and companies under its controlling influence
Electricity revenue from companies controlled or significantly influenced by the Republic of Austria totalled \u20ac160.2m (previous year: \u20ac240.7m) in the 2025 reporting period. The electricity was purchased by \u00d6BB, OMV, Bundesbeschaffung\u00a0GmbH and Telekom\u00a0Austria. Electricity procured from companies controlled or significantly influenced by the Republic of Austria totalled \u20ac41.2m in the 2025 reporting period (previous year: \u20ac65.5m). The electricity was supplied primarily by \u00d6BB. Gas trading contracts with OMV resulted in an expense of \u20ac27.6m (previous year: \u20ac24.3m).
VERBUND\u2019s expenses for monitoring by E-Control totalled \u20ac21.5m in the 2025 reporting period (previous year: \u20ac23.8m).
Disclosures regarding the governing bodies of the Group
Detailed disclosures regarding VERBUND\u00a0AG\u2019s boards are presented in the Remuneration Report. The following disclosures focus on the remuneration extended to members of the Executive Board and the Supervisory Board.
Current remuneration of the Executive Board (incl. variable remuneration)
\u20ac
\u00a0
2024
2025
\u00a0
Fixed remuneration
Variable remuneration
Fixed remuneration
Variable remuneration
Dr. Michael Strugl
765,000
1,035,000
765,000
1,193,902
Dr. Peter F. Kollmann
651,000
855,600
651,000
999,419
Dr. Achim Kaspar
485,000
655,500
485,000
756,473
Dr. Susanna Zapreva
485,000
\u2013
485,000
324,902
Remuneration granted to active Executive Board members totalled \u20ac5,709,456 in the 2025 reporting period (previous year: \u20ac5,016,894) and included \u20ac48,761 in remuneration in kind (previous year: \u20ac53,783).
The variable remuneration consists of a short-term component (short-term incentive, STI) and a long-term component (long-term incentive, LTI) that is designed as a virtual performance share plan (\u201cphantom share plan\u201d).
In the 2025 reporting period, active members of the Executive Board received \u20ac1,835,596 in short-term variable remuneration (STI; previous year: \u20ac1,107,000) and \u20ac1,439,100 in long-term variable remuneration (LTI; previous year: \u20ac1,439,100).
The variable remuneration is paid out retroactively after the end of the assessment period.
In the case of the LTI, both the number of phantom shares allocated and the amount actually paid out depend on the average share price over the last 60 trading days prior to the date in question. This long-term variable remuneration component is therefore classified as a cash-settled share-based payment transaction. Other key performance criteria used to calculate the LTI payout amount are total shareholder return relative to a peer group of European energy companies (\u201crelative TSR\u201d) and free cash flow before dividends as well as one or more sustainability targets based on the catalogue of criteria derived from the Group\u2019s sustainability strategy.
The total obligation recognised for the phantom share plans as at 31 December 2025 amounted to \u20ac3,863,850 (previous year: \u20ac4,445,681), \u20ac3,494,414 of which (previous year: \u20ac4,024,107) related to Executive Board members. Personnel expenses recognised in this context amounted to \u20ac581,530 in the financial year (previous year: \u20ac447,203), \u20ac529,693 of which (previous year: \u20ac376,565) related to the Executive Board.
The following table presents the benchmark data for performance-related variable remuneration components:
Short-term remuneration \u2013 Short-Term Incentive (STI)
\u00a0
\u00a0
\u00a0
2024 STI
2025 STI
Assessment period
1 year
1 year
Target amount
60% of annual gross basic salary
60% of annual gross basic salary
Target achievement cap
150%, no credit for outperformance
150%, no credit for outperformance
Payout cap
90% of annual gross basic salary
90% of annual gross basic salary
Long-term remuneration \u2013 Long-Term Incentive (LTI)
\u00a0
\u00a0
\u00a0
2024 LTI
LTI 2025
Assessment period
4 years
4 years
Amount allocated
90% of annual gross basic salary
90% of annual gross basic salary
Target achievement cap
150%
150%
Payout cap
135% of annual gross basic salary
135% of annual gross basic salary
The following targets have been agreed for the 2024 and 2025 STIs:
Short-term remuneration \u2013 Short-Term Incentive (STI)\u00a0
Assessment period
Criteria
Weighting
Short-term remuneration \u2013 2024 Short-Term Incentive (STI)\u00a0
Financial targets
70%
2024 Group result
70%
Non-financial targets
30%
Occupational safety
10%
Culture and transformation
10%
Diversity
10%
Short-term remuneration \u2013 2025 Short-Term Incentive (STI)
Financial targets
70%
2025 Group result
70%
Non-financial targets
30%
Occupational safety
10%
Culture, transformation and ESG
10%
Diversity and inclusion
10%
The actual level of target achievement for the 2024 STI was 142.1% for all criteria.
The performance criteria for the respective LTIs are as follows:
Long-term remuneration \u2013 Long-Term Incentive (LTI)
Assessment period
Criteria
Weighting
LTI 2022 (term until 2024)\u00a0
Relative total shareholder return
30%
Free cash flow before dividends
35%
Overheads
35%
LTI 2023 (term until 2025)
Relative total shareholder return
30%
Free cash flow before dividends
35%
Sustainability performance targets
35%
LTI 2024 (term until 2027)
Relative total shareholder return
30%
Free cash flow before dividends
40%
Sustainability performance targets
30%
LTI 2025 (term until 2028)
Relative total shareholder return
30%
Free cash flow before dividends
40%
Sustainability performance targets
30%
The actual level of target achievement for the 2022 STI (vesting in 2024) was 120% for all criteria.
