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"period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:EUR" } }, "f-323": { "value": "-545700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:EUR" } }, "f-324": { "value": "56600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:EUR" } }, "f-325": { "value": "73800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:EUR" } }, "f-326": { "value": "78800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00", "unit": "iso4217:EUR" } }, "f-327": { "value": "20200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2023-10-01T00:00:00", "unit": "iso4217:EUR" } }, "f-328": { "value": "-200000.0", "decimals": -5, "dimensions": { "concept": "evnag:SonstigeVeranderungenAufFondsDerLiquidenMittel", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:EUR" } }, "f-329": { "value": "-15200000.0", "decimals": -5, "dimensions": { "concept": "evnag:SonstigeVeranderungenAufFondsDerLiquidenMittel", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:EUR" } }, "f-330": { "value": "135100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2025-10-01T00:00:00", "unit": "iso4217:EUR" } }, "f-331": { "value": "78800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00", "unit": "iso4217:EUR" } }, "f-332": { "value": "56600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:EUR" } }, "f-333": { "value": "73800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:EUR" } }, "f-334": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:EUR" } }, "f-335": { "value": "-15000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInDecreaseIncreaseInRestrictedCashAndCashEquivalents", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:EUR" } }, "f-336": { "value": "-200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:EUR" } }, "f-337": { "value": "-200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:EUR" } }, "f-338": { "value": "-100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:EUR" } }, "f-339": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:EUR" } }, "f-340": { "value": "
1. General
EVN AG, as the parent company of the EVN\u00a0Group\u00a0(EVN), is a leading listed Austrian energy and environmental services provider.
Its headquarters are located in A-2344\u00a0Maria\u00a0Enzersdorf, Austria. In addition to serving its domestic market in the province of
Lower Austria, EVN operates in the Bulgarian, North Macedonian, Croatian, German and Albanian energy industry. In the environ-
mental sector, which mainly comprises the discontinued operation of the international project business reported in accordance
with IFRS 5, subsidiaries provide customers in ten\u00a0countries with water supply, wastewater treatment and thermal waste
utilisation services.
The consolidated \ufb01nancial statements are prepared as of the balance sheet date of EVN\u00a0AG. The \ufb01nancial year of EVN\u00a0AG covers
the period from 1\u00a0October to 30\u00a0September.
The consolidated \ufb01nancial statements are prepared on the basis of uniform accounting policies. In cases where the balance sheet
date of a consolidated company differs from the balance sheet date of EVN\u00a0AG, interim \ufb01nancial statements are prepared as of
30\u00a0September.
The consolidated \ufb01nancial statements are prepared on the basis of historical acquisition and production costs, unless indicated
otherwise.
Certain items on the consolidated statement of \ufb01nancial position and the consolidated statement of operations are summarised to
achieve a more understandable and clearly structured presentation. These positions are presented individually in the consolidated
notes and explained according to the principle of materiality. In order to improve clarity and comparability, the amounts in the
consolidated \ufb01nancial statements are generally shown in millions of euros (EURm), unless otherwise noted. Small amounts below
TEUR\u00a050 as well as zero values are presented in the notes to the consolidated financial statements with \u201c\u2013\u201d to improve readability.
The rounding of individual positions and percentage rates can lead to minimal rounding differences.
The consolidated statement of operations is prepared in accordance with the nature of expense method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-341": { "value": "EVN AG, as the parent company of the EVN\u00a0Group\u00a0(EVN), is a leading listed Austrian energy and environmental services provider. Its headquarters are located in A-2344\u00a0Maria\u00a0Enzersdorf, Austria. In addition to serving its domestic market in the province of Lower Austria, EVN operates in the Bulgarian, North Macedonian, Croatian, German and Albanian energy industry. In the environ-mental sector, which mainly comprises the discontinued operation of the international project business reported in accordance with IFRS 5, subsidiaries provide customers in ten\u00a0countries with water supply, wastewater treatment and thermal waste utilisation services.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-342": { "value": "EVN AG", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-343": { "value": "A-2344\u00a0Maria\u00a0Enzersdorf, Austria", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-344": { "value": "A-2344\u00a0Maria\u00a0Enzersdorf", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-345": { "value": "Austria", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-346": { "value": "Austria", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-347": { "value": "
The consolidated \ufb01nancial statements are prepared as of the balance sheet date of EVN\u00a0AG. The \ufb01nancial year of EVN\u00a0AG covers
the period from 1\u00a0October to 30\u00a0September.
The consolidated \ufb01nancial statements are prepared on the basis of uniform accounting policies. In cases where the balance sheet
date of a consolidated company differs from the balance sheet date of EVN\u00a0AG, interim \ufb01nancial statements are prepared as of
30\u00a0September.
The consolidated \ufb01nancial statements are prepared on the basis of historical acquisition and production costs, unless indicated
otherwise.
Certain items on the consolidated statement of \ufb01nancial position and the consolidated statement of operations are summarised to
achieve a more understandable and clearly structured presentation. These positions are presented individually in the consolidated
notes and explained according to the principle of materiality. In order to improve clarity and comparability, the amounts in the
consolidated \ufb01nancial statements are generally shown in millions of euros (EURm), unless otherwise noted. Small amounts below
TEUR\u00a050 as well as zero values are presented in the notes to the consolidated financial statements with \u201c\u2013\u201d to improve readability.
The rounding of individual positions and percentage rates can lead to minimal rounding differences.
The consolidated statement of operations is prepared in accordance with the nature of expense method.
Pursuant to \u00a7\u00a0245a of the Austrian\u00a0Commercial\u00a0Code, the consolidated \ufb01nancial statements were prepared in accordance
with the current guidelines set forth in the IFRS issued by the International Accounting Standards Board (IASB) as well as
the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) that were applicable as
of the balance sheet date and had been adopted by the European Union\u00a0(EU).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-348": { "value": "AG", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-349": { "value": "
2. Reporting in accordance with IFRS
Pursuant to \u00a7\u00a0245a of the Austrian\u00a0Commercial\u00a0Code, the consolidated \ufb01nancial statements were prepared in accordance
with the current guidelines set forth in the IFRS issued by the International Accounting Standards Board (IASB) as well as
the interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC) that were applicable as
of the balance sheet date and had been adopted by the European Union\u00a0(EU).
Standards and interpretations applied for the \ufb01rst time and changes in accounting policies
The following standards and interpretations were applied for the \ufb01rst time in the 2024/25 \ufb01nancial year:
Standards and interpretations applied for the first time
Effective1)
Expected material effects
on EVN\u2019s consolidated
financial statements
Revised standards and interpretations
IAS 7, IFRS 7
Amendments to IAS 7 Cash Flow Statements and IFRS 7
Financial Instruments (Supplier Financing Arrangements)
01.01.2024
None
IAS 1
Classification of Liabilities as Current or Non-current
01.01.2024
None
IFRS 16
Lease Liability in a Sale and Leaseback
01.01.2024
None
1) In accordance with the official Journal of the EU, these standards are applicable to financial years beginning on or after the effective date.
Standards and interpretations already adopted by the EU, but not yet compulsory
Effective1)
Expected material effects
on EVN\u2019s consolidated
financial statements
Revised standards and interpretations
IAS 21
The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
01.01.2025
None
IFRS 9, IFRS 7
Amendments to the Classification and Measurement of Financial Instruments
01.01.2026
None
IFRS 9, IFRS 7
Changes Relating to Contracts Referencing Nature-dependent Electricity
01.01.2026
None
IFRS 1, IFRS 7,
IFRS 9, IFRS 10,
IAS 7
Annual Improvements
01.01.2026
None
1) In accordance with IASB, these standards are applicable to \ufb01nancial years beginning on or after the effective date.
The following standards and interpretations had been issued by the IASB as of 30\u00a0September\u00a02025, but have not yet been
adopted by the EU:
Standards and interpretations not yet applicable and not yet adopted by the EU
Effective1)
Expected material effects
on EVN\u2019s consolidated
financial statements
New standards and interpretations
IFRS 18
Presentation and Disclosure in Financial Statements
01.01.2027
Yes
IFRS 19
Subsidiaries without Public Accountability
01.01.2027
None
Revised standards and interpretations
IFRS 19
Amendments to IFRS 19 Subsidiaries without Public Accountability
01.01.2027
None
1) In accordance with IASB, these standards are applicable to \ufb01nancial years beginning on or after the effective date.
IFRS\u00a018 will replace IAS 1 Presentation of Financial Statements and applies to financial years beginning on or after 1\u00a0January\u00a02027.
The new standard brings with it the following requirements:
\u2022 Companies must classify all income and expenses in the statements of operations into five categories: operating activities,
investing activities, financing activities, discontinued operations and income taxes. In addition, newly defined subtotals must
be shown.
\u2022 However, the net result of the companies remains unaffected. Key performance indicators defined by management
(management performance measures) must be explained in a separate note.
\u2022 Extended guidelines specify how information is to be structured and grouped in the financial statements.
In addition, companies are required to use the subtotal of the operating result as the starting point for the statement of cash flows
if they present the operating cash flow using the indirect method.
For the EVN\u00a0Group, the application of IFRS\u00a018 is expected to result in significant changes to the presentation of the consolidated
statement of operations. There will also be changes to the presentation of the consolidated statement of cash flows and other
disclosures in the notes.
The introduction of IFRS\u00a019 and the other amendments are not expected to have a material impact on EVN\u2019s consolidated
financial statements.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-350": { "value": "
The following standards and interpretations had been issued by the IASB as of 30\u00a0September\u00a02025, but have not yet been
adopted by the EU:
Standards and interpretations not yet applicable and not yet adopted by the EU
Effective1)
Expected material effects
on EVN\u2019s consolidated
financial statements
New standards and interpretations
IFRS 18
Presentation and Disclosure in Financial Statements
01.01.2027
Yes
IFRS 19
Subsidiaries without Public Accountability
01.01.2027
None
Revised standards and interpretations
IFRS 19
Amendments to IFRS 19 Subsidiaries without Public Accountability
01.01.2027
None
1) In accordance with IASB, these standards are applicable to \ufb01nancial years beginning on or after the effective date.
IFRS\u00a018 will replace IAS 1 Presentation of Financial Statements and applies to financial years beginning on or after 1\u00a0January\u00a02027.
The new standard brings with it the following requirements:
\u2022 Companies must classify all income and expenses in the statements of operations into five categories: operating activities,
investing activities, financing activities, discontinued operations and income taxes. In addition, newly defined subtotals must
be shown.
\u2022 However, the net result of the companies remains unaffected. Key performance indicators defined by management
(management performance measures) must be explained in a separate note.
\u2022 Extended guidelines specify how information is to be structured and grouped in the financial statements.
In addition, companies are required to use the subtotal of the operating result as the starting point for the statement of cash flows
if they present the operating cash flow using the indirect method.
For the EVN\u00a0Group, the application of IFRS\u00a018 is expected to result in significant changes to the presentation of the consolidated
statement of operations. There will also be changes to the presentation of the consolidated statement of cash flows and other
disclosures in the notes.
The introduction of IFRS\u00a019 and the other amendments are not expected to have a material impact on EVN\u2019s consolidated
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-353": { "value": "
3. Consolidation methods
Consolidation is carried out by offsetting the consideration transferred against the fair value of the acquired assets and
assumed liabilities.
All signi\ufb01cant companies whose \ufb01nancial and operating activities are directly or indirectly controlled by EVN\u00a0AG (i.\u00a0e. subsidiaries)
are fully consolidated. EVN is considered to have a controlling interest over a company in which it holds an investment when it has
a right to variable returns from the investee and can in\ufb02uence the amount of these returns through its control.
This is usually the case when EVN\u2019s voting rights exceed 50.0%, but may also apply if EVN has the power of disposition over and
is the primary bene\ufb01ciary of any economic bene\ufb01ts arising from the business operations of these companies or if EVN is required
to carry most of the risks. Companies are initially consolidated on the acquisition date or at the time EVN gains control and are
deconsolidated when control ends.
In accordance with IFRS\u00a03, assets and liabilities (including contingent liabilities) obtained through business combinations are
recognised at their full fair value, irrespective of any existing non-controlling interests. Non-controlling interests in subsidiaries are
carried at the proportional share of net assets (excluding the proportional share of goodwill). Intangible assets are recognised
separately from goodwill if they can be separated from the acquired company or arise from statutory, contractual or other legal
rights. Any remaining positive differences which represent compensation to the seller for market opportunities or developmental
potential that cannot be individually identi\ufb01ed are recognised in local currency as goodwill and allocated to cash-generating units
(CGUs) in the relevant segment (for information on the treatment and recoverability of goodwill, see notes 35.\u00a0Intangible assets
and 22.\u00a0Procedures and effects of impairment tests). Negative differences are recognised in pro\ufb01t or loss after a repeated
measurement of the acquired company\u2019s identi\ufb01able assets and liabilities (including contingent liabilities) and measurement of the
acquisition cost. The differences between fair value and the carrying amount are carried forward in accordance with the related
assets and liabilities during the subsequent consolidation. A change in the investment in a fully consolidated company is accounted
for directly in equity without recognition through pro\ufb01t or loss.
Joint arrangements are included in the consolidated \ufb01nancial statements of EVN depending on the rights and obligations
attributed to the controlling parties by the respective agreement. If only rights to the net assets are involved, the joint arrangement
is classi\ufb01ed as a joint venture according to IFRS\u00a011 and included at equity. If rights to the assets and obligations for the liabilities
are involved, the joint arrangement is classi\ufb01ed as a joint operation according to IFRS\u00a011 and included in the consolidated \ufb01nancial
statements through line-by-line consolidation.
Associates \u2013 i.\u00a0e. companies in which EVN AG can directly or indirectly exercise signi\ufb01cant in\ufb02uence \u2013 are included at equity.
Subsidiaries, joint ventures and associates are not consolidated if their in\ufb02uence on EVN\u2019s asset, \ufb01nancial and earnings position
is considered to be immaterial, either individually or in total. These companies are reported at cost less any necessary impairment
losses. The materiality of an investment is assessed on the basis of the balance sheet total, the proportional share of equity, external
revenue and annual pro\ufb01t or loss as reported in the last available \ufb01nancial statements in relation to the respective Group totals.
Intragroup receivables, liabilities, income and expenses as well as interim pro\ufb01ts and losses are eliminated unless they are
immaterial. The consolidation procedure for pro\ufb01t or loss includes the effects of income taxes as well as the recognition of
deferred taxes if permissible.
.
The impairment testing of goodwill and assets for which no expected future cash \ufb02ows can be identi\ufb01ed is based on an assessment
of the respective cash-generating unit (CGU). The decisive criterion used by EVN to classify a generation unit as a CGU is the
technical and commercial ability to generate independent revenue. In the EVN\u00a0Group, this de\ufb01nition applies to the electricity and
heat generation plants, electricity, natural gas and water distribution systems, electricity procurement rights, waste treatment
plants, telecommunications networks and facilities in the environmental services business.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-352": { "value": "
3. Consolidation methods
Consolidation is carried out by offsetting the consideration transferred against the fair value of the acquired assets and
assumed liabilities.
All signi\ufb01cant companies whose \ufb01nancial and operating activities are directly or indirectly controlled by EVN\u00a0AG (i.\u00a0e. subsidiaries)
are fully consolidated. EVN is considered to have a controlling interest over a company in which it holds an investment when it has
a right to variable returns from the investee and can in\ufb02uence the amount of these returns through its control.
This is usually the case when EVN\u2019s voting rights exceed 50.0%, but may also apply if EVN has the power of disposition over and
is the primary bene\ufb01ciary of any economic bene\ufb01ts arising from the business operations of these companies or if EVN is required
to carry most of the risks. Companies are initially consolidated on the acquisition date or at the time EVN gains control and are
deconsolidated when control ends.
In accordance with IFRS\u00a03, assets and liabilities (including contingent liabilities) obtained through business combinations are
recognised at their full fair value, irrespective of any existing non-controlling interests. Non-controlling interests in subsidiaries are
carried at the proportional share of net assets (excluding the proportional share of goodwill). Intangible assets are recognised
separately from goodwill if they can be separated from the acquired company or arise from statutory, contractual or other legal
rights. Any remaining positive differences which represent compensation to the seller for market opportunities or developmental
potential that cannot be individually identi\ufb01ed are recognised in local currency as goodwill and allocated to cash-generating units
(CGUs) in the relevant segment (for information on the treatment and recoverability of goodwill, see notes 35.\u00a0Intangible assets
and 22.\u00a0Procedures and effects of impairment tests). Negative differences are recognised in pro\ufb01t or loss after a repeated
measurement of the acquired company\u2019s identi\ufb01able assets and liabilities (including contingent liabilities) and measurement of the
acquisition cost. The differences between fair value and the carrying amount are carried forward in accordance with the related
assets and liabilities during the subsequent consolidation. A change in the investment in a fully consolidated company is accounted
for directly in equity without recognition through pro\ufb01t or loss.
Joint arrangements are included in the consolidated \ufb01nancial statements of EVN depending on the rights and obligations
attributed to the controlling parties by the respective agreement. If only rights to the net assets are involved, the joint arrangement
is classi\ufb01ed as a joint venture according to IFRS\u00a011 and included at equity. If rights to the assets and obligations for the liabilities
are involved, the joint arrangement is classi\ufb01ed as a joint operation according to IFRS\u00a011 and included in the consolidated \ufb01nancial
statements through line-by-line consolidation.
Associates \u2013 i.\u00a0e. companies in which EVN AG can directly or indirectly exercise signi\ufb01cant in\ufb02uence \u2013 are included at equity.
Subsidiaries, joint ventures and associates are not consolidated if their in\ufb02uence on EVN\u2019s asset, \ufb01nancial and earnings position
is considered to be immaterial, either individually or in total. These companies are reported at cost less any necessary impairment
losses. The materiality of an investment is assessed on the basis of the balance sheet total, the proportional share of equity, external
revenue and annual pro\ufb01t or loss as reported in the last available \ufb01nancial statements in relation to the respective Group totals.
Intragroup receivables, liabilities, income and expenses as well as interim pro\ufb01ts and losses are eliminated unless they are
immaterial. The consolidation procedure for pro\ufb01t or loss includes the effects of income taxes as well as the recognition of
deferred taxes if permissible.
4. Scope of consolidation
The scope of consolidation is determined in accordance with the requirements of IFRS\u00a010. Accordingly, 26\u00a0domestic and 23\u00a0foreign
subsidiaries (including the parent company EVN\u00a0AG) were fully consolidated in the consolidated \ufb01nancial statements as of
30\u00a0September\u00a02025 (previous year: 28\u00a0domestic and 26\u00a0foreign subsidiaries). A total of 12\u00a0subsidiaries (previous year:\u00a012) were
not consolidated due to their immaterial in\ufb02uence on EVN\u2019s asset, \ufb01nancial and earnings position, either individually or in total.
The fully consolidated subsidiary EVN\u00a0Energieservices\u00a0GmbH, as the limited partner of EVN\u00a0KG, participates to 100.0% in the profit
or loss of EVN\u00a0KG. EnergieAllianz, in which EVN holds a 45% stake, serves as the general partner of EVN\u00a0KG, but does not hold an
investment in this company. Based on the agreement with EnergieAllianz regarding the management of EVN\u00a0KG, there is joint
control and EVN\u00a0KG is therefore classi\ufb01ed as a joint venture in the sense of IFRS\u00a011 and consolidated at equity. Contractual
agreements also lead to the classi\ufb01cation of the EnergieAllianz\u00a0Group (EnergieAllianz and its subsidiaries) as a joint venture in the
sense of IFRS\u00a011; the group is therefore included in the consolidated \ufb01nancial statements at equity.
RBG, a fully consolidated company in which EVN\u00a0AG has an unchanged interest of 50.03%, holds a 100.0% stake in RAG. RAG is
consolidated at equity because contractual agreements prevent EVN from exercising control.
Bioenergie Steyr, in which EVN\u00a0W\u00e4rme holds a stake of 51.0%, is included in EVN\u2019s consolidated \ufb01nancial statements at\u00a0equity
because contractual agreements exclude any possibility of control.
Verbund Innkraftwerke, Germany, in which EVN\u00a0AG has an unchanged interest of 13.0%, is included at equity due to special
contractual arrangements that allow for the exercise of signi\ufb01cant in\ufb02uence.
The criteria for control de\ufb01ned by IFRS\u00a010 are not considered to be met in companies with an investment of 50.0%. These companies
are classi\ufb01ed as joint ventures in the sense of IFRS 11 based on the respective contractual agreements and are therefore included
in the consolidated \ufb01nancial statements at equity.
An overview of the companies included in the consolidated \ufb01nancial statements is provided under EVN\u2019s investments, starting
on page 95. Notes 49.\u00a0Non-controlling interests and 64.\u00a0Disclosures of interests in other entities provide detailed
information on the subsidiaries with major non-controlling interests as well as joint ventures and associates that are included in
the consolidated \ufb01nancial statements.
The scope of consolidation (including EVN\u00a0AG as the parent company) developed as follows during the reporting year:
Changes in the scope of consolidation
Full
consolidation
Equity
Total
30.09.2024
54
14
68
thereof foreign companies
26
5
31
Initial consolidation
1
0
1
Deconsolidation
-4
-1
-5
Reorganisation\u00b9\u207e
-2
\u2014
-2
30.09.2025
49
13
62
thereof foreign companies
23
4
27
1) Internal reorganisation
The two 100% subsidiaries OOO EVN Umwelt Service, Moscow, Russia, and OOO\u00a0EVN\u00a0Umwelt, Moscow, Russia, were sold
on 31\u00a0October\u00a02024 and deconsolidated as a result. EVN measured the assets and liabilities of these subsidiaries as of 30\u00a0Sep-
tember\u00a02024 in accordance with IFRS\u00a05 and reported them as current. The disposal resulted in a deconsolidation result of
EUR\u00a0\u20130.3m. In addition, EUR\u00a0\u20135.6m was recognised in the financial result from the reclassification (recycling) of currency
translation differences to the consolidated statement of operations.
The previously fully consolidated company WTE otpadne vode Budva DOO, Podgorica, Montenegro, was deconsolidated as at
1\u00a0October\u00a02024 due to immateriality. The company Degremont WTE Wassertechnik Praha v.o.s.,Prague, Czech Republic, which
was included in the consolidated financial statements at equity, was also deconsolidated due to its immateriality.
EVN Sonnenstromerzeugungs GmbH, Maria\u00a0Enzersdorf, which had previously been fully consolidated, was merged upstream
with EVN\u00a0Naturkraft\u00a0GmbH. The entry in the commercial register was made on 23\u00a0May\u00a02025. In addition, EVN\u00a0Umweltholding und
Betriebs-GmbH, Maria Enzersdorf, which is also fully consolidated, was merged with UTILITAS Dienstleistungs- und Beteiligungs-
Gesellschaft\u00a0m.b.H., Maria Enzersdorf, as a sidestream transaction. This was entered in the commercial register on 26 April\u00a02025.
As both mergers are internal restructuring within the Group, they have no impact on the consolidated financial statements of
EVN\u00a0AG.
WTE-Projektgesellschaft Natriumhypochlorit mbH, Essen, Germany, which had not been fully consolidated to date due to its
immateriality, was fully consolidated as of 30 June\u00a02025, and renamed Beteiligung 52\u00a0Asset\u00a0Solutions\u00a0GmbH. The remaining
projects and companies from the international project business that are not being sold to STRABAG were bundled into this
company (see note 43.\u00a0Assets and liabilities held for sale).
Due to immateriality, Hydro Power Company\u00a0Gorna\u00a0Arda\u00a0AD, Sofia, Bulgaria, which had previously been fully consolidated, was
deconsolidated as of 30 September 2025.
There were no IFRS\u00a03 business combinations during the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-351": { "value": "
3. Consolidation methods
Consolidation is carried out by offsetting the consideration transferred against the fair value of the acquired assets and
assumed liabilities.
All signi\ufb01cant companies whose \ufb01nancial and operating activities are directly or indirectly controlled by EVN\u00a0AG (i.\u00a0e. subsidiaries)
are fully consolidated. EVN is considered to have a controlling interest over a company in which it holds an investment when it has
a right to variable returns from the investee and can in\ufb02uence the amount of these returns through its control.
This is usually the case when EVN\u2019s voting rights exceed 50.0%, but may also apply if EVN has the power of disposition over and
is the primary bene\ufb01ciary of any economic bene\ufb01ts arising from the business operations of these companies or if EVN is required
to carry most of the risks. Companies are initially consolidated on the acquisition date or at the time EVN gains control and are
deconsolidated when control ends.
In accordance with IFRS\u00a03, assets and liabilities (including contingent liabilities) obtained through business combinations are
recognised at their full fair value, irrespective of any existing non-controlling interests. Non-controlling interests in subsidiaries are
carried at the proportional share of net assets (excluding the proportional share of goodwill). Intangible assets are recognised
separately from goodwill if they can be separated from the acquired company or arise from statutory, contractual or other legal
rights. Any remaining positive differences which represent compensation to the seller for market opportunities or developmental
potential that cannot be individually identi\ufb01ed are recognised in local currency as goodwill and allocated to cash-generating units
(CGUs) in the relevant segment (for information on the treatment and recoverability of goodwill, see notes 35.\u00a0Intangible assets
and 22.\u00a0Procedures and effects of impairment tests). Negative differences are recognised in pro\ufb01t or loss after a repeated
measurement of the acquired company\u2019s identi\ufb01able assets and liabilities (including contingent liabilities) and measurement of the
acquisition cost. The differences between fair value and the carrying amount are carried forward in accordance with the related
assets and liabilities during the subsequent consolidation. A change in the investment in a fully consolidated company is accounted
for directly in equity without recognition through pro\ufb01t or loss.
Joint arrangements are included in the consolidated \ufb01nancial statements of EVN depending on the rights and obligations
attributed to the controlling parties by the respective agreement. If only rights to the net assets are involved, the joint arrangement
is classi\ufb01ed as a joint venture according to IFRS\u00a011 and included at equity. If rights to the assets and obligations for the liabilities
are involved, the joint arrangement is classi\ufb01ed as a joint operation according to IFRS\u00a011 and included in the consolidated \ufb01nancial
statements through line-by-line consolidation.
Associates \u2013 i.\u00a0e. companies in which EVN AG can directly or indirectly exercise signi\ufb01cant in\ufb02uence \u2013 are included at equity.
Subsidiaries, joint ventures and associates are not consolidated if their in\ufb02uence on EVN\u2019s asset, \ufb01nancial and earnings position
is considered to be immaterial, either individually or in total. These companies are reported at cost less any necessary impairment
losses. The materiality of an investment is assessed on the basis of the balance sheet total, the proportional share of equity, external
revenue and annual pro\ufb01t or loss as reported in the last available \ufb01nancial statements in relation to the respective Group totals.
Intragroup receivables, liabilities, income and expenses as well as interim pro\ufb01ts and losses are eliminated unless they are
immaterial. The consolidation procedure for pro\ufb01t or loss includes the effects of income taxes as well as the recognition of
deferred taxes if permissible.
5. Foreign currency translation
All Group companies record their foreign currency business transactions at the mid exchange rate in effect on the date of the
relevant transaction. Monetary assets and liabilities denominated in a foreign currency are translated at the mid exchange rate
on the balance sheet date. Any resulting foreign currency gains or losses are recognised in pro\ufb01t or loss. The exchange rate
applied to the initial recognition of an asset, expense or income is derived from the date on which a company initially recognises
the related non-monetary asset or non-monetary liability.
In accordance with IAS\u00a021, the annual \ufb01nancial statements of Group companies that are prepared in a foreign currency are
translated into euros for inclusion in the consolidated \ufb01nancial statements. This translation is based on the functional currency
method, under which the assets and liabilities of companies not reporting in euros are converted at the mid exchange rate on
the balance sheet date and any income and expenses are converted at the average annual rate. Unrealised currency translation
differences from long-term Group loans are recorded under the currency translation reserve in equity without recognition in
pro\ufb01t or loss. Currency translation differences directly recognised in equity resulted in a change to equity of EUR\u00a02.7m in 2024/25
(previous year: EUR\u00a02.1m).
Additions and disposals are reported at the applicable average exchange rates in all tables. Changes in the mid exchange
rates between the balance sheet date for the reporting year and the previous year as well as differences arising from the use of
mid exchange rates to translate changes during the \ufb01nancial year are reported separately under currency translation differences
in all tables.
Goodwill resulting from the acquisition of foreign subsidiaries is recorded at the exchange rate in effect on the acquisition date.
This goodwill is subsequently allocated to the acquired company and translated at the exchange rate in effect on the balance sheet
date. When a foreign company is deconsolidated, any related currency differences are recognised in pro\ufb01t or loss.
The following key exchange rates were used for foreign currency translation as of the balance sheet date:
Foreign currency translation
2024/25
2023/24
Currency
Exchange rate
on the balance
sheet date
Average\u00b9\u207e
Exchange rate
on the balance
sheet date
Average\u00b9\u207e
Albanian lek
96.72000
98.39385
98.79000
102.21769
Bulgarian lew\u00b2\u207e
1.95583
1.95583
1.95583
1.95583
Bahrain dinar
0.44285
0.41746
0.42195
0.40908
Kuwait dinar
0.35890
0.33969
0.34145
0.33341
North Macedonian denar
61.69460
61.51439
61.49250
61.53430
Polish zloty
4.27000
4.25582
4.27940
4.34257
Russian rouble
105.70015
104.91733
104.13450
98.66355
Accounting policies
6. Intangible assets
Acquired intangible assets are recognised at acquisition cost less straight-line amortisation and any impairment losses, unless their
useful life is classi\ufb01ed as inde\ufb01nite. Assets with a determinable limited useful life are amortised on the basis of that expected useful
life, which as in the previous year, equals three to eight years for software and three to 40\u00a0years for rights. Customer relationships
capitalised in connection with a business acquisition, which have a determinable useful life because of potential market liberalisa-
tion, are amortised on a straight-line basis over \ufb01ve to 15\u00a0years. The expected useful lives and amortisation curves are determined
by estimating the timing and distribution of cash in\ufb02ows from the corresponding intangible assets over time. Intangible assets
with an inde\ufb01nite useful life are measured at cost and tested annually for impairment (see note 22.\u00a0Procedures and effects of
impairment tests).
Internally generated intangible assets must meet the requirements of IAS\u00a038 in order to be capitalised. This standard distinguishes
between research and development expenses.
Service concessions that meet the requirements of IFRIC\u00a012 are classi\ufb01ed as intangible assets. Expenses and income are recognised
according to the percentage of completion method at the fair value of the compensation received. The percentage of completion
is assessed according to the cost-to-cost method. The requirements de\ufb01ned in IFRIC\u00a012 are currently met by the Ashta hydropower
plant which is included at equity.
7. Property, plant and equipment
Property, plant and equipment are carried at acquisition or production cost less scheduled straight-line depreciation and any
necessary impairment losses. The acquisition or production cost also includes the estimated expenses for demolition and disposal
if there is an obligation to decommission or demolish the plant and equipment or to restore property at the end of the asset\u2019s
useful life. The present value of the estimated demolition and/or disposal costs is capitalised along with the acquisition or production
costs and also recognised as a liability (provision). Production costs for internally generated \ufb01xed assets include appropriate
material and manufacturing overheads in addition to direct material and labour costs.
Ongoing maintenance and repairs to property, plant and equipment are recognised in pro\ufb01t or loss, provided this work does
not change the nature of the asset or lead to additional future bene\ufb01ts. If these measures enhance the value of the respective
asset, the related expenses must be capitalised retroactively as part of the acquisition or production cost.
If the construction of property, plant and equipment continues over an extended period of time, these items are classi\ufb01ed as
\u201cqualifying assets\u201d. The borrowing costs incurred during the construction period are then capitalised as a part of the production
cost in accordance with IAS 23. In keeping with EVN\u2019s accounting policies, a project gives rise to a qualifying asset only if
construction takes at least 12\u00a0months. Interest on borrowed capital is not capitalised if the amounts are insignificant over the
entire construction phase.
Property, plant and equipment are depreciated from the time they are available for use. Depreciation for property, plant and
equipment subject to wear and tear is calculated on a straight-line basis over the expected useful life of the relevant asset or its
components. The expected economic and technical life is evaluated at each balance sheet date and adjusted if necessary.
As in the previous year, straight-line depreciation is based on the following useful lives, which are uniform throughout the Group:
Expected useful life of property, plant and equipment
Years
Buildings
10\u201350
Transmission lines and pipelines
15\u201350
Machinery
10\u201350
Meters
5\u201340
Tools and equipment
3\u201325
When property, plant and equipment are sold, the acquisition or production costs and accumulated depreciation are reported
as a disposal. The difference between the net proceeds from the sale and the carrying amount are recognised to profit or loss and
reported in other operating income or expenses.
Some leases include extension and cancellation options which are used by EVN to achieve maximum operating flexibility in the
assets used by the Group. The determination of the contract term includes all facts and circumstances which could represent an
economic incentive for the exercise of an extension option or the non-exercise of a cancellation option.
).
8. Investments in equity accounted investees
Investments in equity accounted investees are initially recognised at cost. In subsequent periods, the carrying amounts of these
investments are adjusted by the share of pro\ufb01t or loss attributable to EVN, less any dividends received, and by EVN\u2019s share of other
comprehensive income and any other changes in equity. Investments accounted for according to the equity method are tested
for impairment in accordance with IAS 36 if there are any indications of a loss in value (see note 22.\u00a0Procedures and effects of
impairment tests).
The share of results from equity accounted investees with operational nature is reported as part of results from operating activities
(EBIT) (see notes 30.\u00a0Share of results from equity accounted investees with operational nature and 64.\u00a0Disclosures of
interests in other entities).
. Financial instruments
A financial instrument is a contract that gives rise to a financial asset in one company and a financial liability or an equity
instrument in another company.
Primary financial instruments
Primary financial instruments are measured in accordance with the rules defined by IFRS 9. Initial recognition is based on fair value as
of the settlement date, including transaction costs, unless the financial instruments are recognised at fair value through profit or loss.
Primary financial instruments are recognised in the consolidated statement of financial position when EVN is contractually entitled to
receive payment or other financial assets from another party.
Since the initial application of IFRS\u00a09, EVN has classified its financial assets under the following measurement categories:
\u2022 Fair value through other comprehensive income (FVOCI)
\u2022 Fair value through profit or loss (FVTPL)
\u2022 At amortised cost (AC)
The classification of financial assets on initial recognition is based on the business model and the characteristics of the contractual
cash flows.
A financial asset is classified at amortised cost (AC) when it is held to collect contractual cash flows and these cash flows consist
entirely of interest and principal payments on the outstanding amount. EVN holds loans receivable, trade receivables, remaining
other non-current assets, cash on hand and cash at banks within the framework of a business model whose objective is to collect
contractual cash flows. Consequently, the cash flow criterion is also met and the financial assets are classified at amortised cost (AC).
The non-current and current securities held by EVN are held within a business model whose objective is neither to collect
contractual cash flows nor to collect contractual cash flows and to sell financial assets. These securities are classified at fair value
through profit or loss (FVTPL). Derivative financial assets (outside hedge accounting) must be classified at fair value through
profit or loss (FVTPL) (see Derivative financial instruments).
Investments in equity instruments are generally measured at fair value through profit or loss (FVTPL). However, EVN decided, at
the time IFRS\u00a09 was initially applied, to exercise the \u201cFVOCI\u00a0option\u201d provided by IFRS\u00a09.5.7.5 and classify all its equity instruments
irrevocably at fair value through other comprehensive income (FVOCI).
Financial liabilities are still classified under the following measurement categories:
\u2022 Fair value through profit or loss (FVTPL)
\u2022 At amortised cost (AC)
Subsequent measurement is based on the classification to the measurement categories listed above and the rules applicable to
the individual categories. These rules are described in the notes to the individual items on the consolidated statement of financial
position.
The introduction of IFRS 9 led to the application at the time of initial recognition of the expected credit loss model (ECL) to debt
instruments carried at amortised cost, debt instruments measured at FVOCI, lease receivables and contractual assets as defined in
IFRS\u00a015. Under the ECL model, impairment losses are not only recognised for losses which have already occurred but also for
expected future credit losses. The related classification is based on a three-stage impairment model. When a financial asset is
initially recognised, a loss allowance must be determined for the credit losses expected to occur within one year (risk category\u00a01).
Any significant deterioration in the debtor\u2019s credit standing leads to the extension of this timeframe to the full term of the
financial asset (risk category\u00a02). An impaired credit standing or actual default by the debtor results in reclassification to risk
category\u00a03. The criteria for the transfer between risk categories are based on EVN\u2019s internal rating system.
EVN determines the expected future credit loss by multiplying the \u201cprobability of default\" (PoD) with the carrying amount of the
financial asset \u201cexposure at default\" (EAD) and the actual loss resulting from customer default \u201closs given default\" (LGD).
In contrast to the above-mentioned ECL model, the simplified approach does not include the measurement of the twelve-month
expected credit loss but only the lifetime expected credit loss. A simplified approach must be applied to trade receivables and IFRS\u00a015
contractual assets without a significant financing component. An option is also available to apply the simplified approach to trade
receivables and IFRS\u00a015 contractual assets with a significant financing component. EVN uses this option. The option to apply the
simplified approach in accordance with IFRS\u00a016 to lease receivables is not applied.