Executive Board members are enrolled in a company pension plan set up as a defined contribution plan. Contributions of \u20ac238,600 were made to the pension plan on behalf of Executive Board members in the 2025 reporting period (previous year: \u20ac238,600).
An amount of \u20ac197,101 was paid out in pensions to beneficiaries in the 2025 reporting period (previous year: \u20ac195,552). Expenses for pensions and similar obligations for former members of the Executive Board and their surviving dependants included in profit or loss for the period totalled \u20ac42,499 (previous year: \u20ac50,123). In addition, remeasurement expenses of \u20ac52,679 (previous year: \u20ac130,895) were recognised in other comprehensive income.
Remuneration for members of the Supervisory Board (including the reimbursement of itemised out-of-pocket expenses/travel expenses) totalled \u20ac385,740 (previous year: \u20ac401,899). As in the previous year, no loans or advances were paid out to members of the governing bodies of the Group or its subsidiaries. VERBUND does not have a stock option programme for either Executive Board members or senior management staff, also as in the previous year.

13.4
Subsidiaries, joint ventures and associates of VERBUND
Subsidiaries with material non-controlling interests
The following tables contain condensed financial information for each of the Group\u2019s subsidiaries with material non-controlling interests, before intra-Group adjustments:
Subsidiaries with material non-controlling interests: statement of comprehensive income
\u20acm
\u00a0
\u00a0
\u00a0
2024
\u00a0
\u00a0
2025
\u00a0
VERBUND Hydro Power GmbH
Gas Connect Austria GmbH
VERBUND Innkraftwerke GmbH
VERBUND Hydro Power GmbH
Gas Connect Austria GmbH
VERBUND Innkraftwerke GmbH
Amounts held as non-controlling interests
15.94%
49.00%
29.73%
15.94%
49.00%
29.73%
Revenue
2,714.0
183.8
279.0
2,079.5
229.1
166.5
Profit for the period
1,632.8
\u2013\u00a093.9
157.9
1,067.9
\u2013\u00a02.2
101.4
Profit for the period attributable to non-controlling interests
260.2
\u2013\u00a047.2
47.0
170.1
\u2013\u00a00.6
30.2
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Other comprehensive income
\u2013\u00a017.7
\u2013\u00a01.1
\u2013\u00a01.1
9.0
3.4
\u2013\u00a01.1
Total comprehensive income for the period
1,615.1
\u2013\u00a095.1
156.8
1,076.9
1.2
100.4
Total profit or loss for the period attributable to non-controlling interests
257.4
\u2013\u00a046.6
46.6
171.7
0.6
29.8
Subsidiaries with material non-controlling interests: balance sheet
\u20acm
\u00a0
\u00a0
\u00a0
31/12/2024
\u00a0
\u00a0
31/12/2025
\u00a0
VERBUND Hydro Power GmbH
Gas Connect Austria GmbH
VERBUND Innkraftwerke GmbH
VERBUND Hydro Power GmbH
Gas Connect Austria GmbH
VERBUND Innkraftwerke GmbH
Non-current assets
5,389.8
544.4
930.5
5,417.4
541.8
933.8
Current assets
902.7
65.1
172.6
384.3
64.5
10.0
Non-current liabilities
\u2013\u00a01,649.3
\u2013\u00a0299.1
\u2013\u00a0182.2
\u2013\u00a01,373.5
\u2013\u00a0296.6
\u2013\u00a0168.1
Current liabilities
\u2013\u00a0351.5
\u2013\u00a064.5
\u2013\u00a044.6
\u2013\u00a0539.4
\u2013\u00a061.7
\u2013\u00a013.7
Net assets
4,291.7
245.9
876.3
3,888.8
248.0
762.1
Amounts held as non-controlling interests
15.94%
49.00%
29.73%
15.94%
49.00%
29.73%
Net assets attributable to non-controlling interests
684.1
120.5
260.5
619.9
121.5
226.6
Subsidiaries with material non-controlling interests: cash flows
\u20acm
\u00a0
\u00a0
\u00a0
31/12/2024
\u00a0
\u00a0
31/12/2025
\u00a0
VERBUND Hydro Power GmbH
Gas Connect Austria GmbH
VERBUND Innkraftwerke GmbH
VERBUND Hydro Power GmbH
Gas Connect Austria GmbH
VERBUND Innkraftwerke GmbH
Cash flow from operating activities
1,747.7
37.0
224.0
1,022.5
39.6
79.3
Cash flow from investing activities
\u2013\u00a0400.5
\u2013\u00a034.8
\u2013\u00a016.3
\u2013\u00a0404.9
\u2013\u00a043.2
\u2013\u00a027.1
Cash flow from financing activities
\u2013\u00a01,347.2
\u2013\u00a02.7
\u2013\u00a0207.7
\u2013\u00a0617.6
3.7
\u2013\u00a052.3
Change in cash and cash equivalents
0.0
\u2013\u00a00.4
0.0
0.0
0.1
0.0
Dividends paid to non-controlling interests
369.8
20.0
102.3
292.0
0.9
63.8
A shareholder agreement in force for VERBUND\u00a0Innkraftwerke\u00a0GmbH specifies that the entire profit for the year is to be approved as net profit for the period and distributed to shareholders, except in the following cases:
\u25cf
the shareholders unanimously agree to a different payout ratio;
\u25cf
distribution of the entire profit would violate statutory provisions;
\u25cf
equity as a percentage of assets would fall below 25% at the respective reporting date if the entire profit were distributed;
\u25cf
there are insufficient cash and cash equivalents available to distribute the entire profit; or
Joint operation: Ennskraftwerke Aktiengesellschaft
The equity interest in Ennskraftwerke\u00a0Aktiengesellschaft (with VERBUND and Energie\u00a0AG Ober\u00f6sterreich each holding 50% of the interest) is classified as a joint operation in accordance with the provisions of IFRS\u00a011. As a result, Ennskraftwerke\u00a0Aktiengesellschaft is included in the consolidated financial statements with the share of assets and liabilities or revenue and expenses attributable to VERBUND. The size of the share is determined based on the ratio of electricity deliveries to both parties. From a cost-benefit perspective, the assets and liabilities as well as the revenue and expenses of Ennskraftwerke\u00a0Aktiengesellschaft are included in VERBUND\u2019s consolidated financial statements based on the average ratio of total electricity deliveries (VERBUND: 62%; Energie\u00a0AG\u00a0Ober\u00f6sterreich: 38%).