EVN uses the practical expedient defined by IFRS 9.B5.5.35 for trade receivables and measures the expected credit loss with a
provision matrix (also see note 13.\u00a0Trade and other receivables).
Derivative financial instruments
The main instruments used by EVN to manage and limit existing exchange rate and interest rate risks in the \ufb01nancial sector are
foreign currency and interest rate swaps. EVN uses swaps, futures and forwards to limit energy sector risks arising from changes in
commodity and product prices.
The forward and futures contracts concluded by EVN for the purchase or sale of electricity, natural gas and CO2 emission
certi\ufb01cates serve to hedge the purchase prices for expected electricity and natural gas deliveries or CO2 emission certi\ufb01cates as
well as the selling prices for planned electricity production. If physical delivery is based on the expected procurement, sale or
usage requirements, the criteria for the so-called \u201cown use exemption\u201d are met. The contracts are then not considered derivative
\ufb01nancial instruments in terms of IFRS 9, but represent pending purchase and sale transactions, which must be assessed for
possible impending losses from pending transactions in accordance with IAS\u00a037. If the requirements for the own use exemption
are not met \u2013 for example, by transactions for short-term optimisation \u2013 the contracts are recorded as derivatives in accord-
ance with IFRS\u00a09. Corresponding expenses and income from such derivative financial instruments are reported under results from
operating activities.
Derivative \ufb01nancial instruments are recognised at fair value, which generally re\ufb02ects the acquisition cost, when the respective
contract is concluded and measured at fair value in subsequent periods. The fair value of derivative \ufb01nancial instruments
is determined on the basis of quoted market prices, information provided by banks or discounting-based valuation methods
whereby the counterparty risk is also included. Positive fair values are recorded as receivables from derivative transactions
(under other non-current assets or under current receivables and other assets, depending on the term). In contrast, negative fair
values are recorded as liabilities from derivative transactions (under other non-current liabilities or under other current liabilities,
depending on the term). For counterparties with a master agreement that includes a so-called netting clause, the positive
and negative fair values are presented as net amounts for the respective time periods when net settlement is planned (see note
63.\u00a0Reporting on financial instruments).
EVN has designated significant parts of the listed derivatives as hedges within the framework of hedge accounting. The require-
ments defined by IFRS\u00a09 for this designation include an approved underlying transaction or hedging instrument, the formal
designation and documentation of the hedge relationship, an economic relationship between the underlying transaction and the
hedge as well as an appropriately documented hedging strategy.
Cash flow hedges are used to hedge the interest rate risks arising from financial liabilities and foreign exchange risks and to
hedge the price risk from planned future electricity sales. At the beginning of the designated hedge relationship, the Group
documents the risk management goals and strategies to be followed with regard to the hedge. The Group also documents the
economic relationship between the underlying transaction and the hedging instrument as well as expectations as to whether
the changes in the cash flows from the underlying transaction and the hedging instrument are expected to offset each other.
When a derivative is designated as a cash flow hedge, the effective portion of the changes in fair value are recognised under
other comprehensive income and accumulated in the hedging reserve. The effective portion of the changes in fair value, which is
recorded under other comprehensive income, is limited to the cumulative change in the fair value of the underlying transaction
(based on present value) since the beginning of the hedge. Any ineffective parts of the changes in the fair value of the derivative
are recognised immediately to profit or loss.
If an expected hedged transaction subsequently leads to the recognition of a non-financial item, e.\u00a0g. inventories, the accumulated
amount from the hedging reserve and the reserve for hedging costs is included in the acquisition cost of the non-financial item,
if it is recognised.
For all other expected hedged transactions, the accumulated amount in the hedging reserve and the reserve for hedging costs is
reclassified to profit or loss of the period or periods in which the expected future hedged cash flows influence profit or loss. If
a hedge no longer meets the criteria for hedge accounting or if the hedging instrument is sold, expires, is terminated or exercised,
hedge accounting is terminated prospectively. A so-called \u201crebalancing\u201d is generally carried out when the framework conditions
change, and the hedge is only terminated when this is not possible. When cash flow hedge accounting is terminated, the amount
in the hedging reserve remains in equity until it is included in the acquisition cost of a non-financial item on initial recognition
(for hedging transactions that lead to the recognition of a non-financial item) or until it is reclassified to profit or loss of the period
or periods in which the expected hedged future cash flows influence profit or loss (for other cash flow hedges).
If the hedged future cash flows are no longer expected to occur, the amounts in the hedging reserve and the reserve for hedging
costs are reclassified immediately to profit or loss.
The accounting treatment of the changes in the fair value of derivatives used for hedging purposes depends on the type of the
hedging transaction.
Fair value hedges are used to hedge currency risks. Derivative \ufb01nancial instruments classi\ufb01ed as fair value hedges under IFRS\u00a09
serve to hedge recognised assets or liabilities against the risk of a change in fair value. For fair value hedges, the recognition in
pro\ufb01t or loss includes the change in the fair value of the derivative as well as the contrasting change in the fair value of the
underlying transaction, as far as it re\ufb02ects the hedged risk. The related earnings are generally reported under the same position in
the consolidated statement of operations as the underlying transaction. Changes in the value of the hedges are essentially offset
by the changes in the value of the hedged transactions.
The derivatives used by EVN for hedging purposes constitute effective protection. The changes in the fair value of these derivatives
are generally offset by compensating changes in the underlying transactions.
10. Other investments
Other investments include, in addition to other investments, shares in associated companies which are not included in the
consolidated financial statements due to immateriality. These shares are recorded at cost less any necessary impairment losses.
The other investments were classified irrevocably at fair value through other comprehensive income (\u201cFVOCI option\u201d) in
accordance with IFRS\u00a09.5.7.5 following the introduction of IFRS\u00a09. The fair value of these investments is based on available
information and derived from market quotations, discounted cash flow calculations or the multiplier method. The measurement
and deconsolidation results from these equity instruments are recorded under other comprehensive income. Dividends
received are still reported on the consolidated statement of operations under income from investments, despite the use of this
option (also see note 32. Financial results).
11. Other non-current assets
Securities recorded under other non-current assets are initially recognised as FVTPL. These assets are recorded at fair value as of
the acquisition date and subsequently measured at fair value as of the balance sheet date. Changes in fair value are recognised in
the consolidated statement of operations.
Loans receivable are classi\ufb01ed as AC, whereby the carrying amount on the acquisition date corresponds to the fair value.
These loans are subsequently measured at amortised cost in keeping with the effective interest rate method and also re\ufb02ect any
necessary impairment losses.
Lease receivables from the environmental sector are classi\ufb01ed as \ufb01nance leases according to IFRS\u00a016.
Receivables arising from derivative transactions are recognised as FVTPL. Gains and losses arising from changes in the fair value
of derivative \ufb01nancial instruments are either recognised in pro\ufb01t or loss in the consolidated statement of operations or in other
comprehensive income (see note 9.\u00a0Financial instruments).
The measurement of the remaining non-current assets is based on acquisition or production cost or the lower net realisable value
on the balance sheet date.
Costs incurred for obtaining a contract are capitalised as an asset when EVN assumes these costs can be recovered. The capitalised
costs are amortised on a systematic basis depending on how the goods or services are transferred to the customer.
12. Inventories
The measurement of inventories is based on acquisition or production cost or the lower net realisable value as of the balance
sheet date. For marketable inventories, these values are derived from the current market price. For other inventories, these \ufb01gures
are based on the expected proceeds less future production costs. Risks arising from the length of storage or reduced marketability
are re\ufb02ected in experience-based reductions. The moving average price method is used to determine the consumption of primary
energy inventories as well as raw materials, auxiliary materials and fuels.
The inventories of natural gas held by EVN for trading purposes are measured through profit or loss in the consolidated
statement of operations. In accordance with the dealer-broker exception for raw material and commodities traders, measure-
ment is based on fair value less costs to sell. This amount corresponds to the exchange price for day-ahead deliveries on
the Central European Gas Hub (CEGH).
13. Trade and other receivables
Current receivables are generally recorded at amortised cost, which equals the acquisition cost less impairment losses for
the components of the receivables that are expected to be uncollectible. EVN applies the practical expedient provided by
IFRS\u00a09.B5.5.35 to trade receivables and determines the expected credit loss with a provision matrix. The input factors for the
matrix include analyses of default incidents in previous financial years based on different regional characteristics for the
core markets. The expected credit losses determined by the matrix are ranked by the time (over)due based on historical default
rates and subsequently written off through profit or loss. The compiled information is reviewed annually, and the default
rates are adjusted if necessary. All other receivables are accounted for in accordance with the ECL model (also see note
9.\u00a0Financial instruments).
Amortised costs, less any applicable impairment losses, can be considered appropriate estimates of the current value because
the remaining term to maturity is generally less than one year.
Exceptions to the above procedure are receivables arising from derivative transactions which are recognised at fair value,
and foreign currency items, which are measured at the exchange rates in effect on the balance sheet date.
Contract assets consist primarily of the Group\u2019s claims to consideration for performance on contract orders from the project
business, in cases where the performance was completed but not yet invoiced as of the balance sheet date. Contract assets
are reclassified to receivables when the rights become unconditional. This generally occurs when the Group issues an invoice to
the customer.
14. Securities
Current securities, which consist mainly of investment certificates, are classi\ufb01ed as FVTPL and measured at their fair value.
Changes in fair value are recognised in profit or loss in the consolidated statement of operations.
15. Cash and cash equivalents
Cash and cash equivalents include cash on hand and demand deposits. Cash balances in foreign currencies are translated at the
exchange rate in effect on the balance sheet date.
In accordance with internal Group guidelines, EVN invests cash and cash equivalents only with reputable financial institutions
with good ratings. In this respect, it is assumed that cash and cash equivalents based on the external rating of banks and financial
institutions have a low risk of default.
16. Assets and liabilities held for sale
Non-current assets as well as disposal groups that contain assets and liabilities are classified as held for sale when their sale is
highly likely.
A disposal group is classified as a discontinued operation when the respective component of the entity is sold or is classified as
held for sale and represents an independent and material line of business.
These assets are carried at the lower of their respective carrying amount and fair value less disposal costs. The determination
of fair value less disposal costs is subject to estimates and assumptions which can be connected with uncertainty. Any necessary
recognition of an impairment loss is initially allocated to goodwill and, thereafter, to the remaining assets and liabilities on a
proportional basis. Impairment losses resulting from the initial classification as held for sale as well as later gains and losses on
revaluation are recognised to profit or loss. Intangible assets and property, plant and equipment are no longer amortised,
respectively depreciated once they have been classified as held for sale.
The assets and liabilities held for sale are reported separately on the consolidated statement of financial position. A disclosure
is also included under a separate position on the consolidated statement of operations when a discontinued operation is involved
(see note 43.\u00a0Assets and liabilities held for sale in discontinued operation).
The notes beginning with\u200625. Revenue are related to the continuing operations unless reference is expressly made to the
discontinued operation.
17. Equity
In contrast to borrowings, equity is de\ufb01ned by the IFRS framework as the \u201cresidual interest in the assets of an entity after
deducting all of its liabilities\u201d. Equity is thus the residual value of a company\u2019s assets and liabilities.
Treasury shares held by EVN are not recognised as securities pursuant to IAS\u00a032, but are instead reported at their (repurchase)
acquisition cost and offset against equity. Any pro\ufb01t or loss resulting from the resale of treasury shares relative to the acquisition cost
increases or decreases capital reserve.
The items recorded under other comprehensive income include certain changes in equity that are not recognised
through pro\ufb01t or loss as well as the related deferred taxes. For example, this position contains the currency translation reserve,
valuation results from equity instruments (FVOCI), the effective portion of changes in the fair value of cash \ufb02ow hedges as well
as all remeasurements according to IAS\u00a019. This item also includes the proportional share of gains and losses recognised directly
in equity accounted investees.
18. Provisions
Personnel provisions
The projected unit credit method is used to determine the provisions for pensions and similar obligations as well as severance
payments. The expected pension payments are distributed according to the number of years of service by employees until
retirement, taking expected future increases in salaries and pensions into account.
The amounts of the provisions are determined by an actuary as of each balance sheet date based on an expert opinion.
The measurement principles are described in note 52.\u00a0Non-current provisions. All remeasurements \u2013 at EVN, only gains and
losses from changes in actuarial assumptions \u2013 are recognised under other comprehensive income in accordance with IAS\u00a019.
The applied interest rate is based on the market yields for \ufb01rst-class, \ufb01xed-interest industrial bonds as of the balance sheet date,
whereby the maturities of the bene\ufb01ts were taken into account.
The service cost added to the provision is reported under personnel expenses, while the interest component of the addition is
included under \ufb01nancial results.
The calculation of the provisions for severance payments, service anniversary bonuses, pensions and pension-related obligations,
as in the previous year, was based on the Austrian mortality tables \u201cAV\u00d6\u00a02018-P \u2013 Rechnungsgrundlagen f\u00fcr die Pensions-
versicherung\u201d, which were issued by the Actuarial Association Austria (AV\u00d6) on 15\u00a0August\u00a02018.
Provisions for pensions and pension-related obligations
Under the terms of a company agreement, EVN\u00a0AG is required to pay a supplementary pension on retirement to employees
who joined the company prior to 31\u00a0December\u00a01989. This commitment also applies to employees who, within the context
of the legal unbundling agreement for the spin-off of the electricity and natural gas networks, are now employed by Netz\u00a0Nieder-
\u00f6sterreich. The amount of this supplementary pension is based on performance as well as on the length of service and the
amount of remuneration at retirement. EVN, in any case, and the employees, as a rule, also make contributions to the umbrella
pension fund VBV Pensionskasse\u00a0AG (VBV) and the resulting claims are fully credited toward pension payments. Therefore,
EVN\u2019s obligations toward both retired employees and prospective bene\ufb01ciaries are covered in part by provisions for pensions as
well as by de\ufb01ned contribution payments on the part of VBV.
For employees who joined the company after 1\u00a0January\u00a01990, the supplementary company pension was replaced by a de\ufb01ned
contribution plan that is \ufb01nanced through VBV. VBV is responsible for the investment of the pension plan assets. Pension
commitments were also made to certain employees, which require EVN to pay retirement bene\ufb01ts under certain conditions.
Provisions for pension-related obligations were recognised for liabilities arising from the vested claims of current employees and
the current claims of retired personnel and their dependents to receive bene\ufb01ts in kind in the form of electricity and natural gas.
Provision for severance payments
Austrian corporations are required by law to make one-off severance payments to employees whose employment began before
1\u00a0January\u00a02003 if they are dismissed, in case of dissolution of the employment relationship by mutual consent or when they reach
the legal retirement age. The amount of such payments is based on the number of years of service and the amount of the
respective employee\u2019s remuneration at the time the severance payment is made.
Employees in Bulgaria and North Macedonia are entitled to severance payments on retirement, which are based on the number
of years of service. With regard to severance compensation entitlements, the other EVN employees are covered by similar social
protection measures contingent on the legal, economic and tax framework of the country in which they work.
The obligation to make one-off severance payments to employees of Austrian companies whose employment commenced after
31\u00a0December\u00a02002 has been transferred to a de\ufb01ned contribution plan. The payments to this external employee fund are reported
under personnel expenses.
Other provisions
The other provisions re\ufb02ect all recognisable legal or factual commitments to third parties based on past events, where the
amount of the commitments and/or the precise starting point was still uncertain. In these cases, a reliable estimate of
the amount of the obligation is required. If a reliable estimate is not possible, a provision is not recognised. These provisions
are recognised at the discounted settlement amount. They are measured based on the expected value or the amount most
likely to be incurred.
Risk-free interest rates are used for the discount rates. If the risks and uncertainties in cash flows cannot be taken into consideration
adequately, an adapted discount rate is used.
The provisions for service anniversary bonuses in Austria required by collective wage and company agreements are measured using
the same parameters as the provisions for pensions and similar obligations. A new regulation in the collective agreement for
salaried employees of Austrian utility companies entitles salaried employees whose employment relationship began after
31\u00a0December\u00a02009 to a service anniversary bonus equalling one month\u2019s salary after 15, 20, 25, 30 and 35 years and to one-half
month\u2019s salary after 40\u00a0years. This was taken into account accordingly. All remeasurements \u2013 at EVN, only gains and losses from
changes in actuarial assumptions \u2013 involving service anniversary bonuses are recognised through pro\ufb01t or loss in accordance with
IAS\u00a019. The service cost added to the provision is reported under personnel expenses, while the interest component of the
addition is included under \ufb01nancial results.
Waste disposal and land restoration requirements resulting from legal and perceived commitments are recorded at the present value
of the expected future costs. Changes in the estimated costs or the interest rate are offset against the carrying amount of the
underlying asset. If the decrease in a provision exceeds the carrying amount of the asset, the difference is recognised through
pro\ufb01t or loss. The related depreciation is corrected in accordance with the residual carrying amount and depreciated over the
remaining useful life. If the asset has reached the end of its useful life, all subsequent changes to the provisions are recognised in
pro\ufb01t or loss.
Provisions for onerous contracts are recognised at the amount of the unavoidable out\ufb02ow of resources. This represents the lower
of the amount that would result from performance of the contract and any compensatory payments to be made in the event
of non-performance.
19. Liabilities
Liabilities are reported at amortised cost, with the exception of liabilities arising from derivative \ufb01nancial instruments or liabilities
arising from hedge accounting (see note 9. Financial instruments). Costs for the procurement of funds are considered part of
amortised cost. Non-current liabilities are discounted by applying the effective interest method.
With respect to \ufb01nancial liabilities, bullet loans and borrowings with a remaining term to maturity of over one year are classi\ufb01ed
as non-current and items with a remaining term to maturity of less than one year are reported under current loans and borrowings
(for information on maturities see note 50. Non-current loans and borrowings).
If a liability can be settled within the next 12\u00a0months after the reporting date, this part is classified as current.
Network subsidies \u2013 which constitute payments made by customers to cover previous investments by EVN in the upstream
network \u2013 represent an offset to the acquisition cost of these assets. In the electricity and natural gas network business, they are
related to supply obligations by EVN. The granting of investment subsidies generally requires an operational management
structure that complies with legal requirements and has been approved by the authorities.
Network and investment subsidies represent an offset to the acquisition or production costs of the related asset and are
recognised as liabilities. Network and investment subsidies are released on a straight-line basis over the average useful life of the
respective assets. The release of network subsidies from the regulated business is reported under other operating income, while
comparable items from the non-regulated business are reported under revenue (also see note 20.\u00a0Revenue recognition).