The tables below show a summary of aggregated financial information for KELAG, a material associate accounted for by VERBUND using the equity method. The reference date for financial information is 30\u00a0September 2025 (see section\u00a01.2 \u201cFinancial reporting principles\u201d); the financial information is based on data updated to the best of VERBUND\u2019s knowledge.
Material associates: statement of comprehensive income
\u00a0
\u20acm
\u00a0
2024
2025
\u00a0
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
Revenue
1,928.9
1,938.0
Profit after tax
456.3
367.7
Ownership interest of VERBUND
35.17%
35.17%
Profit or loss for the period attributable to VERBUND
160.4
129.3
Differences due to the application of the equity method of accounting
\u2013\u00a060.0
\u2013\u00a045.1
Share of profit or loss from associates accounted for
using the equity method
100.5
84.2
\u00a0
\u00a0
\u00a0
Profit after tax
456.3
367.7
Other comprehensive income
4.0
\u2013\u00a036.3
Total comprehensive income for the period
460.2
331.4
Ownership interest of VERBUND
35.17%
35.17%
Total comprehensive income for the period attributable to VERBUND
161.8
116.5
Differences due to the application of the equity method of accounting
\u2013\u00a060.0
\u2013\u00a045.1
Total comprehensive income for the period from
associates accounted for using the equity method
101.9
71.4
Dividends received from associates
80.9
75.6
At KELAG, resolutions on the distribution of dividends can be adopted by simple majority. K\u00e4rntner Energieholding Beteiligungs\u00a0GmbH holds 51% of the shares in KELAG and therefore determines its distribution policy.
Material associates: balance sheet
\u00a0
\u20acm
\u00a0
31/12/2024
31/12/2025
\u00a0
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
Non-current assets
2,428.1
2,616.2
Current assets
1,032.1
776.3
Non-current liabilities
\u2013\u00a01,102.2
\u2013\u00a0957.6
Current liabilities
\u2013\u00a0586.5
\u2013\u00a0542.9
Equity attributable to non-controlling interests
\u2013\u00a018.7
\u2013\u00a022.9
Net assets
1,752.8
1,869.2
Ownership interest of VERBUND
35.17%
35.17%
Net assets attributable to VERBUND
616.4
657.3
Differences due to the application of the equity method of accounting
\u2013\u00a0120.0
\u2013\u00a0112.3
Carrying amount of associates accounted for using the equity method
496.3
545.0
The following list of Group companies shows VERBUND\u2019s subsidiaries, joint ventures and associates in accordance with Section\u00a0245a(1) in conjunction with Section\u00a0265(2) of the Austrian Commercial Code (UGB). The list also includes unconsolidated subsidiaries and other joint ventures, associates and equity interests in which VERBUND\u2019s interest is \u2265 20% and which are not accounted for using the equity method.
Segment: Hydro
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH \u2013 Hydro
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
Innwerk AG (VHP-IW)
Stammham
CS
VH
100.00%
Stammham
CS
VH
100.00%
VERBUND Hydro Power GmbH (VHP)
Vienna
CS
VH
80.54%
Vienna
CS
VH
80.54%
VERBUND Innkraftwerke GmbH
T\u00f6ging
CS
VH
70.27%
T\u00f6ging
CS
VH
70.27%
Donaukraftwerk Jochenstein Aktiengesellschaft
Passau
CS
VH
VHP-IW
50.00%
50.00%
Passau
CS
VH
VHP-IW
50.00%
50.00%
Grenzkraftwerke GmbH
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Simbach
CS
VH
VHP-IW
50.00%
50.00%
\u00d6sterreichisch-Bayerische Kraftwerke Aktiengesellschaft
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Ennskraftwerke Aktiengesellschaft
Steyr
JO
VH
50.00%
Steyr
JO
VH
50.00%
Kraftwerk Nu\u00dfdorf Errichtungs- und Betriebs GmbH & Co KG
Vienna
EM1
VHP
33.33%
Vienna
EM1
VHP
33.33%
Kraftwerk Nu\u00dfdorf Errichtungs- und Betriebs GmbH
Vienna
EM1
VHP
33.33%
Vienna
EM1
VHP
33.33%
Ashta Beteiligungsverwaltung GmbH (VHP-AL-HII)
Vienna
EM1
VHP
50.01%
Vienna
EM1
VHP
50.01%
Energji Ashta Shpk
Bushat
EM1
VHP-AL-HII
100.00%
Bushat
EM1
VHP-AL-HII
100.00%
Lestin Tauch- und Bergungsunternehmen GmbH (LESTIN)
Vienna
UC
VHP
100.00%
Vienna
UC
VHP
100.00%
Murkraftwerk Graz Errichtungs- und BetriebsgmbH
Graz
UC
VHP
25.10%
Graz
UC
VHP
25.10%
VERBUND Tourismus GmbH
Vienna
UC
VHP
LESTIN
99.90%
0.10%
Vienna
UC
VHP
LESTIN
99.90%
0.10%
Manara HPP Operation Ltd.
Tel Aviv
UC
VHP
80.00%
Tel Aviv
UC
VHP
80.00%
Segment: Sales
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH) \u2013 Sales activities
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
VERBUND Energy4Business GmbH (VEB)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Energy4Business Germany GmbH
Munich
CS
VEB
100.00%
Munich
CS
VEB
100.00%
VERBUND Energy4Customers GmbH (VEC)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Energy4Flex GmbH
Vienna
CS
VEB
100.00%
Vienna
CS
VEB
100.00%
VERBUND Energy4Future GmbH
Vienna
CS
VEB
100.00%
Vienna
CS
VEB
100.00%
VERBUND Engineers4Energy GmbH (was: MSP Solarpower GmbH)
Feldkirchen an der Donau
CS
VEB
100.00%
Feldkirchen an der Donau
CS
VEB
100.00%
Electriply GmbH
(vormals: iFix Solar
GmbH)
Feldkirchen an der Donau
CS
VEB
100.00%
Feldkirchen an der Donau
CS
VEB
100.00%
SMATRICS GmbH & Co KG (SMATRICS)
Vienna
CS
VEB
74.90%
Vienna
CS
VEB
74.90%
SMATRICS EnBW GmbH
Vienna
EM
00.01.1900
49.00%
Vienna
EM
00.01.1900
49.00%
Batteriespeicher M\u00fcnster GmbH
\u2013
\u2013
\u2013
\u2013
M\u00fcnster
EM
VEB
51.00%
E-Mobility Provider Austria GmbH
Vienna
UC
VEB
74.90%
Vienna
UC
VEB
74.90%
smart Energy Services GmbH
Vienna
UC
VEC
50.00%
Vienna
UC
VEC
50.00%
SOLAVOLTA Energie- und Umwelttechnik GmbH
Sankt Margarethen im Bgld.
UC
VEC
100.00%
Sankt Margarethen im Bgld.
UC
VEC
100.00%
Segment: Grid
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Austrian Power Grid AG (APG)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
Gas Connect Austria GmbH (GCA)
Vienna
CS
VH
51.00%
Vienna
CS
VH
51.00%
Austrian Gas Grid Management AG (AGGM)
Vienna
CS
GCA
51.00%
Vienna
CS
GCA
51.00%
Trans Austria Gasleitung GmbH (TAG)
Vienna
EM
GCA
15.53%
Vienna
EM
GCA
15.53%
OeMAG Abwicklungsstelle f\u00fcr \u00d6kostrom AG
Vienna
EM
APG
24.40%
Vienna
EM
APG
24.40%
AGCS Gas Clearing and Settlement AG
Vienna
UC
GCA
23.13%
Vienna
UC
GCA
23.13%
ASGM Austrian Strategic Gas Storage Management GmbH
Vienna
UC
AGGM
100.00%
Vienna
UC
AGGM
100.00%
VUM Verfahren Umwelt Management GmbH
Klagenfurt
UC
APG
100.00%
Klagenfurt
UC
APG
100.00%
Equigy B.V.
Arnheim
UC
APG
20.00%
Arnheim
UC
APG
20.00%
All other segments: Thermal generation
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Thermal Power GmbH (VTP GmbH)
Fernitz-Mellach
CS
VH
100.00%
Fernitz-Mellach
CS
VH
100.00%
VERBUND Thermal Power GmbH & Co KG
Fernitz-Mellach
CS
VH
VTP GmbH
100.00%
0.00%2
Fernitz-Mellach
CS
VH
VTP GmbH
100.00%
0.00%2
All other segments: Services
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Digital Power GmbH (was: VERBUND Services GmbH)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Business Solutions GmbH
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
All other segments: Equity interests
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH) \u2013 Equity interests
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
Klagenfurt
EM
VH
35.17%
Klagenfurt
EM
VH
35.17%
C2PAT GmbH
Vienna
UC
VH
25.00%
\u2013
\u2013
\u2013
\u2013
Other Group companies
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND AG (VH)
\u2013 All other activities
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
VERBUND Finanzierungsservice GmbH
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Ventures GmbH (VVE)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Green Hydrogen GmbH (VGH)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Green Hydrogen Sales GmbH
Vienna
CS
VGH
100.00%
Vienna
CS
VGH
100.00%
HalloSonne GmbH (HAS)
Vienna
UC
VEC
100.00%
\u2013
\u2013
\u2013
\u2013
TTTech Zyne GmbH
Vienna
UC
VVE
49.90%
Vienna
UC
VVE
49.90%
CS = consolidated subsidiary / EM = investee accounted for using the equity method / JO = joint operation, proportionate inclusion of assets and liabilities as well as income and expenses / UC = unconsolidated entities due to immateriality or lack of significant influence1 Joint ventures // 2 VERBUND Thermal Power GmbH holds an interest of < 0.01% in VERBUND Thermal Power GmbH & Co KG as a limited partner.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-166": { "value": "
Disclosures regarding the governing bodies of the Group
Detailed disclosures regarding VERBUND\u00a0AG\u2019s boards are presented in the Remuneration Report. The following disclosures focus on the remuneration extended to members of the Executive Board and the Supervisory Board.