A contract liability must be reported when consideration (e.\u00a0g. a prepayment) has been transferred by the customer and the
company has not yet provided goods or services. In the EVN\u00a0Group, this generally takes place in connection with prepayments
from the international project business.
20. Revenue recognition
IFRS 15 provides a five-step model for the recognition and measurement of revenue from contracts with customers. Under this
model, revenue from contracts with customers is recognised when control over a good or service is transferred to the
customer. A determination must therefore be made when a contract is concluded as to whether the resulting revenue should
be recognised at a specific point in time or over time.
Revenue in the EVN Group results primarily from the sale (energy deliveries) and distribution (network utilisation/network services)
of electricity, natural gas, heat and water to industrial, household and commercial customers. The EVN\u00a0Group also generates
revenue from waste utilisation and telecommunication services. The provision of goods and services by the EVN\u00a0Group generally
takes place over a specific time period, and revenue is therefore recognised over time.
The major services are described below:
Energy deliveries
Revenue results primarily from the transfer of electricity, natural gas, heat and water. Since the customer uses these services
as they are provided, revenue is recognised over time. Revenue is recognised at an amount that reflects the services provided and
entitled to be invoiced by EVN. In particular for household customers who only receive one invoice per year, the variable
consideration is determined by extrapolating the energy consumption based on usage profiles and current temperature trends.
The payment terms for energy deliveries generally represent 14 days. There is no significant financing component.
Network utilisation and services
EVN supplies electricity, natural gas, heat and water to its customers within the framework of network usage. The related
performance obligation lies, above all, in the continuous provision and availability of energy through the network infrastructure.
Revenue from these services is also recognised over time and when the services are provided, as described above. The payment
terms for network usage generally represent 14\u00a0days. There is no significant financing component.
Network subsidies constitute payments made by customers to cover previous investments by EVN in the upstream network,
to the extent they represent compensation for granting usage or purchase rights. Network subsidies in the regulated electricity
and natural gas business, where the regulator determines the amount and underlying reason, are recognised as liabilities and
reported under other operating income as income from the reversal of deferred income from network subsidies. The network
subsidies for all other areas are recorded as non-refundable advance payments (liabilities) in accordance with IFRS\u00a015 and released
to profit or loss under other revenue (also see note 2.\u00a0Reporting in accordance with IFRS).
International project business
The following accounting and valuation principles are particularly relevant to the international project business. As a result of the
planned sale of significant parts of the international project business and its classification as a discontinued operation, all
expenses and income attributable to this business segment are reported in a separate item in the consolidated statement of
operations (see note 16.\u00a0Assets and liabilities held for sale).
Revenue from the international project business is recognised in accordance with the percentage of completion method as
defined by IFRS\u00a015. Projects are characterised by individual contract conditions with fixed prices and payments which follow a
fixed schedule.
If the construction services provided exceed the amount of the payment, a contract asset is recognised. If the payments are
higher than the construction services provided, a contract liability is recorded. The percentage of completion is determined by the
cost-to-cost method, which calls for the recognition of revenue and contract results in relation to actually incurred production
costs as a per cent of the expected total costs. Reliable estimates of the total costs for the contracts, selling prices and incurred
costs are available. Any changes in the estimated total contract costs and possible resulting losses are recognised in profit or
loss in the period incurred. The technological and financial risks which could occur during the remaining term of a project are
included through individual estimates and an appropriate amount is added to the expected total costs. Impending losses from
the valuation of projects not yet invoiced are expensed immediately. These losses are realised when it is probable that the total
contract costs will exceed the contract revenue. In the case that customers terminate the contract for reasons other than the
non-fulfilment of the service promised by the company, EVN has a legal claim that at least the expenses incurred plus the lost
profit margin will be reimbursed.
Assignments in the international project business are generally characterised by fixed prices based on individual contract terms.
Supplementary agreements represent variances between the performance actually provided and the contractually agreed
performance that cannot be directly invoiced due to the existing contract regulations. An agreement must be reached with
the customer over the possibility of invoicing and acceptance.
Supplementary agreements can cover subsequent changes to the contract performance as well as disputed receivables that
result from defective performance.
Agreed changes in performance arise when the customer actively intervenes in the commissioned project and modifies the scope
of performance. These types of changes are generally ordered by the customer prior to their execution. They represent a contract
modification in the sense of IFRS 15.18 because all contract parties agree to the modification and/or to the price. In accordance
with IFRS\u00a015.21 lit b, these changes are recognised as part of the existing contract because they are not distinct and can be
allocated to an existing performance obligation.
Claims to compensation for additional costs caused by defective performance arise when they are within the customer\u2019s scope of
responsibility. The complexity of the projects frequently leads to different opinions over the existence of a payment entitlement
between the customer and the contractor. In accordance with IFRS\u00a015.19, disputed claims represent contract modifications where
the contract parties have not yet agreed on the scope of performance and/or the price. IFRS\u00a015.56 requires the recognition of
supplementary agreements only when they are highly probable and there is no, or hardly any uncertainty. The probability of a
possible revenue reversal increases according to IFRS\u00a015.57, among others, when the amount of consideration is highly dependent
on external factors or actions by third parties and the uncertainty concerning the amount of consideration exists over a longer
period of time. As soon as the entitlements are recognisable under IFRS\u00a015.56, the amount to be recognised is estimated as the
most likely amount (IFRS\u00a015.53\u00a0lit\u00a0b) due to the absence of a large number of similar contracts.
Other
EVN also generates revenue from telecommunications, waste utilisation and energy services. Most of the related contracts include
services which are consumed by the customer as they are provided, and this revenue is also recognised over time. Revenue from
waste utilisation is recognised at a point in time.
The costs for obtaining contracts are expensed as incurred if the amortisation period for the related asset equals one year or less.
Significant financing components are not included when the period between the transfer to the customer of the promised good
or service and payment by the customer is less than one year.
Significant judgements related to revenue recognition
Consumption-based fees for energy deliveries and network utilisation represent variable consideration, which is determined
according to the expected value method defined by IFRS 15.53 lit a. Meterreading dates are spread over the entire year, especially
for household customers with rolling invoices. The volumes of energy consumed during the period between the last meterreading
and the balance sheet date must be extrapolated with statistical methods and therefore estimated. The procedure used by
EVN assigns each customer to a standard consumption profile in the form of an annual consumption curve for electricity and/or
natural gas and extrapolates each customer individually.
In the international project business, the percentage of completion is decisive for the recognition of revenue. Progress on the
respective projects is determined by an input-based method (cost-to-cost method). This method requires numerous estimates and
judgmental decisions, above all for the identification of incurred costs, total contract costs and realisable contract revenue as
well as the related contract risks (technical, political and financial risks). These estimates are reviewed regularly and adjusted
if necessary.
21. Income taxes and deferred taxes
The income tax expense reported in the consolidated statement of operations comprises the current income tax expense for
fully consolidated companies, which is based on their taxable income and the applicable income tax rate, as well as the change
in deferred tax assets and deferred tax liabilities.
The following income tax rates were applied in calculating current income taxes:
Corporate income tax rates
%
2024/25
2023/24
Country of residence
Austria
23.0
23.0
Albania
15.0
15.0
Bulgaria
10.0
10.0
Germany 1)
31.2\u201332.6
31.2\u201332.6
Croatia
18.0
18.0
Kuwait
15.0
15.0
Lithuania
16.0
15.0
North Macedonia
10.0
10.0
Montenegro
9.0
9.0
Poland
19.0
19.0
Romania
16.0
16.0
Russia
20.0
20.0
Slovenia
22.0
22.0
Czech Republic
21.0
21.0
Cyprus
12.5
12.5
1) The income tax rate varies depending on the applicable assessment rate for trade tax..
EVN utilised the corporate tax group option as of 30 September 2025. EVN\u00a0AG is a member of a participation entity with
N\u00d6\u00a0Landes\u00a0Beteiligungsholding\u00a0GmbH as the majority participating company and Wiener\u00a0Stadtwerke\u00a0GmbH as the minority
participating company. A group and tax settlement contract was concluded for this purpose. EVN also has the right to
designate other corporate entities as members of this tax group.
The tax results of the group companies belonging to this group are allocated to EVN\u00a0AG. EVN\u00a0AG calculates a consolidated result
by offsetting all allocated tax results. In the event of a positive consolidated result, the agreement provides for the payment
of a positive tax allocation. As in the previous year, the positive tax allocation is based on the distribution method. In the event
of a consolidated negative result, the tax losses are retained and offset against future positive results. This is reported under
income taxes. The offsetting of losses incurred by foreign subsidiaries within the group taxation system results in a liability in the
nominal amount being reported for the future obligation to pay income taxes.
To compensate for the tax results passed on by the Group companies, a tax allocation based on the stand-alone method was
stipulated in the Group agreements. In the 2024/25 financial year, the agreements were adjusted so that EVN AG credits negative
tax allocations for overcharged tax losses of Group members. A one-time compensation payment was made for internal
loss carryforwards previously considered evident, provided that these were classified as recoverable from the perspective of the
respective Group member.
Future changes in the tax rate are taken into account if the relevant law has been enacted by the time the consolidated \ufb01nancial
statements are prepared. Deferred taxes are calculated according to the liability method at the tax rate expected when short-term
differences are reversed. Deferred tax assets and deferred tax liabilities are calculated and recognised for all temporary differences
(i.\u00a0e. the difference between the carrying amounts in the consolidated financial statements and the annual financial statements
prepared for tax purposes that will balance out in the future).
Deferred tax assets are recognised only if it is probable that there will be sufficient taxable income or taxable temporary differences
to utilise these items. Tax loss carryforwards are recognised as deferred tax assets. Deferred tax assets and deferred tax liabilities
are presented as a net amount in the consolidated \ufb01nancial statements if there is a legal right and intention to offset these items.
Global minimum tax
The EVN Group is subject to the Pillar II Directive which is intended to ensure global minimum taxation for multinational
enterprises with revenue of more than EUR\u00a0750m. The rules of the relevant minimum taxation act (Austrian Minimum Taxation Act)
initially apply to EVN for the 2024/25 financial year. EVN\u00a0AG represents the ultimate parent company and is therefore required
to determine a possible top-up tax for the corporate group. The Pillar II group of EVN includes investments in the following
jurisdictions: Austria, Bulgaria, North Macedonia, Germany, Croatia, Lithuania, Cyprus, Poland, Romania, Montenegro, Slovenia,
Bahrain and Kuwait.
22. Procedures and effects of impairment tests
EVN carries out its impairment tests in accordance with the rules de\ufb01ned by IAS\u00a036. Property, plant and equipment and
intangible assets, including goodwill, are tested for impairment when there are internal or external indications of a loss in value.
Intangible assets with an inde\ufb01nite useful life and goodwill are tested at least once each year for signs of impairment.
The impairment testing of goodwill and assets for which no expected future cash \ufb02ows can be identi\ufb01ed is based on an assessment
of the respective cash-generating unit (CGU). The decisive criterion used by EVN to classify a generation unit as a CGU is the
technical and commercial ability to generate independent revenue. In the EVN\u00a0Group, this de\ufb01nition applies to the electricity and
heat generation plants, electricity, natural gas and water distribution systems, electricity procurement rights, waste treatment
plants, telecommunications networks and facilities in the environmental services business.
The value in use is calculated in accordance with the requirements of IAS\u00a036. Due to the long-term nature of investments in
infrastructure assets, EVN uses cash flow projections that correspond to the economic useful life of the respective assets.
Impairment tests for hydropower plants are generally based on the assumption that the concession will be reissued and therefore
that the respective sites will exist indefinitely. After a detailed planning period of five years (previous year: four years), a rough
planning period follows for infrastructure facilities/long-term projects until the end of the economic useful life, albeit limited to the
period in which external electricity price forecasts are available (currently 2050).
The fair value less costs of disposal is basically calculated in accordance with the fair value measurement hierarchy de\ufb01ned in
IFRS\u00a013. Since it is generally not possible to derive market values for the CGUs and assets of EVN under evaluation, the fair value
is estimated in accordance with Level\u00a03 in the fair value hierarchy. The fair value less costs of disposal for a CGU is calculated
with a WACC-based discounted cash \ufb02ow method, which is conceptually similar to the value in use procedure, but includes
adjustments to the parameters in the DCF model to re\ufb02ect a market participant\u2019s viewpoint.
The calculation of the fair value less disposal costs and the value in use is based on the future cash in\ufb02ows and out\ufb02ows
which are basically derived from internal medium-term forecasts. The cash \ufb02ow forecasts are based on the latest \ufb01nancial plans
approved by management. The underlying assumptions also take climate-related effects into consideration. The assumptions
for the future development of electricity prices are derived from the quotations on the futures market of the European Energy
Exchange\u00a0AG, Leipzig, Germany. For the period extending beyond this time, an average is developed from the forecasts
issued by two well-known information service providers in the energy sector. Several scenarios are used for averaging. In this
way, the risks that may influence electricity prices in the future are taken into account comprehensively.
.
For the purpose of estimating the recoverable amount, EVN initially assesses the value in use. In cases where this amount is
lower than the carrying amount of the asset, or the CGU, the fair value less costs of disposal is calculated if necessary.
23. Accounting estimates and forward-looking statements
The preparation of the consolidated \ufb01nancial statements in accordance with generally accepted IFRS accounting methods requires
estimates and assumptions that have an effect on the assets, liabilities, income and expenses reported in the consolidated
\ufb01nancial statements and on the amounts shown in the notes. The actual values may differ from these estimates. The assumptions
and estimates are reviewed on a regular basis.
In particular, the following assumptions and estimates can lead to signi\ufb01cant adjustments in the carrying amounts of individual
assets and liabilities in future reporting period.
In the international project business, changes in estimates for the progress on major projects can have a material effect. These
estimates are particularly relevant for the large-scale project in Kuwait (construction of a wastewater treatment plant and
corresponding sewage network) and the large-scale project in Bahrain (expansion of an existing wastewater treatment plant and
construction of a sewage sludge utilisation plant). Revenue is recognised in accordance with the percentage of completion
method. In the case of disputed supplements as a result of changes in performance or disruptions to performance, receivables are
only recognised if the eligibility criteria in accordance with IFRS\u00a015.56 are met. This is the case if it is highly probable that the
claims are enforceable. However, the assessment of the eligibility criteria for subsequent events requires considerable discretion.
It depends largely on the contractual structure and the legal assessment of the respective circumstances. As a result of the
planned sale of significant parts of the international project business to STRABAG\u00a0SE, the assets and liabilities held for sale are
being measured in accordance with IFRS\u00a05. The measurement in accordance with IFRS\u00a05.15 results in an impairment loss as
of 30 September\u00a02025. This depends largely on the amount and timing of the expected cash inflows from the projects defined for
the earn-out (see note 43.\u00a0Assets and liabilities held for sale).
Impairment tests require estimates, especially for future cash surpluses. A change in the general economic, industry or company
environment may reduce cash surpluses and therefore lead to signs of impairment. The weighted average cost of capital\u00a0(WACC)
is used to determine the recoverable amounts based on capital market methods. The WACC represents the weighted average
interest paid by a company for equity and debt. The weighting applied to the interest on the equity and debt components \u2013 which
re\ufb02ects a capital structure at market values \u2013 was derived from an appropriate peer group. Given the current volatility on the
\ufb01nancial markets, the development of the cost of capital (and above all the country risk premiums) is monitored on a regular basis
(see note 22.\u00a0Procedures and effects of impairment tests).
For the valuation of the generation portfolio, the price structure beginning with the \ufb01fth year (when predictable market prices are
no longer available on the electricity exchanges) was based on average forecasts from two well-known market research institutes
and information service providers in the energy sector. The most recent studies, which are updated annually due to the current
volatility on the electricity markets, were used in each case. The following notes show the sensitivity of these assumptions
for the largest CGUs, based on the carrying amount, where a triggering event was identi\ufb01ed and for which an impairment loss
or reversal was recognised in the consolidated \ufb01nancial statements: 35.\u00a0Intangible assets, 36.\u00a0Property, plant and
equipment and 37.\u00a0Investments in equity accounted investees.
The most important premises and judgmental decisions used to determine the scope of consolidation are described under notes
4.\u00a0Scope of consolidation and 38.\u00a0Other investments.
Assumptions and estimates must also be made when measuring companies accounted for using the equity method. In the
2024/25 financial year, significant estimates had to be made in particular for the termination price to which ZOV is entitled due
to the termination of the concession agreement for a sewage treatment plant project by the City of Zagreb and for provisions
for impending repayments of price increases in the past as a result of disputed contractual terms at EVN\u00a0KG. In this regard,
assumptions from concluded proceedings and settlements as well as expectations regarding the assertion of disputed claims
have been included.
The valuation of the provisions for pensions, pension-related obligations and severance payments are based on assumptions
for the discount rate, retirement age and life expectancy as well as pension and salary increases. The adjustment of these
parameters in future periods can lead to valuation adjustments. Moreover, future changes in electricity and natural gas tariffs
can lead to valuation adjustments in the pension-related obligations (see note 52.\u00a0Non-current provisions).
Assumptions and estimates are also required to determine the useful life of non-current assets (see notes 6.\u00a0Intangible assets
and 7.\u00a0Property, plant and equipment), and the provisions for legal proceedings and environmental protection (see note
18.\u00a0Provisions) as well as estimates for other obligations and risks (see note 65.\u00a0Other obligations and risks). In addition,
it is necessary to make assumptions and estimates for the valuation of receivables and inventories (see notes 12.\u00a0Inventories
and 13.\u00a0Trade and other receivables) and for the recognition of revenue (see note 20.\u00a0Revenue recognition), as well for
the usability of tax loss carryforwards (see note 51.\u00a0Deferred taxes). These estimates are based on historical data and other
assumptions considered appropriate under the given circumstances.
Information on climate change
As an energy and environmental services provider, EVN is committed to making a concrete contribution to climate protection.
The company\u2019s strategic considerations include the special requirements created by the energy transformation and the
far-reaching changes required by this transformation towards climate neutrality as well as the related impacts on all sectors of
the economy and on private households. Analyses in this context place a special focus on the requirements for climate
protection, possible implementation tracks and the implications for the company\u2019s business model. These elements create
an important basis for evaluating the opportunities and risks for our business that result from climate change and the
related, rapidly changing regulations.