Current remuneration of the Executive Board (incl. variable remuneration)
\u20ac
\u00a0
2024
2025
\u00a0
Fixed remuneration
Variable remuneration
Fixed remuneration
Variable remuneration
Dr. Michael Strugl
765,000
1,035,000
765,000
1,193,902
Dr. Peter F. Kollmann
651,000
855,600
651,000
999,419
Dr. Achim Kaspar
485,000
655,500
485,000
756,473
Dr. Susanna Zapreva
485,000
\u2013
485,000
324,902
Remuneration granted to active Executive Board members totalled \u20ac5,709,456 in the 2025 reporting period (previous year: \u20ac5,016,894) and included \u20ac48,761 in remuneration in kind (previous year: \u20ac53,783).
The variable remuneration consists of a short-term component (short-term incentive, STI) and a long-term component (long-term incentive, LTI) that is designed as a virtual performance share plan (\u201cphantom share plan\u201d).
In the 2025 reporting period, active members of the Executive Board received \u20ac1,835,596 in short-term variable remuneration (STI; previous year: \u20ac1,107,000) and \u20ac1,439,100 in long-term variable remuneration (LTI; previous year: \u20ac1,439,100).
The variable remuneration is paid out retroactively after the end of the assessment period.
In the case of the LTI, both the number of phantom shares allocated and the amount actually paid out depend on the average share price over the last 60 trading days prior to the date in question. This long-term variable remuneration component is therefore classified as a cash-settled share-based payment transaction. Other key performance criteria used to calculate the LTI payout amount are total shareholder return relative to a peer group of European energy companies (\u201crelative TSR\u201d) and free cash flow before dividends as well as one or more sustainability targets based on the catalogue of criteria derived from the Group\u2019s sustainability strategy.
The total obligation recognised for the phantom share plans as at 31 December 2025 amounted to \u20ac3,863,850 (previous year: \u20ac4,445,681), \u20ac3,494,414 of which (previous year: \u20ac4,024,107) related to Executive Board members. Personnel expenses recognised in this context amounted to \u20ac581,530 in the financial year (previous year: \u20ac447,203), \u20ac529,693 of which (previous year: \u20ac376,565) related to the Executive Board.
The following table presents the benchmark data for performance-related variable remuneration components:
Short-term remuneration \u2013 Short-Term Incentive (STI)
\u00a0
\u00a0
\u00a0
2024 STI
2025 STI
Assessment period
1 year
1 year
Target amount
60% of annual gross basic salary
60% of annual gross basic salary
Target achievement cap
150%, no credit for outperformance
150%, no credit for outperformance
Payout cap
90% of annual gross basic salary
90% of annual gross basic salary
Long-term remuneration \u2013 Long-Term Incentive (LTI)
\u00a0
\u00a0
\u00a0
2024 LTI
LTI 2025
Assessment period
4 years
4 years
Amount allocated
90% of annual gross basic salary
90% of annual gross basic salary
Target achievement cap
150%
150%
Payout cap
135% of annual gross basic salary
135% of annual gross basic salary
The following targets have been agreed for the 2024 and 2025 STIs:
Short-term remuneration \u2013 Short-Term Incentive (STI)\u00a0
Assessment period
Criteria
Weighting
Short-term remuneration \u2013 2024 Short-Term Incentive (STI)\u00a0
Financial targets
70%
2024 Group result
70%
Non-financial targets
30%
Occupational safety
10%
Culture and transformation
10%
Diversity
10%
Short-term remuneration \u2013 2025 Short-Term Incentive (STI)
Financial targets
70%
2025 Group result
70%
Non-financial targets
30%
Occupational safety
10%
Culture, transformation and ESG
10%
Diversity and inclusion
10%
The actual level of target achievement for the 2024 STI was 142.1% for all criteria.
The performance criteria for the respective LTIs are as follows:
Long-term remuneration \u2013 Long-Term Incentive (LTI)
Assessment period
Criteria
Weighting
LTI 2022 (term until 2024)\u00a0
Relative total shareholder return
30%
Free cash flow before dividends
35%
Overheads
35%
LTI 2023 (term until 2025)
Relative total shareholder return
30%
Free cash flow before dividends
35%
Sustainability performance targets
35%
LTI 2024 (term until 2027)
Relative total shareholder return
30%
Free cash flow before dividends
40%
Sustainability performance targets
30%
LTI 2025 (term until 2028)
Relative total shareholder return
30%
Free cash flow before dividends
40%
Sustainability performance targets
30%
The actual level of target achievement for the 2022 STI (vesting in 2024) was 120% for all criteria.
Executive Board members are enrolled in a company pension plan set up as a defined contribution plan. Contributions of \u20ac238,600 were made to the pension plan on behalf of Executive Board members in the 2025 reporting period (previous year: \u20ac238,600).
An amount of \u20ac197,101 was paid out in pensions to beneficiaries in the 2025 reporting period (previous year: \u20ac195,552). Expenses for pensions and similar obligations for former members of the Executive Board and their surviving dependants included in profit or loss for the period totalled \u20ac42,499 (previous year: \u20ac50,123). In addition, remeasurement expenses of \u20ac52,679 (previous year: \u20ac130,895) were recognised in other comprehensive income.