Climate protection and the necessary transformation of the energy sector form the focal point of EVN\u2019s Strategy\u00a02030 following
its approval in 2019/20. These goals were consistently pursued through numerous measures in recent years. An important
decarbonisation step was the final exit from coal-fired electricity generation in 2021. The continuous expansion of renewable
generation capacity underscores the steady progress on the way to renewable energy supplies. EVN set its first scientifically
based reduction goals for greenhouse gas emissions in 2021. These goals were tightened over the past two financial years, resub-
mitted to SBTi for review and validated in April\u00a02025. The current goals for the reduction of emissions are now aligned with
the 1.5\u00b0C\u00a0target set by the Paris Climate Agreement. Against the backdrop of EVN\u2019s integrated business model and the differences
between the individual lines of business, EVN has committed to four reduction goals \u2013 two intensity and two absolute goals \u2013
which should be met by the end of the 2030/31 financial year. They cover the material greenhouse gas emission sources from EVN\u2019s
own business activities (greenhouse gas emissions from electricity and heat generation, electricity network losses and gas
network volumes) as well as greenhouse gas emissions from the upstream and downstream value chain, especially from the use
of energy by our end customers.
The majority of EVN\u2019s assets are subject to weather conditions beyond our control due to the generation and transmission or
distribution technologies in use. This applies, in particular, to the in part exposed generation infrastructure (hydropower and wind
power plants, photovoltaic equipment) and also to the transmission and distribution infrastructure. Climate changes can have a
lasting influence on the hydropower, wind power and photovoltaic offering over the long term, which could lead to more extreme
seasonal and annual deviations in generation. Changing climatic conditions can also lead to different demand-related behaviour.
The declining demand for heating products will be accompanied by a greater demand for drinking water. In view of the high
priority given to climate protection at EVN, potential climate risks are identified and assessed as part of the central risk management
process. This active handling of risks can limit the effects on the company or support the conscious perception of opportunities
for additional growth.
The impact of climate change on the recognition and valuation of assets and liabilities is evaluated at regular intervals.
Climate-related earnings fluctuations \u2013 whether they result from production differences or changes in demand \u2013 are analysed\u00a0
as part of the planning process and, after approval by management, transferred to the forecast calculations. The measures
derived from the EVN Climate Initiative also flow into these calculations which, in total, form the basis for the impairment tests
required by IAS 36 (see notes 22.\u00a0Procedures and effects of impairment tests and 36.\u00a0Property, plant and equipment).
The risks arising from climate change are also included in the determination of the useful life of depreciable assets (see note
7.\u00a0Property, plant and equipment), the measurement of inventories (see note 12.\u00a0Inventories) and the recognition and
measurement of provisions (see note 18.\u00a0Provisions).
The CO\u2082 emissions from ten of our electricity generation and heating supply plants are covered by the EU\u2019s emission rights trading
scheme (EU-ETS). In accordance with the EU-ETS, we required a total of 240,970\u00a0CO2 emission certificates for the 2024\u00a0calendar
year. The required emission certificates were partly granted free of charge and the rest were purchased over the wholesale market
(see notes 40.\u00a0Inventories and 57.\u00a0Current provisions).
Effects of the macroeconomic environment
Geopolitical and macroeconomic developments are monitored, particularly with regard to the impairment testing of assets in
accordance with IAS\u00a036 and IFRS\u00a09, as well as other uncertainties in discretionary assessments.
The further development of the geopolitical and macroeconomic situation is uncertain due to the tense situation surrounding
armed conflicts, sanctions, and trade disputes, and could lead to rising energy prices at any time. Volatile energy price
developments have weighed on earnings in recent years, particularly in the sales business. In order to secure energy supplies
in the longer term, EVN gradually acquired gas reserves and concluded forward contracts for electricity. The decline in market
prices for electricity and gas compared with previous years subsequently led to negative valuation effects. Gas reserves had to
be written down and provisions had to be made for impending losses from onerous customer contracts (see note 30.\u00a0Share of
results from equity accounted investees with operational nature).
As a result of political developments in Russia, EVN decided in the 2021/22 financial year to withdraw from Russia and sell
its two combined heat and power plants in Moscow. The transaction was completed on 31 October 2024, with all closing
conditions fulfilled, and the two subsidiaries were deconsolidated (see note 4.\u00a0Scope of consolidation).
The EVN\u00a0Group has included macro-economic developments in the valuation of receivables through a forward-looking component,
similar to the procedure followed in previous years. EVN determines the impairment losses for trade receivables in accordance
with IFRS\u00a09.B5.5.35 based on regionally differentiated analyses of historical default incidents. The inclusion of the forward-looking
component led to an increase of EUR\u00a04.1m in the impairment loss allowance for trade receivables in 2024/25 (previous year:
EUR\u00a05.1m) (see the section on credit and default risk under note 61.\u00a0Risk management).
Apart from price increases on the energy markets and the differing effects on EVN\u2019s activities and business fields, investments and
operating expenses are also potentially affected by high cost increases. These price increases can possibly only be passed on to
customers with a delay. Macroeconomic developments can also have a \u2013 direct and indirect \u2013 negative influence on the demand
for energy and, together with rising costs, have a negative influence on earnings.
Low net debt and a comfortable base of contractually committed, undrawn credit lines give EVN a constant, high degree of
financial flexibility and solid liquidity reserves. Stabilising effects are provided, above all, by EVN\u2018s integrated business model and
widely diversified customer portfolio. The EVN\u00a0Group can, in any event, be considered a going concern.
24. Principles of segment reporting
The identi\ufb01cation of operating segments is based on the internal organisational and reporting structure and information prepared
for internal management decisions (the \u201cmanagement approach\u201d). The Executive Board of the EVN\u00a0Group (the chief operating
decision-maker as de\ufb01ned in IFRS\u00a08) reviews internal management reports on each operating segment at least once each quarter.
EVN has de\ufb01ned the following operating segments: Generation, Energy, Networks, South East Europe, Environment and
All\u00a0Other\u00a0Segments. This conforms in full to the internal reporting structure. The assessment of all segment information is consistent
with the IFRS. EBITDA is used as an indicator to measure the earning power of the individual segments. For each segment,
EBITDA represents the total net operating pro\ufb01t or loss before interest, taxes, amortisation of intangible assets and depreciation
of property, plant and equipment for the companies included in the segment, taking intragroup income and expenses into
account (see note 59.\u00a0Notes to segment reporting).
.
34. Earnings per share
Earnings per share were calculated by dividing Group net result (= proportional share of net result attributable to EVN\u00a0AG
shareholders) by the weighted average number of ordinary shares outstanding in 2024/25, i.\u00a0e. 178,283,361 (previous year:
178,259,311) (see note 48.\u00a0Treasury shares). This amount may be diluted by so-called potential shares arising from stock
options or convertible bonds. Since EVN does not have any such shares, there is no difference between basic and diluted
earnings per share. Based on the Group net result of EUR 436.7m for the 2024/25 financial year (previous year: EUR\u00a0471.7m),
earnings per share equalled EUR 2.45 (previous year: EUR\u00a02.65).
The CO2 emission certificates relate exclusively to certificates purchased to fulfil the requirements of the Austrian Emission
Certificate Act and which have not yet been used. The corresponding obligation for any shortfall in the certificates is reported
under current provisions (see note 57. Current provisions).
Dividends are based on the result of EVN AG as reported in the annual financial statements and developed as follows:
Reconciliation of EVN AG\u2019s result for the period
EURm
2024/25
Reported result for the period 2024/25
496.9
Plus retained earnings from the 2023/24 financial year
0.7
Less additions to voluntary reserves
-337.0
Distributable result for the period
160.7
Proposed dividend
-160.5
Retained earnings for the 2025/26\u00a0 financial year
0.2
In addition, the statement of comprehensive income includes EUR 0.2m (previous year: EUR 1.5m) for the share of changes in the
valuation reserves that are attributable to non-controlling interests (see Consolidated statement of comprehensive income).
The item non-controlling interests comprises the non-controlling interests in the equity of fully consolidated subsidiaries.
Principle of segment allocation and transfer pricing
Subsidiaries are allocated directly to their respective segments. EVN AG\u2019s items are allocated to the segments on the basis of data
from the cost accounting system.
The transfer prices for energy between the individual segments are based on comparable prices for special contract customers,
and thus represent applicable market prices. For the remaining items, pricing is based on cost plus an appropriate mark-up.
Reconciliation of segment results at the Group level
Services performed between segments are eliminated in the consolidation column. The results in the total column reflect the
amounts shown in the consolidated statement of operations.
Previously, intragroup financing and dividends were allocated to the respective segments. Due to a change in the intragroup
financing structure, financing and the presentation of dividend income are now included in the segment All Other Segments. This has
an impact on the financial result and total assets of the individual segments. Due to this change, the figures for the comparative
periods have been adjusted in accordance with IFRS 8.29.
The Environment Segment continues to include the discontinued operation, with the result being reclassified to the item
\u201cResult from discontinued operations\u201d. Only service relationships between the segments that are eliminated in the consolidation
column are included in the segment information presented in the statement of operations.
In accordance with IFRS 8, supplementary segment information must be presented by product (breakdown of external revenue
by product or service) and by country (breakdown of external revenue and non-current assets by country), unless this information is
already included in the segment reporting as part of the information on the reportable segment.
Information on business transactions with important external customers is only required if these account for at least 10.0% of
total external sales. Due to the large number of customers and the wide range of business activities, there are no transactions with
customers that meet this criterion.
Fair value generally reflects the listed price on the balance sheet date. If this price is not available, fair value is calculated in
accordance with financial methods, e.\u00a0g. by discounting the expected cash flows at the prevailing market interest rate. The input
factors required for the calculations are explained below.
The fair value of shares in unlisted subsidiaries and other investments is based on discounted expected cash flows or comparable
transactions. For financial instruments listed on an active market, the trading price as of the balance sheet date represents fair
value. Most of the receivables, cash and cash equivalents, and current financial liabilities have short terms to maturity. Therefore,
the carrying value of these instruments as of the balance sheet date approximately corresponds to fair value. The fair value of
bonds is calculated as the present value of the discounted future cash flows based on prevailing market interest rates.
The following table shows the financial instruments carried at fair value and their classification in the fair value hierarchy
according to IFRS\u00a013.
Level 1 input factors are observable parameters such as quoted prices for identical assets or liabilities. These prices are used
for valuation purposes without modification. Level 2 input factors represent other observable parameters which must be adjusted to
reflect the specific characteristics of the valuation object. Examples of the parameters used to measure the financial instruments
classified under Level 2 are forward price curves derived from market prices, exchange rates, interest structure curves and the
counterparty credit risk. Level 3 input factors are non-observable factors which reflect the assumptions that would be used by a
market participant to determine an appropriate price. There were no reclassifications between the various levels during the
reporting period.
).
EVN uses hedges to manage earnings volatility. The underlying transaction and the hedge are designed to ensure a match
between the parameters relevant for measurement (critical terms match). In order to gauge the effectiveness, the underlying
transactions are recorded in the treasury management system as hypothetical derivates and evaluated to determine whether
the relationship with the respective hedges was or will be effective. Possible sources of ineffectiveness are, for example,
timing shifts or a change in the volume of an existing underlying transaction as well as adjustments for the credit risk of hedges
and underlying transactions. All measures are based on internal guidelines.
The EVN Group uses derivative financial instruments within the framework of cash flow hedge accounting to hedge the price risk
from planned future revenues from electricity sales and to hedge the price risk from planned future costs from gas purchases.
In addition, accounting rules for hedging relationships in accordance with IFRS 9 are applied to hedge the currency risk arising
from the Umm Al Hayman wastewater treatment project, which is, however, attributed to the discontinued operation.
Therefore, the receivables and liabilities were reclassified to assets and liabilities held for sale (see note 43. Assets and liabilities
held for sale).
Umm Al Hayman
In the year the contract was accepted, EVN designated forward exchange transactions on a forward basis to hedge planned net
cash flows in foreign currency from the Umm Al Hayman project. It is the Group's policy that the critical terms of the forward
exchange transaction correspond as closely as possible to the hedged underlying transaction.
EVN establishes the existence of an economic relationship between the hedging instrument and the hedged transaction based
on the currency, amount and timing of the respective cash flows. The dollar-offset derivative method is used to evaluate
whether the derivative designated in each hedge will presumably be, and was, effective in offsetting changes in the cash flows
from the hedged transaction.
Portfolio hedge electricity
EVN implements a portfolio hedge to hedge the risk from the marketing of the Group\u2019s own electricity production. Under cash
flow hedge accounting as defined by IFRS 9, derivative financial instruments (electricity forwards and electricity future contracts)
are used to hedge the price risk from planned future income from electricity sales at variable prices. The underlying transaction
represents the portfolio of future, highly probable sales of electricity produced by the EVN Group in Austria.
Evaluating the effectiveness of the hedge involves demonstrating an economic relationship between the underlying transaction
and the hedging instrument. In addition, the default risk may not have a dominant influence on the changes in value. The
prospective effectiveness assessment principally takes place on a qualitative basis in accordance with the critical terms match
method, which compares the key conditions of the hedging instrument with the underlying transaction. In order to minimise
the risk of ineffectiveness from over-hedging, the hedges are not concluded for the total planned sales volumes. The major
conditions between the hedging instruments and planned cash flows agree, and it is therefore assumed that the changes in the
value of the hedging instruments will be offset in full by the changes in future cash flows. The hedged risks to which both the
underlying transaction and hedging instrument are exposed therefore have an opposite influence on the value of the underlying
transaction and hedging instrument.
For hedges of electricity deliveries to foreign markets, the change in the value of the hedging instruments may not always fully offset
the change in the value of future cash flows. The higher liquidity on the German market has created a situation where futures are
increasingly being concluded in this market. The electricity price in Austria consists of a German electricity price plus a DE/AT spread.
The futures products concluded in Germany therefore represent a hedge for the German price component included in the Austrian
electricity prices.
If the hedge and the underlying transaction take place on the same market, complete coverage is principally ensured between the
underlying transaction and the hedging instrument. If hedges are concluded on the German market due to a lack of sufficient
liquidity, the risk component of the German price alone represents the underlying transaction for the hedging relationship \u2013 and in
that way, achieves full coverage between the underlying transaction and the hedging instrument.
The ineffectiveness of hedges can be caused by changes in the credit risk of the counterparty or by a reduction in the expected
electricity delivery volume.
Gas procurement
EVN applies the rules for hedge accounting as defined in IFRS 9 and uses derivative financial instruments to hedge the price risk
from planned future costs for the procurement of gas at variable prices. The purpose of this price risk hedging is to fix the
cash outflows for the use of natural gas in electricity and heat production.
The underlying transaction is formed by a portfolio of future, highly probably purchases of gas for electricity and heat production
in the EVN Group. EVN generally uses swaps, forwards and futures. Derivatives are only designated as hedging instruments when
the settlement date and the volume correspond to the future highly probably transaction.
Evaluating the effectiveness of the hedge involves demonstrating an economic relationship between the underlying transaction
and the hedging instrument. In addition, default risk may not have a dominant influence on the changes in value. The prospective
effectiveness assessment is based on the critical terms match method, which compares the terms, volumes and price basis of
both instruments. If these conditions agree, it can be assumed that the changes in value of the hedge will be completely offset by
future cash flows.
Possible sources of ineffectiveness are a reduction in the volume of the expected transaction and an increased risk of default
through a deterioration in the counterparty\u2019s credit standing. These risks are minimised by hedging less than 100% of the volume,
the progressive conclusion of hedging instruments and strict counterparty management.
Disclosures on hedging relationships
The information on hedging relationships in financial year 2024/25 does not include the hedging instruments allocated to
the discontinued operation. These are forward exchange transactions in USD and KWD to hedge the net cash flows of the
Umm\u00a0Al\u00a0Hayman project. As of 30 September 2025, the reserve from these cash flow hedges amounted to EUR \u201311.0m.
Upon closing of the sale of the discontinued operation, this reserve is to be recognised in the profit and loss account (see note
43.\u00a0Assets and liabilities held for sale).
..
In accordance with IAS 24, transactions with related parties arise through direct or indirect control, significant influence or joint
management. Related parties further include close family members of the respective natural persons. Key management personnel
and their close family members are also considered to be related parties.
EVN\u2019s related parties include all companies in the scope of consolidation, other subsidiaries, joint ventures and associates that
are not included in the consolidated financial statements, as well as people who are responsible for the planning, management
and supervision of the Group\u2019s activities. In particular, related parties also include the members of the Executive Board and
the Supervisory Board as well as their family members. A list of the Group companies can be found starting on page\u00a096 under
EVN\u2019s\u00a0investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-355": { "value": "
3. Consolidation methods
Consolidation is carried out by offsetting the consideration transferred against the fair value of the acquired assets and
assumed liabilities.
All signi\ufb01cant companies whose \ufb01nancial and operating activities are directly or indirectly controlled by EVN\u00a0AG (i.\u00a0e. subsidiaries)
are fully consolidated. EVN is considered to have a controlling interest over a company in which it holds an investment when it has
a right to variable returns from the investee and can in\ufb02uence the amount of these returns through its control.
This is usually the case when EVN\u2019s voting rights exceed 50.0%, but may also apply if EVN has the power of disposition over and
is the primary bene\ufb01ciary of any economic bene\ufb01ts arising from the business operations of these companies or if EVN is required
to carry most of the risks. Companies are initially consolidated on the acquisition date or at the time EVN gains control and are
deconsolidated when control ends.
In accordance with IFRS\u00a03, assets and liabilities (including contingent liabilities) obtained through business combinations are
recognised at their full fair value, irrespective of any existing non-controlling interests. Non-controlling interests in subsidiaries are
carried at the proportional share of net assets (excluding the proportional share of goodwill). Intangible assets are recognised
separately from goodwill if they can be separated from the acquired company or arise from statutory, contractual or other legal
rights. Any remaining positive differences which represent compensation to the seller for market opportunities or developmental
potential that cannot be individually identi\ufb01ed are recognised in local currency as goodwill and allocated to cash-generating units
(CGUs) in the relevant segment (for information on the treatment and recoverability of goodwill, see notes 35.\u00a0Intangible assets
and 22.\u00a0Procedures and effects of impairment tests). Negative differences are recognised in pro\ufb01t or loss after a repeated
measurement of the acquired company\u2019s identi\ufb01able assets and liabilities (including contingent liabilities) and measurement of the
acquisition cost. The differences between fair value and the carrying amount are carried forward in accordance with the related
assets and liabilities during the subsequent consolidation. A change in the investment in a fully consolidated company is accounted
for directly in equity without recognition through pro\ufb01t or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-354": { "value": "
3. Consolidation methods
Consolidation is carried out by offsetting the consideration transferred against the fair value of the acquired assets and
assumed liabilities.
All signi\ufb01cant companies whose \ufb01nancial and operating activities are directly or indirectly controlled by EVN\u00a0AG (i.\u00a0e. subsidiaries)
are fully consolidated. EVN is considered to have a controlling interest over a company in which it holds an investment when it has
a right to variable returns from the investee and can in\ufb02uence the amount of these returns through its control.