Remuneration for members of the Supervisory Board (including the reimbursement of itemised out-of-pocket expenses/travel expenses) totalled \u20ac385,740 (previous year: \u20ac401,899). As in the previous year, no loans or advances were paid out to members of the governing bodies of the Group or its subsidiaries. VERBUND does not have a stock option programme for either Executive Board members or senior management staff, also as in the previous year.

", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-167": { "value": "
13.4
Subsidiaries, joint ventures and associates of VERBUND
The following list of Group companies shows VERBUND\u2019s subsidiaries, joint ventures and associates in accordance with Section\u00a0245a(1) in conjunction with Section\u00a0265(2) of the Austrian Commercial Code (UGB). The list also includes unconsolidated subsidiaries and other joint ventures, associates and equity interests in which VERBUND\u2019s interest is \u2265 20% and which are not accounted for using the equity method.
Segment: Hydro
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH \u2013 Hydro
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
Innwerk AG (VHP-IW)
Stammham
CS
VH
100.00%
Stammham
CS
VH
100.00%
VERBUND Hydro Power GmbH (VHP)
Vienna
CS
VH
80.54%
Vienna
CS
VH
80.54%
VERBUND Innkraftwerke GmbH
T\u00f6ging
CS
VH
70.27%
T\u00f6ging
CS
VH
70.27%
Donaukraftwerk Jochenstein Aktiengesellschaft
Passau
CS
VH
VHP-IW
50.00%
50.00%
Passau
CS
VH
VHP-IW
50.00%
50.00%
Grenzkraftwerke GmbH
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Simbach
CS
VH
VHP-IW
50.00%
50.00%
\u00d6sterreichisch-Bayerische Kraftwerke Aktiengesellschaft
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Simbach
CS
VH
VHP-IW
50.00%
50.00%
Ennskraftwerke Aktiengesellschaft
Steyr
JO
VH
50.00%
Steyr
JO
VH
50.00%
Kraftwerk Nu\u00dfdorf Errichtungs- und Betriebs GmbH & Co KG
Vienna
EM1
VHP
33.33%
Vienna
EM1
VHP
33.33%
Kraftwerk Nu\u00dfdorf Errichtungs- und Betriebs GmbH
Vienna
EM1
VHP
33.33%
Vienna
EM1
VHP
33.33%
Ashta Beteiligungsverwaltung GmbH (VHP-AL-HII)
Vienna
EM1
VHP
50.01%
Vienna
EM1
VHP
50.01%
Energji Ashta Shpk
Bushat
EM1
VHP-AL-HII
100.00%
Bushat
EM1
VHP-AL-HII
100.00%
Lestin Tauch- und Bergungsunternehmen GmbH (LESTIN)
Vienna
UC
VHP
100.00%
Vienna
UC
VHP
100.00%
Murkraftwerk Graz Errichtungs- und BetriebsgmbH
Graz
UC
VHP
25.10%
Graz
UC
VHP
25.10%
VERBUND Tourismus GmbH
Vienna
UC
VHP
LESTIN
99.90%
0.10%
Vienna
UC
VHP
LESTIN
99.90%
0.10%
Manara HPP Operation Ltd.
Tel Aviv
UC
VHP
80.00%
Tel Aviv
UC
VHP
80.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Green Power GmbH (VGP)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Wind Power Austria GmbH (VRP-AT)
Vienna
CS
VHP
100.00%
Vienna
CS
VHP
100.00%
VERBUND Green Power Deutschland GmbH (VGP-DE)
Berlin
CS
VGP
100.00%
Berlin
CS
VGP
100.00%
VERBUND Green Power \u00d6sterreich GmbH (VGP-AT)
Vienna
CS
VGP
100.00%
Vienna
CS
VGP
100.00%
VERBUND Green Power Iberia, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
VERBUND Wind Power Romania SRL (VRP-RO)
Bucha-
rest
CS
VGP
100.00%
Bucha-
rest
CS
VGP
100.00%
Infrastrukturgesellschaft Bischheim GmbH & Co. KG
W\u00f6rr-
stadt
CS
VGP
80.60%
W\u00f6rrstadt
CS
VGP
80.60%
VERBUND Green Power Deutschland Photovoltaik GmbH
Berlin
CS
VGP
100.00%
Berlin
CS
VGP
100.00%
VERBUND Green Power Italia S.R.L. (VGP-IT)
Milan
CS
VGP
100.00%
Milan
CS
VGP
100.00%
ICA One S.R.L.
Milan
CS
VGP-IT
100.00%
Milan
CS
VGP-IT
100.00%
PV Novoli S.R.L.
Milan
CS
VGP-IT
100.00%
\u2013
\u2013
\u2013
\u2013
Tenuta del Campo S.R.L.
Milan
CS
VGP-IT
100.00%
\u2013
\u2013
\u2013
\u2013
Watt Development SPV 5 S.L.U. (VGP-IB-IL1)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Watt Development SPV 6 S.L.U. (VGP-IB-IL2)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Watt Development SPV 7 S.L.U. (VGP-IB-IL3)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Ayamonte S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Buseco S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Parque E\u00f3lico El Barroso S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Parque E\u00f3lico Loma de los Pinos S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Lusitania Renovables S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Anselma Issuer, S.A.U. (VGP-IB-ANI)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Topacio Energy, S.L.U.
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Tejo Solar, S.L.U. (VGP-IB-TES)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
VERBUND Green Power Renewable Projects, S.L.U. (VGP-IB-GRP)
Madrid
CS
VH
100.00%
Madrid
CS
VH
100.00%
Sica Desarrollos Cuerva, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Los Navalmorales, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Albarreal, S.L.U.