This is usually the case when EVN\u2019s voting rights exceed 50.0%, but may also apply if EVN has the power of disposition over and
is the primary bene\ufb01ciary of any economic bene\ufb01ts arising from the business operations of these companies or if EVN is required
to carry most of the risks. Companies are initially consolidated on the acquisition date or at the time EVN gains control and are
deconsolidated when control ends.
In accordance with IFRS\u00a03, assets and liabilities (including contingent liabilities) obtained through business combinations are
recognised at their full fair value, irrespective of any existing non-controlling interests. Non-controlling interests in subsidiaries are
carried at the proportional share of net assets (excluding the proportional share of goodwill). Intangible assets are recognised
separately from goodwill if they can be separated from the acquired company or arise from statutory, contractual or other legal
rights. Any remaining positive differences which represent compensation to the seller for market opportunities or developmental
potential that cannot be individually identi\ufb01ed are recognised in local currency as goodwill and allocated to cash-generating units
(CGUs) in the relevant segment (for information on the treatment and recoverability of goodwill, see notes 35.\u00a0Intangible assets
and 22.\u00a0Procedures and effects of impairment tests). Negative differences are recognised in pro\ufb01t or loss after a repeated
measurement of the acquired company\u2019s identi\ufb01able assets and liabilities (including contingent liabilities) and measurement of the
acquisition cost. The differences between fair value and the carrying amount are carried forward in accordance with the related
assets and liabilities during the subsequent consolidation. A change in the investment in a fully consolidated company is accounted
for directly in equity without recognition through pro\ufb01t or loss.
.
The impairment testing of goodwill and assets for which no expected future cash \ufb02ows can be identi\ufb01ed is based on an assessment
of the respective cash-generating unit (CGU). The decisive criterion used by EVN to classify a generation unit as a CGU is the
technical and commercial ability to generate independent revenue. In the EVN\u00a0Group, this de\ufb01nition applies to the electricity and
heat generation plants, electricity, natural gas and water distribution systems, electricity procurement rights, waste treatment
plants, telecommunications networks and facilities in the environmental services business.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-359": { "value": "
All signi\ufb01cant companies whose \ufb01nancial and operating activities are directly or indirectly controlled by EVN\u00a0AG (i.\u00a0e. subsidiaries)
are fully consolidated. EVN is considered to have a controlling interest over a company in which it holds an investment when it has
a right to variable returns from the investee and can in\ufb02uence the amount of these returns through its control.
This is usually the case when EVN\u2019s voting rights exceed 50.0%, but may also apply if EVN has the power of disposition over and
is the primary bene\ufb01ciary of any economic bene\ufb01ts arising from the business operations of these companies or if EVN is required
to carry most of the risks. Companies are initially consolidated on the acquisition date or at the time EVN gains control and are
deconsolidated when control ends.
In accordance with IFRS\u00a03, assets and liabilities (including contingent liabilities) obtained through business combinations are
recognised at their full fair value, irrespective of any existing non-controlling interests. Non-controlling interests in subsidiaries are
carried at the proportional share of net assets (excluding the proportional share of goodwill). Intangible assets are recognised
separately from goodwill if they can be separated from the acquired company or arise from statutory, contractual or other legal
rights. Any remaining positive differences which represent compensation to the seller for market opportunities or developmental
potential that cannot be individually identi\ufb01ed are recognised in local currency as goodwill and allocated to cash-generating units
(CGUs) in the relevant segment (for information on the treatment and recoverability of goodwill, see notes 35.\u00a0Intangible assets
and 22.\u00a0Procedures and effects of impairment tests). Negative differences are recognised in pro\ufb01t or loss after a repeated
measurement of the acquired company\u2019s identi\ufb01able assets and liabilities (including contingent liabilities) and measurement of the
acquisition cost. The differences between fair value and the carrying amount are carried forward in accordance with the related
assets and liabilities during the subsequent consolidation. A change in the investment in a fully consolidated company is accounted
for directly in equity without recognition through pro\ufb01t or loss.
Joint arrangements are included in the consolidated \ufb01nancial statements of EVN depending on the rights and obligations
attributed to the controlling parties by the respective agreement. If only rights to the net assets are involved, the joint arrangement
is classi\ufb01ed as a joint venture according to IFRS\u00a011 and included at equity. If rights to the assets and obligations for the liabilities
are involved, the joint arrangement is classi\ufb01ed as a joint operation according to IFRS\u00a011 and included in the consolidated \ufb01nancial
statements through line-by-line consolidation.
Associates \u2013 i.\u00a0e. companies in which EVN AG can directly or indirectly exercise signi\ufb01cant in\ufb02uence \u2013 are included at equity.
8. Investments in equity accounted investees
Investments in equity accounted investees are initially recognised at cost. In subsequent periods, the carrying amounts of these
investments are adjusted by the share of pro\ufb01t or loss attributable to EVN, less any dividends received, and by EVN\u2019s share of other
comprehensive income and any other changes in equity. Investments accounted for according to the equity method are tested
for impairment in accordance with IAS 36 if there are any indications of a loss in value (see note 22.\u00a0Procedures and effects of
impairment tests).
The share of results from equity accounted investees with operational nature is reported as part of results from operating activities
(EBIT) (see notes 30.\u00a0Share of results from equity accounted investees with operational nature and 64.\u00a0Disclosures of
interests in other entities).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-358": { "value": "
All signi\ufb01cant companies whose \ufb01nancial and operating activities are directly or indirectly controlled by EVN\u00a0AG (i.\u00a0e. subsidiaries)
are fully consolidated. EVN is considered to have a controlling interest over a company in which it holds an investment when it has
a right to variable returns from the investee and can in\ufb02uence the amount of these returns through its control.
This is usually the case when EVN\u2019s voting rights exceed 50.0%, but may also apply if EVN has the power of disposition over and
is the primary bene\ufb01ciary of any economic bene\ufb01ts arising from the business operations of these companies or if EVN is required
to carry most of the risks. Companies are initially consolidated on the acquisition date or at the time EVN gains control and are
deconsolidated when control ends.
In accordance with IFRS\u00a03, assets and liabilities (including contingent liabilities) obtained through business combinations are
recognised at their full fair value, irrespective of any existing non-controlling interests. Non-controlling interests in subsidiaries are
carried at the proportional share of net assets (excluding the proportional share of goodwill). Intangible assets are recognised
separately from goodwill if they can be separated from the acquired company or arise from statutory, contractual or other legal
rights. Any remaining positive differences which represent compensation to the seller for market opportunities or developmental
potential that cannot be individually identi\ufb01ed are recognised in local currency as goodwill and allocated to cash-generating units
(CGUs) in the relevant segment (for information on the treatment and recoverability of goodwill, see notes 35.\u00a0Intangible assets
and 22.\u00a0Procedures and effects of impairment tests). Negative differences are recognised in pro\ufb01t or loss after a repeated
measurement of the acquired company\u2019s identi\ufb01able assets and liabilities (including contingent liabilities) and measurement of the
acquisition cost. The differences between fair value and the carrying amount are carried forward in accordance with the related
assets and liabilities during the subsequent consolidation. A change in the investment in a fully consolidated company is accounted
for directly in equity without recognition through pro\ufb01t or loss.
Subsidiaries, joint ventures and associates are not consolidated if their in\ufb02uence on EVN\u2019s asset, \ufb01nancial and earnings position
is considered to be immaterial, either individually or in total. These companies are reported at cost less any necessary impairment
losses. The materiality of an investment is assessed on the basis of the balance sheet total, the proportional share of equity, external
revenue and annual pro\ufb01t or loss as reported in the last available \ufb01nancial statements in relation to the respective Group totals.
In accordance with IAS\u00a021, the annual \ufb01nancial statements of Group companies that are prepared in a foreign currency are
translated into euros for inclusion in the consolidated \ufb01nancial statements. This translation is based on the functional currency
method, under which the assets and liabilities of companies not reporting in euros are converted at the mid exchange rate on
the balance sheet date and any income and expenses are converted at the average annual rate. Unrealised currency translation
differences from long-term Group loans are recorded under the currency translation reserve in equity without recognition in
pro\ufb01t or loss. Currency translation differences directly recognised in equity resulted in a change to equity of EUR\u00a02.7m in 2024/25
(previous year: EUR\u00a02.1m).
Additions and disposals are reported at the applicable average exchange rates in all tables. Changes in the mid exchange
rates between the balance sheet date for the reporting year and the previous year as well as differences arising from the use of
mid exchange rates to translate changes during the \ufb01nancial year are reported separately under currency translation differences
in all tables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-357": { "value": "
All signi\ufb01cant companies whose \ufb01nancial and operating activities are directly or indirectly controlled by EVN\u00a0AG (i.\u00a0e. subsidiaries)
are fully consolidated. EVN is considered to have a controlling interest over a company in which it holds an investment when it has
a right to variable returns from the investee and can in\ufb02uence the amount of these returns through its control.
This is usually the case when EVN\u2019s voting rights exceed 50.0%, but may also apply if EVN has the power of disposition over and
is the primary bene\ufb01ciary of any economic bene\ufb01ts arising from the business operations of these companies or if EVN is required
to carry most of the risks. Companies are initially consolidated on the acquisition date or at the time EVN gains control and are
deconsolidated when control ends.
In accordance with IFRS\u00a03, assets and liabilities (including contingent liabilities) obtained through business combinations are
recognised at their full fair value, irrespective of any existing non-controlling interests. Non-controlling interests in subsidiaries are
carried at the proportional share of net assets (excluding the proportional share of goodwill). Intangible assets are recognised
separately from goodwill if they can be separated from the acquired company or arise from statutory, contractual or other legal
rights. Any remaining positive differences which represent compensation to the seller for market opportunities or developmental
potential that cannot be individually identi\ufb01ed are recognised in local currency as goodwill and allocated to cash-generating units
(CGUs) in the relevant segment (for information on the treatment and recoverability of goodwill, see notes 35.\u00a0Intangible assets
and 22.\u00a0Procedures and effects of impairment tests). Negative differences are recognised in pro\ufb01t or loss after a repeated
measurement of the acquired company\u2019s identi\ufb01able assets and liabilities (including contingent liabilities) and measurement of the
acquisition cost. The differences between fair value and the carrying amount are carried forward in accordance with the related
assets and liabilities during the subsequent consolidation. A change in the investment in a fully consolidated company is accounted
for directly in equity without recognition through pro\ufb01t or loss.
Associates \u2013 i.\u00a0e. companies in which EVN AG can directly or indirectly exercise signi\ufb01cant in\ufb02uence \u2013 are included at equity.
8. Investments in equity accounted investees
Investments in equity accounted investees are initially recognised at cost. In subsequent periods, the carrying amounts of these
investments are adjusted by the share of pro\ufb01t or loss attributable to EVN, less any dividends received, and by EVN\u2019s share of other
comprehensive income and any other changes in equity. Investments accounted for according to the equity method are tested
for impairment in accordance with IAS 36 if there are any indications of a loss in value (see note 22.\u00a0Procedures and effects of
impairment tests).
The share of results from equity accounted investees with operational nature is reported as part of results from operating activities
(EBIT) (see notes 30.\u00a0Share of results from equity accounted investees with operational nature and 64.\u00a0Disclosures of
interests in other entities).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-356": { "value": "
All signi\ufb01cant companies whose \ufb01nancial and operating activities are directly or indirectly controlled by EVN\u00a0AG (i.\u00a0e. subsidiaries)
are fully consolidated. EVN is considered to have a controlling interest over a company in which it holds an investment when it has
a right to variable returns from the investee and can in\ufb02uence the amount of these returns through its control.
This is usually the case when EVN\u2019s voting rights exceed 50.0%, but may also apply if EVN has the power of disposition over and
is the primary bene\ufb01ciary of any economic bene\ufb01ts arising from the business operations of these companies or if EVN is required
to carry most of the risks. Companies are initially consolidated on the acquisition date or at the time EVN gains control and are
deconsolidated when control ends.
In accordance with IFRS\u00a03, assets and liabilities (including contingent liabilities) obtained through business combinations are
recognised at their full fair value, irrespective of any existing non-controlling interests. Non-controlling interests in subsidiaries are
carried at the proportional share of net assets (excluding the proportional share of goodwill). Intangible assets are recognised
separately from goodwill if they can be separated from the acquired company or arise from statutory, contractual or other legal
rights. Any remaining positive differences which represent compensation to the seller for market opportunities or developmental
potential that cannot be individually identi\ufb01ed are recognised in local currency as goodwill and allocated to cash-generating units
(CGUs) in the relevant segment (for information on the treatment and recoverability of goodwill, see notes 35.\u00a0Intangible assets
and 22.\u00a0Procedures and effects of impairment tests). Negative differences are recognised in pro\ufb01t or loss after a repeated
measurement of the acquired company\u2019s identi\ufb01able assets and liabilities (including contingent liabilities) and measurement of the
acquisition cost. The differences between fair value and the carrying amount are carried forward in accordance with the related
assets and liabilities during the subsequent consolidation. A change in the investment in a fully consolidated company is accounted
for directly in equity without recognition through pro\ufb01t or loss.
Joint arrangements are included in the consolidated \ufb01nancial statements of EVN depending on the rights and obligations
attributed to the controlling parties by the respective agreement. If only rights to the net assets are involved, the joint arrangement
is classi\ufb01ed as a joint venture according to IFRS\u00a011 and included at equity. If rights to the assets and obligations for the liabilities
are involved, the joint arrangement is classi\ufb01ed as a joint operation according to IFRS\u00a011 and included in the consolidated \ufb01nancial
statements through line-by-line consolidation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-360": { "value": "
In accordance with IFRS\u00a03, assets and liabilities (including contingent liabilities) obtained through business combinations are
recognised at their full fair value, irrespective of any existing non-controlling interests. Non-controlling interests in subsidiaries are
carried at the proportional share of net assets (excluding the proportional share of goodwill). Intangible assets are recognised
separately from goodwill if they can be separated from the acquired company or arise from statutory, contractual or other legal
rights. Any remaining positive differences which represent compensation to the seller for market opportunities or developmental
potential that cannot be individually identi\ufb01ed are recognised in local currency as goodwill and allocated to cash-generating units
(CGUs) in the relevant segment (for information on the treatment and recoverability of goodwill, see notes 35.\u00a0Intangible assets
and 22.\u00a0Procedures and effects of impairment tests). Negative differences are recognised in pro\ufb01t or loss after a repeated
measurement of the acquired company\u2019s identi\ufb01able assets and liabilities (including contingent liabilities) and measurement of the
acquisition cost. The differences between fair value and the carrying amount are carried forward in accordance with the related
assets and liabilities during the subsequent consolidation. A change in the investment in a fully consolidated company is accounted
for directly in equity without recognition through pro\ufb01t or loss.
There were no IFRS\u00a03 business combinations during the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-362": { "value": "...
Deferred tax assets are recognised only if it is probable that there will be sufficient taxable income or taxable temporary differences
to utilise these items. Tax loss carryforwards are recognised as deferred tax assets. Deferred tax assets and deferred tax liabilities
are presented as a net amount in the consolidated \ufb01nancial statements if there is a legal right and intention to offset these items.
Global minimum tax
The EVN Group is subject to the Pillar II Directive which is intended to ensure global minimum taxation for multinational
enterprises with revenue of more than EUR\u00a0750m. The rules of the relevant minimum taxation act (Austrian Minimum Taxation Act)
initially apply to EVN for the 2024/25 financial year. EVN\u00a0AG represents the ultimate parent company and is therefore required
to determine a possible top-up tax for the corporate group. The Pillar II group of EVN includes investments in the following
jurisdictions: Austria, Bulgaria, North Macedonia, Germany, Croatia, Lithuania, Cyprus, Poland, Romania, Montenegro, Slovenia,
Bahrain and Kuwait.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-361": { "value": "..
21. Income taxes and deferred taxes
The income tax expense reported in the consolidated statement of operations comprises the current income tax expense for
fully consolidated companies, which is based on their taxable income and the applicable income tax rate, as well as the change
in deferred tax assets and deferred tax liabilities.
The following income tax rates were applied in calculating current income taxes:
Corporate income tax rates
%
2024/25
2023/24
Country of residence
Austria
23.0
23.0
Albania
15.0
15.0
Bulgaria
10.0
10.0
Germany 1)
31.2\u201332.6
31.2\u201332.6
Croatia
18.0
18.0
Kuwait
15.0
15.0
Lithuania
16.0
15.0
North Macedonia
10.0
10.0
Montenegro
9.0
9.0
Poland
19.0
19.0
Romania
16.0
16.0
Russia
20.0
20.0
Slovenia
22.0
22.0
Czech Republic
21.0
21.0
Cyprus
12.5
12.5
1) The income tax rate varies depending on the applicable assessment rate for trade tax..
EVN utilised the corporate tax group option as of 30 September 2025. EVN\u00a0AG is a member of a participation entity with
N\u00d6\u00a0Landes\u00a0Beteiligungsholding\u00a0GmbH as the majority participating company and Wiener\u00a0Stadtwerke\u00a0GmbH as the minority
participating company. A group and tax settlement contract was concluded for this purpose. EVN also has the right to
designate other corporate entities as members of this tax group.
The tax results of the group companies belonging to this group are allocated to EVN\u00a0AG. EVN\u00a0AG calculates a consolidated result
by offsetting all allocated tax results. In the event of a positive consolidated result, the agreement provides for the payment
of a positive tax allocation. As in the previous year, the positive tax allocation is based on the distribution method. In the event
of a consolidated negative result, the tax losses are retained and offset against future positive results. This is reported under
income taxes. The offsetting of losses incurred by foreign subsidiaries within the group taxation system results in a liability in the
nominal amount being reported for the future obligation to pay income taxes.
To compensate for the tax results passed on by the Group companies, a tax allocation based on the stand-alone method was
stipulated in the Group agreements. In the 2024/25 financial year, the agreements were adjusted so that EVN AG credits negative
tax allocations for overcharged tax losses of Group members. A one-time compensation payment was made for internal
loss carryforwards previously considered evident, provided that these were classified as recoverable from the perspective of the
respective Group member.
Future changes in the tax rate are taken into account if the relevant law has been enacted by the time the consolidated \ufb01nancial
statements are prepared. Deferred taxes are calculated according to the liability method at the tax rate expected when short-term
differences are reversed. Deferred tax assets and deferred tax liabilities are calculated and recognised for all temporary differences
(i.\u00a0e. the difference between the carrying amounts in the consolidated financial statements and the annual financial statements
prepared for tax purposes that will balance out in the future).
Deferred tax assets are recognised only if it is probable that there will be sufficient taxable income or taxable temporary differences
to utilise these items. Tax loss carryforwards are recognised as deferred tax assets. Deferred tax assets and deferred tax liabilities
are presented as a net amount in the consolidated \ufb01nancial statements if there is a legal right and intention to offset these items.
Global minimum tax
The EVN Group is subject to the Pillar II Directive which is intended to ensure global minimum taxation for multinational
enterprises with revenue of more than EUR\u00a0750m. The rules of the relevant minimum taxation act (Austrian Minimum Taxation Act)
initially apply to EVN for the 2024/25 financial year. EVN\u00a0AG represents the ultimate parent company and is therefore required
to determine a possible top-up tax for the corporate group. The Pillar II group of EVN includes investments in the following
jurisdictions: Austria, Bulgaria, North Macedonia, Germany, Croatia, Lithuania, Cyprus, Poland, Romania, Montenegro, Slovenia,
Bahrain and Kuwait.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-364": { "value": "
5. Foreign currency translation
All Group companies record their foreign currency business transactions at the mid exchange rate in effect on the date of the
relevant transaction. Monetary assets and liabilities denominated in a foreign currency are translated at the mid exchange rate
on the balance sheet date. Any resulting foreign currency gains or losses are recognised in pro\ufb01t or loss. The exchange rate
applied to the initial recognition of an asset, expense or income is derived from the date on which a company initially recognises
the related non-monetary asset or non-monetary liability.
In accordance with IAS\u00a021, the annual \ufb01nancial statements of Group companies that are prepared in a foreign currency are
translated into euros for inclusion in the consolidated \ufb01nancial statements. This translation is based on the functional currency
method, under which the assets and liabilities of companies not reporting in euros are converted at the mid exchange rate on
the balance sheet date and any income and expenses are converted at the average annual rate. Unrealised currency translation
differences from long-term Group loans are recorded under the currency translation reserve in equity without recognition in
pro\ufb01t or loss. Currency translation differences directly recognised in equity resulted in a change to equity of EUR\u00a02.7m in 2024/25
(previous year: EUR\u00a02.1m).
Additions and disposals are reported at the applicable average exchange rates in all tables. Changes in the mid exchange
rates between the balance sheet date for the reporting year and the previous year as well as differences arising from the use of
mid exchange rates to translate changes during the \ufb01nancial year are reported separately under currency translation differences
in all tables.
Goodwill resulting from the acquisition of foreign subsidiaries is recorded at the exchange rate in effect on the acquisition date.
This goodwill is subsequently allocated to the acquired company and translated at the exchange rate in effect on the balance sheet
date. When a foreign company is deconsolidated, any related currency differences are recognised in pro\ufb01t or loss.
The following key exchange rates were used for foreign currency translation as of the balance sheet date:
Foreign currency translation
2024/25
2023/24
Currency
Exchange rate
on the balance
sheet date
Average\u00b9\u207e
Exchange rate
on the balance
sheet date
Average\u00b9\u207e
Albanian lek
96.72000
98.39385
98.79000
102.21769
Bulgarian lew\u00b2\u207e
1.95583
1.95583
1.95583
1.95583
Bahrain dinar
0.44285
0.41746
0.42195
0.40908
Kuwait dinar
0.35890
0.33969
0.34145
0.33341
North Macedonian denar
61.69460
61.51439
61.49250
61.53430
Polish zloty
4.27000
4.25582
4.27940
4.34257
Russian rouble
105.70015
104.91733
104.13450
98.66355
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-363": { "value": "
5. Foreign currency translation
All Group companies record their foreign currency business transactions at the mid exchange rate in effect on the date of the
relevant transaction. Monetary assets and liabilities denominated in a foreign currency are translated at the mid exchange rate
on the balance sheet date. Any resulting foreign currency gains or losses are recognised in pro\ufb01t or loss. The exchange rate
applied to the initial recognition of an asset, expense or income is derived from the date on which a company initially recognises
the related non-monetary asset or non-monetary liability.
In accordance with IAS\u00a021, the annual \ufb01nancial statements of Group companies that are prepared in a foreign currency are
translated into euros for inclusion in the consolidated \ufb01nancial statements. This translation is based on the functional currency
method, under which the assets and liabilities of companies not reporting in euros are converted at the mid exchange rate on
the balance sheet date and any income and expenses are converted at the average annual rate. Unrealised currency translation
differences from long-term Group loans are recorded under the currency translation reserve in equity without recognition in
pro\ufb01t or loss. Currency translation differences directly recognised in equity resulted in a change to equity of EUR\u00a02.7m in 2024/25
(previous year: EUR\u00a02.1m).
Additions and disposals are reported at the applicable average exchange rates in all tables. Changes in the mid exchange
rates between the balance sheet date for the reporting year and the previous year as well as differences arising from the use of
mid exchange rates to translate changes during the \ufb01nancial year are reported separately under currency translation differences
in all tables.
Goodwill resulting from the acquisition of foreign subsidiaries is recorded at the exchange rate in effect on the acquisition date.
This goodwill is subsequently allocated to the acquired company and translated at the exchange rate in effect on the balance sheet
date. When a foreign company is deconsolidated, any related currency differences are recognised in pro\ufb01t or loss.
The following key exchange rates were used for foreign currency translation as of the balance sheet date:
Foreign currency translation
2024/25
2023/24
Currency
Exchange rate
on the balance
sheet date
Average\u00b9\u207e
Exchange rate
on the balance
sheet date
Average\u00b9\u207e
Albanian lek
96.72000
98.39385
98.79000
102.21769
Bulgarian lew\u00b2\u207e
1.95583
1.95583
1.95583
1.95583
Bahrain dinar
0.44285
0.41746
0.42195
0.40908
Kuwait dinar
0.35890
0.33969
0.34145
0.33341
North Macedonian denar
61.69460
61.51439
61.49250
61.53430
Polish zloty
4.27000
4.25582
4.27940
4.34257
Russian rouble
105.70015
104.91733
104.13450
98.66355
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-365": { "value": "
In accordance with IAS\u00a021, the annual \ufb01nancial statements of Group companies that are prepared in a foreign currency are
translated into euros for inclusion in the consolidated \ufb01nancial statements. This translation is based on the functional currency
method, under which the assets and liabilities of companies not reporting in euros are converted at the mid exchange rate on
the balance sheet date and any income and expenses are converted at the average annual rate. Unrealised currency translation
differences from long-term Group loans are recorded under the currency translation reserve in equity without recognition in
pro\ufb01t or loss. Currency translation differences directly recognised in equity resulted in a change to equity of EUR\u00a02.7m in 2024/25
(previous year: EUR\u00a02.1m).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-367": { "value": "
6. Intangible assets
Acquired intangible assets are recognised at acquisition cost less straight-line amortisation and any impairment losses, unless their
useful life is classi\ufb01ed as inde\ufb01nite. Assets with a determinable limited useful life are amortised on the basis of that expected useful
life, which as in the previous year, equals three to eight years for software and three to 40\u00a0years for rights. Customer relationships
capitalised in connection with a business acquisition, which have a determinable useful life because of potential market liberalisa-
tion, are amortised on a straight-line basis over \ufb01ve to 15\u00a0years. The expected useful lives and amortisation curves are determined
by estimating the timing and distribution of cash in\ufb02ows from the corresponding intangible assets over time. Intangible assets
with an inde\ufb01nite useful life are measured at cost and tested annually for impairment (see note 22.\u00a0Procedures and effects of
impairment tests).
Internally generated intangible assets must meet the requirements of IAS\u00a038 in order to be capitalised. This standard distinguishes
between research and development expenses.
Service concessions that meet the requirements of IFRIC\u00a012 are classi\ufb01ed as intangible assets. Expenses and income are recognised
according to the percentage of completion method at the fair value of the compensation received. The percentage of completion
is assessed according to the cost-to-cost method. The requirements de\ufb01ned in IFRIC\u00a012 are currently met by the Ashta hydropower
plant which is included at equity.
.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-366": { "value": "
6. Intangible assets
Acquired intangible assets are recognised at acquisition cost less straight-line amortisation and any impairment losses, unless their
useful life is classi\ufb01ed as inde\ufb01nite. Assets with a determinable limited useful life are amortised on the basis of that expected useful
life, which as in the previous year, equals three to eight years for software and three to 40\u00a0years for rights. Customer relationships
capitalised in connection with a business acquisition, which have a determinable useful life because of potential market liberalisa-
tion, are amortised on a straight-line basis over \ufb01ve to 15\u00a0years. The expected useful lives and amortisation curves are determined
by estimating the timing and distribution of cash in\ufb02ows from the corresponding intangible assets over time. Intangible assets
with an inde\ufb01nite useful life are measured at cost and tested annually for impairment (see note 22.\u00a0Procedures and effects of
impairment tests).
Internally generated intangible assets must meet the requirements of IAS\u00a038 in order to be capitalised. This standard distinguishes
between research and development expenses.
Service concessions that meet the requirements of IFRIC\u00a012 are classi\ufb01ed as intangible assets. Expenses and income are recognised
according to the percentage of completion method at the fair value of the compensation received. The percentage of completion
is assessed according to the cost-to-cost method. The requirements de\ufb01ned in IFRIC\u00a012 are currently met by the Ashta hydropower
plant which is included at equity.
.
The impairment testing of goodwill and assets for which no expected future cash \ufb02ows can be identi\ufb01ed is based on an assessment
of the respective cash-generating unit (CGU). The decisive criterion used by EVN to classify a generation unit as a CGU is the
technical and commercial ability to generate independent revenue. In the EVN\u00a0Group, this de\ufb01nition applies to the electricity and
heat generation plants, electricity, natural gas and water distribution systems, electricity procurement rights, waste treatment
plants, telecommunications networks and facilities in the environmental services business.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-368": { "value": "
Internally generated intangible assets must meet the requirements of IAS\u00a038 in order to be capitalised. This standard distinguishes
between research and development expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-369": { "value": "
Service concessions that meet the requirements of IFRIC\u00a012 are classi\ufb01ed as intangible assets. Expenses and income are recognised
according to the percentage of completion method at the fair value of the compensation received. The percentage of completion
is assessed according to the cost-to-cost method. The requirements de\ufb01ned in IFRIC\u00a012 are currently met by the Ashta hydropower
plant which is included at equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-370": { "value": "
7. Property, plant and equipment
Property, plant and equipment are carried at acquisition or production cost less scheduled straight-line depreciation and any
necessary impairment losses. The acquisition or production cost also includes the estimated expenses for demolition and disposal
if there is an obligation to decommission or demolish the plant and equipment or to restore property at the end of the asset\u2019s
useful life. The present value of the estimated demolition and/or disposal costs is capitalised along with the acquisition or production
costs and also recognised as a liability (provision). Production costs for internally generated \ufb01xed assets include appropriate
material and manufacturing overheads in addition to direct material and labour costs.
Ongoing maintenance and repairs to property, plant and equipment are recognised in pro\ufb01t or loss, provided this work does
not change the nature of the asset or lead to additional future bene\ufb01ts. If these measures enhance the value of the respective
asset, the related expenses must be capitalised retroactively as part of the acquisition or production cost.
If the construction of property, plant and equipment continues over an extended period of time, these items are classi\ufb01ed as
\u201cqualifying assets\u201d. The borrowing costs incurred during the construction period are then capitalised as a part of the production
cost in accordance with IAS 23. In keeping with EVN\u2019s accounting policies, a project gives rise to a qualifying asset only if
construction takes at least 12\u00a0months. Interest on borrowed capital is not capitalised if the amounts are insignificant over the
entire construction phase.
Property, plant and equipment are depreciated from the time they are available for use. Depreciation for property, plant and
equipment subject to wear and tear is calculated on a straight-line basis over the expected useful life of the relevant asset or its
components. The expected economic and technical life is evaluated at each balance sheet date and adjusted if necessary.
As in the previous year, straight-line depreciation is based on the following useful lives, which are uniform throughout the Group:
Expected useful life of property, plant and equipment
Years
Buildings
10\u201350
Transmission lines and pipelines
15\u201350
Machinery
10\u201350
Meters
5\u201340
Tools and equipment
3\u201325
When property, plant and equipment are sold, the acquisition or production costs and accumulated depreciation are reported
as a disposal. The difference between the net proceeds from the sale and the carrying amount are recognised to profit or loss and
reported in other operating income or expenses.
Some leases include extension and cancellation options which are used by EVN to achieve maximum operating flexibility in the
assets used by the Group. The determination of the contract term includes all facts and circumstances which could represent an
economic incentive for the exercise of an extension option or the non-exercise of a cancellation option.
EVN evaluates at the beginning of the contract term whether a contract establishes a lease. If a lease is involved, a right of use and
corresponding lease liability are recognised. The amount of the right of use represents the amount of the lease liability on the
contract\u2018s initial recognition date, with an adjustment for any initial direct costs incurred by the lessee, payments at or before the
beginning of the lease relationship, lease incentives and/or dismantling obligations. The carrying amount of the lease liability is
determined by discounting the payments expected during the lease, the expected payments from issued residual value guarantees,
the exercise prices for purchase options (if their exercise is sufficiently probable) and any payments for premature cancellation of the
contract (if probable).
2050).
The fair value less costs of disposal is basically calculated in accordance with the fair value measurement hierarchy de\ufb01ned in
IFRS\u00a013. Since it is generally not possible to derive market values for the CGUs and assets of EVN under evaluation, the fair value
is estimated in accordance with Level\u00a03 in the fair value hierarchy. The fair value less costs of disposal for a CGU is calculated
with a WACC-based discounted cash \ufb02ow method, which is conceptually similar to the value in use procedure, but includes
adjustments to the parameters in the DCF model to re\ufb02ect a market participant\u2019s viewpoint.
The calculation of the fair value less disposal costs and the value in use is based on the future cash in\ufb02ows and out\ufb02ows
which are basically derived from internal medium-term forecasts. The cash \ufb02ow forecasts are based on the latest \ufb01nancial plans
approved by management. The underlying assumptions also take climate-related effects into consideration. The assumptions
for the future development of electricity prices are derived from the quotations on the futures market of the European Energy
Exchange\u00a0AG, Leipzig, Germany. For the period extending beyond this time, an average is developed from the forecasts
issued by two well-known information service providers in the energy sector. Several scenarios are used for averaging. In this
way, the risks that may influence electricity prices in the future are taken into account comprehensively.
A weighted average cost of capital which includes the deduction of income tax (WACC) is used as the discount rate. The equity
component of the WACC re\ufb02ects the risk-free interest rate, a country-speci\ufb01c premium plus a risk premium that incorporates
the market risk premium and an appropriate beta coefficient based on peer group capital market indicators. The debt component
of the WACC equals the basis interest rate plus a country-speci\ufb01c premium and a rating dependent risk premium. The equity
and debt components are weighted according to a capital structure that is appropriate for the CGU based on peer group data at
market values. The resulting WACC is used to discount the cash \ufb02ows in the respective CGU.
For the purpose of estimating the recoverable amount, EVN initially assesses the value in use. In cases where this amount is
lower than the carrying amount of the asset, or the CGU, the fair value less costs of disposal is calculated if necessary.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-371": { "value": "
Ongoing maintenance and repairs to property, plant and equipment are recognised in pro\ufb01t or loss, provided this work does
not change the nature of the asset or lead to additional future bene\ufb01ts. If these measures enhance the value of the respective
asset, the related expenses must be capitalised retroactively as part of the acquisition or production cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-373": { "value": "
If the construction of property, plant and equipment continues over an extended period of time, these items are classi\ufb01ed as
\u201cqualifying assets\u201d. The borrowing costs incurred during the construction period are then capitalised as a part of the production
cost in accordance with IAS 23. In keeping with EVN\u2019s accounting policies, a project gives rise to a qualifying asset only if
construction takes at least 12\u00a0months. Interest on borrowed capital is not capitalised if the amounts are insignificant over the
entire construction phase.
Property, plant and equipment are depreciated from the time they are available for use. Depreciation for property, plant and
equipment subject to wear and tear is calculated on a straight-line basis over the expected useful life of the relevant asset or its
components. The expected economic and technical life is evaluated at each balance sheet date and adjusted if necessary.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-372": { "value": "
If the construction of property, plant and equipment continues over an extended period of time, these items are classi\ufb01ed as
\u201cqualifying assets\u201d. The borrowing costs incurred during the construction period are then capitalised as a part of the production
cost in accordance with IAS 23. In keeping with EVN\u2019s accounting policies, a project gives rise to a qualifying asset only if
construction takes at least 12\u00a0months. Interest on borrowed capital is not capitalised if the amounts are insignificant over the
entire construction phase.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-374": { "value": "
Property, plant and equipment are depreciated from the time they are available for use. Depreciation for property, plant and
equipment subject to wear and tear is calculated on a straight-line basis over the expected useful life of the relevant asset or its
components. The expected economic and technical life is evaluated at each balance sheet date and adjusted if necessary.
As in the previous year, straight-line depreciation is based on the following useful lives, which are uniform throughout the Group:
Expected useful life of property, plant and equipment
Years
Buildings
10\u201350
Transmission lines and pipelines
15\u201350
Machinery
10\u201350
Meters
5\u201340
Tools and equipment
3\u201325
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-375": { "value": "
Some leases include extension and cancellation options which are used by EVN to achieve maximum operating flexibility in the
assets used by the Group. The determination of the contract term includes all facts and circumstances which could represent an
economic incentive for the exercise of an extension option or the non-exercise of a cancellation option.
EVN evaluates at the beginning of the contract term whether a contract establishes a lease. If a lease is involved, a right of use and
corresponding lease liability are recognised. The amount of the right of use represents the amount of the lease liability on the
contract\u2018s initial recognition date, with an adjustment for any initial direct costs incurred by the lessee, payments at or before the
beginning of the lease relationship, lease incentives and/or dismantling obligations. The carrying amount of the lease liability is
determined by discounting the payments expected during the lease, the expected payments from issued residual value guarantees,
the exercise prices for purchase options (if their exercise is sufficiently probable) and any payments for premature cancellation of the
contract (if probable).
.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-376": { "value": "
9. Financial instruments
A financial instrument is a contract that gives rise to a financial asset in one company and a financial liability or an equity
instrument in another company.
Primary financial instruments
Primary financial instruments are measured in accordance with the rules defined by IFRS 9. Initial recognition is based on fair value as
of the settlement date, including transaction costs, unless the financial instruments are recognised at fair value through profit or loss.
Primary financial instruments are recognised in the consolidated statement of financial position when EVN is contractually entitled to
receive payment or other financial assets from another party.
Since the initial application of IFRS\u00a09, EVN has classified its financial assets under the following measurement categories:
\u2022 Fair value through other comprehensive income (FVOCI)
\u2022 Fair value through profit or loss (FVTPL)
\u2022 At amortised cost (AC)
The classification of financial assets on initial recognition is based on the business model and the characteristics of the contractual
cash flows.
A financial asset is classified at amortised cost (AC) when it is held to collect contractual cash flows and these cash flows consist
entirely of interest and principal payments on the outstanding amount. EVN holds loans receivable, trade receivables, remaining
other non-current assets, cash on hand and cash at banks within the framework of a business model whose objective is to collect
contractual cash flows. Consequently, the cash flow criterion is also met and the financial assets are classified at amortised cost (AC).
The non-current and current securities held by EVN are held within a business model whose objective is neither to collect
contractual cash flows nor to collect contractual cash flows and to sell financial assets. These securities are classified at fair value
through profit or loss (FVTPL). Derivative financial assets (outside hedge accounting) must be classified at fair value through
profit or loss (FVTPL) (see Derivative financial instruments).
Investments in equity instruments are generally measured at fair value through profit or loss (FVTPL). However, EVN decided, at
the time IFRS\u00a09 was initially applied, to exercise the \u201cFVOCI\u00a0option\u201d provided by IFRS\u00a09.5.7.5 and classify all its equity instruments
irrevocably at fair value through other comprehensive income (FVOCI).
Financial liabilities are still classified under the following measurement categories:
\u2022 Fair value through profit or loss (FVTPL)
\u2022 At amortised cost (AC)
Subsequent measurement is based on the classification to the measurement categories listed above and the rules applicable to
the individual categories. These rules are described in the notes to the individual items on the consolidated statement of financial
position.
The introduction of IFRS 9 led to the application at the time of initial recognition of the expected credit loss model (ECL) to debt
instruments carried at amortised cost, debt instruments measured at FVOCI, lease receivables and contractual assets as defined in
IFRS\u00a015. Under the ECL model, impairment losses are not only recognised for losses which have already occurred but also for
expected future credit losses. The related classification is based on a three-stage impairment model. When a financial asset is
initially recognised, a loss allowance must be determined for the credit losses expected to occur within one year (risk category\u00a01).
Any significant deterioration in the debtor\u2019s credit standing leads to the extension of this timeframe to the full term of the
financial asset (risk category\u00a02). An impaired credit standing or actual default by the debtor results in reclassification to risk
category\u00a03. The criteria for the transfer between risk categories are based on EVN\u2019s internal rating system.
EVN determines the expected future credit loss by multiplying the \u201cprobability of default\" (PoD) with the carrying amount of the
financial asset \u201cexposure at default\" (EAD) and the actual loss resulting from customer default \u201closs given default\" (LGD).
In contrast to the above-mentioned ECL model, the simplified approach does not include the measurement of the twelve-month
expected credit loss but only the lifetime expected credit loss. A simplified approach must be applied to trade receivables and IFRS\u00a015
contractual assets without a significant financing component. An option is also available to apply the simplified approach to trade
receivables and IFRS\u00a015 contractual assets with a significant financing component. EVN uses this option. The option to apply the
simplified approach in accordance with IFRS\u00a016 to lease receivables is not applied.
EVN uses the practical expedient defined by IFRS 9.B5.5.35 for trade receivables and measures the expected credit loss with a
provision matrix (also see note 13.\u00a0Trade and other receivables).
Derivative financial instruments
The main instruments used by EVN to manage and limit existing exchange rate and interest rate risks in the \ufb01nancial sector are
foreign currency and interest rate swaps. EVN uses swaps, futures and forwards to limit energy sector risks arising from changes in
commodity and product prices.
The forward and futures contracts concluded by EVN for the purchase or sale of electricity, natural gas and CO2 emission
certi\ufb01cates serve to hedge the purchase prices for expected electricity and natural gas deliveries or CO2 emission certi\ufb01cates as
well as the selling prices for planned electricity production. If physical delivery is based on the expected procurement, sale or
usage requirements, the criteria for the so-called \u201cown use exemption\u201d are met. The contracts are then not considered derivative
\ufb01nancial instruments in terms of IFRS 9, but represent pending purchase and sale transactions, which must be assessed for
possible impending losses from pending transactions in accordance with IAS\u00a037. If the requirements for the own use exemption
are not met \u2013 for example, by transactions for short-term optimisation \u2013 the contracts are recorded as derivatives in accord-
ance with IFRS\u00a09. Corresponding expenses and income from such derivative financial instruments are reported under results from
operating activities.
Derivative \ufb01nancial instruments are recognised at fair value, which generally re\ufb02ects the acquisition cost, when the respective
contract is concluded and measured at fair value in subsequent periods. The fair value of derivative \ufb01nancial instruments
is determined on the basis of quoted market prices, information provided by banks or discounting-based valuation methods
whereby the counterparty risk is also included. Positive fair values are recorded as receivables from derivative transactions
(under other non-current assets or under current receivables and other assets, depending on the term). In contrast, negative fair
values are recorded as liabilities from derivative transactions (under other non-current liabilities or under other current liabilities,
depending on the term). For counterparties with a master agreement that includes a so-called netting clause, the positive
and negative fair values are presented as net amounts for the respective time periods when net settlement is planned (see note
63.\u00a0Reporting on financial instruments).
EVN has designated significant parts of the listed derivatives as hedges within the framework of hedge accounting. The require-
ments defined by IFRS\u00a09 for this designation include an approved underlying transaction or hedging instrument, the formal
designation and documentation of the hedge relationship, an economic relationship between the underlying transaction and the
hedge as well as an appropriately documented hedging strategy.
Cash flow hedges are used to hedge the interest rate risks arising from financial liabilities and foreign exchange risks and to
hedge the price risk from planned future electricity sales. At the beginning of the designated hedge relationship, the Group
documents the risk management goals and strategies to be followed with regard to the hedge. The Group also documents the
economic relationship between the underlying transaction and the hedging instrument as well as expectations as to whether
the changes in the cash flows from the underlying transaction and the hedging instrument are expected to offset each other.
When a derivative is designated as a cash flow hedge, the effective portion of the changes in fair value are recognised under
other comprehensive income and accumulated in the hedging reserve. The effective portion of the changes in fair value, which is
recorded under other comprehensive income, is limited to the cumulative change in the fair value of the underlying transaction
(based on present value) since the beginning of the hedge. Any ineffective parts of the changes in the fair value of the derivative
are recognised immediately to profit or loss.
If an expected hedged transaction subsequently leads to the recognition of a non-financial item, e.\u00a0g. inventories, the accumulated
amount from the hedging reserve and the reserve for hedging costs is included in the acquisition cost of the non-financial item,
if it is recognised.
For all other expected hedged transactions, the accumulated amount in the hedging reserve and the reserve for hedging costs is
reclassified to profit or loss of the period or periods in which the expected future hedged cash flows influence profit or loss. If
a hedge no longer meets the criteria for hedge accounting or if the hedging instrument is sold, expires, is terminated or exercised,
hedge accounting is terminated prospectively. A so-called \u201crebalancing\u201d is generally carried out when the framework conditions
change, and the hedge is only terminated when this is not possible. When cash flow hedge accounting is terminated, the amount
in the hedging reserve remains in equity until it is included in the acquisition cost of a non-financial item on initial recognition
(for hedging transactions that lead to the recognition of a non-financial item) or until it is reclassified to profit or loss of the period
or periods in which the expected hedged future cash flows influence profit or loss (for other cash flow hedges).
If the hedged future cash flows are no longer expected to occur, the amounts in the hedging reserve and the reserve for hedging
costs are reclassified immediately to profit or loss.
The accounting treatment of the changes in the fair value of derivatives used for hedging purposes depends on the type of the
hedging transaction.
Fair value hedges are used to hedge currency risks. Derivative \ufb01nancial instruments classi\ufb01ed as fair value hedges under IFRS\u00a09
serve to hedge recognised assets or liabilities against the risk of a change in fair value. For fair value hedges, the recognition in
pro\ufb01t or loss includes the change in the fair value of the derivative as well as the contrasting change in the fair value of the
underlying transaction, as far as it re\ufb02ects the hedged risk. The related earnings are generally reported under the same position in
the consolidated statement of operations as the underlying transaction. Changes in the value of the hedges are essentially offset
by the changes in the value of the hedged transactions.
The derivatives used by EVN for hedging purposes constitute effective protection. The changes in the fair value of these derivatives
are generally offset by compensating changes in the underlying transactions.
Fair value generally reflects the listed price on the balance sheet date. If this price is not available, fair value is calculated in
accordance with financial methods, e.\u00a0g. by discounting the expected cash flows at the prevailing market interest rate. The input
factors required for the calculations are explained below.
The fair value of shares in unlisted subsidiaries and other investments is based on discounted expected cash flows or comparable
transactions. For financial instruments listed on an active market, the trading price as of the balance sheet date represents fair
value. Most of the receivables, cash and cash equivalents, and current financial liabilities have short terms to maturity. Therefore,
the carrying value of these instruments as of the balance sheet date approximately corresponds to fair value. The fair value of
bonds is calculated as the present value of the discounted future cash flows based on prevailing market interest rates.
The following table shows the financial instruments carried at fair value and their classification in the fair value hierarchy
according to IFRS\u00a013.
Level 1 input factors are observable parameters such as quoted prices for identical assets or liabilities. These prices are used
for valuation purposes without modification. Level 2 input factors represent other observable parameters which must be adjusted to
reflect the specific characteristics of the valuation object. Examples of the parameters used to measure the financial instruments
classified under Level 2 are forward price curves derived from market prices, exchange rates, interest structure curves and the
counterparty credit risk. Level 3 input factors are non-observable factors which reflect the assumptions that would be used by a
market participant to determine an appropriate price. There were no reclassifications between the various levels during the
reporting period.
Derivative financial instruments and hedging transactions
Derivative financial instruments are used primarily to hedge the company\u2019s liquidity, exchange rate, price and interest rate risks.
The operative goal is to ensure the long-term continuity of the Group\u2019s earnings. All derivative financial instruments are integrated
in a risk management system as soon as the respective contracts are concluded. This allows for the preparation of a daily overview
of all main risk indicators.
The nominal values represent the separate totals of the items classified as financial derivatives on the balance sheet date. These
are reference values which, however, do not provide a measure of the risk incurred by the company through the use of these
financial instruments. In particular, potential risk factors include fluctuations in the underlying market parameters and the credit
risk of the contracting parties. Derivative financial instruments are recognised at their fair values.
).
EVN uses hedges to manage earnings volatility. The underlying transaction and the hedge are designed to ensure a match
between the parameters relevant for measurement (critical terms match). In order to gauge the effectiveness, the underlying
transactions are recorded in the treasury management system as hypothetical derivates and evaluated to determine whether
the relationship with the respective hedges was or will be effective. Possible sources of ineffectiveness are, for example,
timing shifts or a change in the volume of an existing underlying transaction as well as adjustments for the credit risk of hedges
and underlying transactions. All measures are based on internal guidelines.
The EVN Group uses derivative financial instruments within the framework of cash flow hedge accounting to hedge the price risk
from planned future revenues from electricity sales and to hedge the price risk from planned future costs from gas purchases.
In addition, accounting rules for hedging relationships in accordance with IFRS 9 are applied to hedge the currency risk arising
from the Umm Al Hayman wastewater treatment project, which is, however, attributed to the discontinued operation.
Therefore, the receivables and liabilities were reclassified to assets and liabilities held for sale (see note 43. Assets and liabilities
held for sale).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-377": { "value": "
A financial instrument is a contract that gives rise to a financial asset in one company and a financial liability or an equity
instrument in another company.
Primary financial instruments are measured in accordance with the rules defined by IFRS 9. Initial recognition is based on fair value as
of the settlement date, including transaction costs, unless the financial instruments are recognised at fair value through profit or loss.
Primary financial instruments are recognised in the consolidated statement of financial position when EVN is contractually entitled to
receive payment or other financial assets from another party.
Since the initial application of IFRS\u00a09, EVN has classified its financial assets under the following measurement categories:
\u2022 Fair value through other comprehensive income (FVOCI)
\u2022 Fair value through profit or loss (FVTPL)
\u2022 At amortised cost (AC)
The classification of financial assets on initial recognition is based on the business model and the characteristics of the contractual
cash flows.
A financial asset is classified at amortised cost (AC) when it is held to collect contractual cash flows and these cash flows consist
entirely of interest and principal payments on the outstanding amount. EVN holds loans receivable, trade receivables, remaining
other non-current assets, cash on hand and cash at banks within the framework of a business model whose objective is to collect
contractual cash flows. Consequently, the cash flow criterion is also met and the financial assets are classified at amortised cost (AC).
The non-current and current securities held by EVN are held within a business model whose objective is neither to collect
contractual cash flows nor to collect contractual cash flows and to sell financial assets. These securities are classified at fair value
through profit or loss (FVTPL). Derivative financial assets (outside hedge accounting) must be classified at fair value through
profit or loss (FVTPL) (see Derivative financial instruments).
The introduction of IFRS 9 led to the application at the time of initial recognition of the expected credit loss model (ECL) to debt
instruments carried at amortised cost, debt instruments measured at FVOCI, lease receivables and contractual assets as defined in
IFRS\u00a015. Under the ECL model, impairment losses are not only recognised for losses which have already occurred but also for
expected future credit losses. The related classification is based on a three-stage impairment model. When a financial asset is
initially recognised, a loss allowance must be determined for the credit losses expected to occur within one year (risk category\u00a01).
Any significant deterioration in the debtor\u2019s credit standing leads to the extension of this timeframe to the full term of the
financial asset (risk category\u00a02). An impaired credit standing or actual default by the debtor results in reclassification to risk
category\u00a03. The criteria for the transfer between risk categories are based on EVN\u2019s internal rating system.
EVN determines the expected future credit loss by multiplying the \u201cprobability of default\" (PoD) with the carrying amount of the
financial asset \u201cexposure at default\" (EAD) and the actual loss resulting from customer default \u201closs given default\" (LGD).
In contrast to the above-mentioned ECL model, the simplified approach does not include the measurement of the twelve-month
expected credit loss but only the lifetime expected credit loss. A simplified approach must be applied to trade receivables and IFRS\u00a015
contractual assets without a significant financing component. An option is also available to apply the simplified approach to trade
receivables and IFRS\u00a015 contractual assets with a significant financing component. EVN uses this option. The option to apply the
simplified approach in accordance with IFRS\u00a016 to lease receivables is not applied.
EVN uses the practical expedient defined by IFRS 9.B5.5.35 for trade receivables and measures the expected credit loss with a
provision matrix (also see note 13.\u00a0Trade and other receivables).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-378": { "value": "
Primary financial instruments are measured in accordance with the rules defined by IFRS 9. Initial recognition is based on fair value as
of the settlement date, including transaction costs, unless the financial instruments are recognised at fair value through profit or loss.
Primary financial instruments are recognised in the consolidated statement of financial position when EVN is contractually entitled to
receive payment or other financial assets from another party.
Investments in equity instruments are generally measured at fair value through profit or loss (FVTPL). However, EVN decided, at
the time IFRS\u00a09 was initially applied, to exercise the \u201cFVOCI\u00a0option\u201d provided by IFRS\u00a09.5.7.5 and classify all its equity instruments
irrevocably at fair value through other comprehensive income (FVOCI).
Derivative \ufb01nancial instruments are recognised at fair value, which generally re\ufb02ects the acquisition cost, when the respective
contract is concluded and measured at fair value in subsequent periods. The fair value of derivative \ufb01nancial instruments
is determined on the basis of quoted market prices, information provided by banks or discounting-based valuation methods
whereby the counterparty risk is also included. Positive fair values are recorded as receivables from derivative transactions
(under other non-current assets or under current receivables and other assets, depending on the term). In contrast, negative fair
values are recorded as liabilities from derivative transactions (under other non-current liabilities or under other current liabilities,
depending on the term). For counterparties with a master agreement that includes a so-called netting clause, the positive
and negative fair values are presented as net amounts for the respective time periods when net settlement is planned (see note
63.\u00a0Reporting on financial instruments).
.
The accounting treatment of the changes in the fair value of derivatives used for hedging purposes depends on the type of the
hedging transaction.
.
The derivatives used by EVN for hedging purposes constitute effective protection. The changes in the fair value of these derivatives
are generally offset by compensating changes in the underlying transactions.
Fair value generally reflects the listed price on the balance sheet date. If this price is not available, fair value is calculated in
accordance with financial methods, e.\u00a0g. by discounting the expected cash flows at the prevailing market interest rate. The input
factors required for the calculations are explained below.
The fair value of shares in unlisted subsidiaries and other investments is based on discounted expected cash flows or comparable
transactions. For financial instruments listed on an active market, the trading price as of the balance sheet date represents fair
value. Most of the receivables, cash and cash equivalents, and current financial liabilities have short terms to maturity. Therefore,
the carrying value of these instruments as of the balance sheet date approximately corresponds to fair value. The fair value of
bonds is calculated as the present value of the discounted future cash flows based on prevailing market interest rates.
The following table shows the financial instruments carried at fair value and their classification in the fair value hierarchy
according to IFRS\u00a013.
Level 1 input factors are observable parameters such as quoted prices for identical assets or liabilities. These prices are used
for valuation purposes without modification. Level 2 input factors represent other observable parameters which must be adjusted to
reflect the specific characteristics of the valuation object. Examples of the parameters used to measure the financial instruments
classified under Level 2 are forward price curves derived from market prices, exchange rates, interest structure curves and the
counterparty credit risk. Level 3 input factors are non-observable factors which reflect the assumptions that would be used by a
market participant to determine an appropriate price. There were no reclassifications between the various levels during the
reporting period.
Derivative financial instruments are used primarily to hedge the company\u2019s liquidity, exchange rate, price and interest rate risks.
The operative goal is to ensure the long-term continuity of the Group\u2019s earnings. All derivative financial instruments are integrated
in a risk management system as soon as the respective contracts are concluded. This allows for the preparation of a daily overview
of all main risk indicators.
The nominal values represent the separate totals of the items classified as financial derivatives on the balance sheet date. These
are reference values which, however, do not provide a measure of the risk incurred by the company through the use of these
financial instruments. In particular, potential risk factors include fluctuations in the underlying market parameters and the credit
risk of the contracting parties. Derivative financial instruments are recognised at their fair values.
).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-380": { "value": "
Financial liabilities are still classified under the following measurement categories:
\u2022 Fair value through profit or loss (FVTPL)
\u2022 At amortised cost (AC)
Subsequent measurement is based on the classification to the measurement categories listed above and the rules applicable to
the individual categories. These rules are described in the notes to the individual items on the consolidated statement of financial
position.
The introduction of IFRS 9 led to the application at the time of initial recognition of the expected credit loss model (ECL) to debt
instruments carried at amortised cost, debt instruments