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
Sica Desarrollos Totan\u00e9s, S.L.U. (VGP-IB-SDT)
Madrid
CS
VGP-IB-ANI
100.00%
Madrid
CS
VGP-IB-ANI
100.00%
VERBUND Windpark M\u00fcnster GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Quelkhorn GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Mariengarten GmbH
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
VERBUND Windpark Oedelum GmbH
Schellerten
CS
VGP-DE
100.00%
Schellerten
CS
VGP-DE
100.00%
VERBUND Windpark Frielendorf GmbH & Co. KG (VGP-DE-FS)
Berlin
CS
VGP-DE
100.00%
Berlin
CS
VGP-DE
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
MSH B\u00fcrger-Windpark-Feldatal GmbH & Co. KG
\u2013
\u2013
\u2013
\u2013
Feldatal
CS
VGP-DE-PV
100.00%
Cyopsa-El Molino Energia E\u00f3lica, S.A.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Energias Renovables de Musas, S.L.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Energias Renovables de Ofion, S.L.U.
Madrid
CS
VGP-IB-GRP
100.00%
Madrid
CS
VGP-IB-GRP
100.00%
Green Power Wind Spain 1, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
Green Power Wind Marquesado, S.L.U.
Madrid
CS
VGP
100.00%
Madrid
CS
VGP
100.00%
Camareta Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Cornamusa Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Cruceta Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Natera Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Panol Solar, S.L.
Madrid
UC
VGP-IB-TES
51.00%
Madrid
CS
VGP-IB-TES
100.00%
Obenque Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Orla Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Reclamo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
Rehala Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
CS
VGP-IB-TES
100.00%
PH Tambre Energy, s.l.
Madrid
EM1
VGP
50.00%
Madrid
EM1
VGP
50.00%
Amaranta Energy, s.l.
Madrid
EM1
VGP
50.00%
Madrid
EM1
VGP
50.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Infraestructuras de Illora S.L.
Madrid
UC
VGP-IB-IL1
VGP-IB-IL2
VGP-IB-IL3
20.00%
20.00%
20.00%
Madrid
UC
VGP-IB-IL1
VGP-IB-IL2
VGP-IB-IL3
20.00%
20.00%
20.00%
Windpark Frielendorf GmbH & Co. KG
Gilserberg
UC
VGP-DE-FS
32.50%
Gilserberg
UC
VGP-DE-FS
32.50%
cos phi gmbh
Vienna
UC
VGP-AT
100.00%
Vienna
UC
VGP-AT
100.00%
DA1 S.R.L.
Milan
UC
VGP-IT
100.00%
Milan
UC
VGP-IT
100.00%
SY05 S.R.L.
\u2013
\u2013
\u2013
\u2013
Milan
UC
VGP-IT
100.00%
Corleto S.r.l.
\u2013
\u2013
\u2013
\u2013
Faenza
UC
VGP-IT
100.00%
Totan\u00e9s Infraestructuras Comunes, S.L.
Madrid
UC
VGP-IB-SDT
38.89%
Madrid
UC
VGP-IB-SDT
38.89%
Murcia Solar Park GmbH (VGP-IB-MUR)
Berlin
UC
VGP-IB-ANI
100.00%
Berlin
UC
VGP-IB-ANI
100.00%
Baluma Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Baviera Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Bolardo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Boyante Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Braganza Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Cairo Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Carmesi Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Cenida Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Comunidad de Bienes del Huerto Solar del Hinojar, C.B.
Lorca
UC
VGP-IB-SVL
92.72%
Lorca
UC
VGP-IB-SVL
92.72%
Faballones Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Feanor Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Galadriel Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Helice Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Imai Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Koe Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Lima Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Miriel Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Mosqueton Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Nairobi Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Orion Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Penalara Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Perdiguero Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Peregrino Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Segment: New renewables
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Posets Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Radar Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Rotor Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Sentina Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Sextante Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Stopper Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Stein Von Liebig Balears I, S.L.U. (VGP-IB-SVL)
Madrid
UC
VGP-IB-MUR
100.00%
Madrid
UC
VGP-IB-MUR
100.00%
Trufa Energy, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Volateo Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
Zelanda Solar, S.L.U.
Madrid
UC
VGP-IB-GRP
100.00%
Madrid
UC
VGP-IB-GRP
100.00%
Zuncho Solar, S.L.U.
Madrid
UC
VGP-IB-TES
100.00%
Madrid
UC
VGP-IB-TES
100.00%
TOPWIND Energy S.R.L.
\u2013
\u2013
\u2013
\u2013
Bucharest
UC
VRP-RO
51.00%
Wind Energy Green Park S.R.L.
\u2013
\u2013
\u2013
\u2013
Bucharest
UC
VRP-RO
51.00%
VERBUND Green Power Albania Sh.p.k.
Tirana
UC
VGP
100.00%
Tirana
UC
VGP
100.00%
VERBUND Green Power Albania Wind Sh.p.k.
Tirana
UC
VGP
100.00%
Tirana
UC
VGP
100.00%
Segment: Sales
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH) \u2013 Sales activities
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
VERBUND Energy4Business GmbH (VEB)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Energy4Business Germany GmbH
Munich
CS
VEB
100.00%
Munich
CS
VEB
100.00%
VERBUND Energy4Customers GmbH (VEC)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Energy4Flex GmbH
Vienna
CS
VEB
100.00%
Vienna
CS
VEB
100.00%
VERBUND Energy4Future GmbH
Vienna
CS
VEB
100.00%
Vienna
CS
VEB
100.00%
VERBUND Engineers4Energy GmbH (was: MSP Solarpower GmbH)
Feldkirchen an der Donau
CS
VEB
100.00%
Feldkirchen an der Donau
CS
VEB
100.00%
Electriply GmbH
(vormals: iFix Solar
GmbH)
Feldkirchen an der Donau
CS
VEB
100.00%
Feldkirchen an der Donau
CS
VEB
100.00%
SMATRICS GmbH & Co KG (SMATRICS)
Vienna
CS
VEB
74.90%
Vienna
CS
VEB
74.90%
SMATRICS EnBW GmbH
Vienna
EM
00.01.1900
49.00%
Vienna
EM
00.01.1900
49.00%
Batteriespeicher M\u00fcnster GmbH
\u2013
\u2013
\u2013
\u2013
M\u00fcnster
EM
VEB
51.00%
E-Mobility Provider Austria GmbH
Vienna
UC
VEB
74.90%
Vienna
UC
VEB
74.90%
smart Energy Services GmbH
Vienna
UC
VEC
50.00%
Vienna
UC
VEC
50.00%
SOLAVOLTA Energie- und Umwelttechnik GmbH
Sankt Margarethen im Bgld.
UC
VEC
100.00%
Sankt Margarethen im Bgld.
UC
VEC
100.00%
Segment: Grid
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Austrian Power Grid AG (APG)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
Gas Connect Austria GmbH (GCA)
Vienna
CS
VH
51.00%
Vienna
CS
VH
51.00%
Austrian Gas Grid Management AG (AGGM)
Vienna
CS
GCA
51.00%
Vienna
CS
GCA
51.00%
Trans Austria Gasleitung GmbH (TAG)
Vienna
EM
GCA
15.53%
Vienna
EM
GCA
15.53%
OeMAG Abwicklungsstelle f\u00fcr \u00d6kostrom AG
Vienna
EM
APG
24.40%
Vienna
EM
APG
24.40%
AGCS Gas Clearing and Settlement AG
Vienna
UC
GCA
23.13%
Vienna
UC
GCA
23.13%
ASGM Austrian Strategic Gas Storage Management GmbH
Vienna
UC
AGGM
100.00%
Vienna
UC
AGGM
100.00%
VUM Verfahren Umwelt Management GmbH
Klagenfurt
UC
APG
100.00%
Klagenfurt
UC
APG
100.00%
Equigy B.V.
Arnheim
UC
APG
20.00%
Arnheim
UC
APG
20.00%
All other segments: Thermal generation
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Thermal Power GmbH (VTP GmbH)
Fernitz-Mellach
CS
VH
100.00%
Fernitz-Mellach
CS
VH
100.00%
VERBUND Thermal Power GmbH & Co KG
Fernitz-Mellach
CS
VH
VTP GmbH
100.00%
0.00%2
Fernitz-Mellach
CS
VH
VTP GmbH
100.00%
0.00%2
All other segments: Services
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND Digital Power GmbH (was: VERBUND Services GmbH)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Business Solutions GmbH
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
All other segments: Equity interests
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND\u00a0AG (VH) \u2013 Equity interests
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
KELAG-K\u00e4rntner Elektrizit\u00e4ts-Aktiengesellschaft
Klagenfurt
EM
VH
35.17%
Klagenfurt
EM
VH
35.17%
C2PAT GmbH
Vienna
UC
VH
25.00%
\u2013
\u2013
\u2013
\u2013
Other Group companies
\u00a0
\u00a0
2024
2025
Company
Headquarters
Consolidation method
Parent company
Parent company's share of equity
Headquarters
Consolidation method
Parent company
Parent company's share of equity
VERBUND AG (VH)
\u2013 All other activities
Vienna
CS
\u2013
\u2013
Vienna
CS
\u2013
\u2013
VERBUND Finanzierungsservice GmbH
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Ventures GmbH (VVE)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Green Hydrogen GmbH (VGH)
Vienna
CS
VH
100.00%
Vienna
CS
VH
100.00%
VERBUND Green Hydrogen Sales GmbH
Vienna
CS
VGH
100.00%
Vienna
CS
VGH
100.00%
HalloSonne GmbH (HAS)
Vienna
UC
VEC
100.00%
\u2013
\u2013
\u2013
\u2013
TTTech Zyne GmbH
Vienna
UC
VVE
49.90%
Vienna
UC
VVE
49.90%
CS = consolidated subsidiary / EM = investee accounted for using the equity method / JO = joint operation, proportionate inclusion of assets and liabilities as well as income and expenses / UC = unconsolidated entities due to immateriality or lack of significant influence
1 Joint ventures // 2 VERBUND Thermal Power GmbH holds an interest of < 0.01% in VERBUND Thermal Power GmbH & Co KG as a limited partner.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-168": { "value": "Events after the reporting date
There were no events requiring disclosure between the reporting date of 31\u00a0December 2025 and authorisation for issue on 19\u00a0February 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-169": { "value": "Responsibility statement of the legal representatives
We confirm that, to the best of our knowledge, the consolidated financial statements of VERBUND, prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, give a true and fair view of the assets and liabilities, financial position and profit or loss of VERBUND.
We also confirm that, to the best of our knowledge, the Group management report of VERBUND presents the development of the business, performance of the business and position of the Group so as to give a true and fair view of the assets and liabilities, financial position and profit or loss of VERBUND, and that the Group management report describes the significant risks and uncertainties to which VERBUND is exposed.
Vienna, 19\u00a0February\u00a02026
The Executive Board
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5299006UDSEJCTTEJS30", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }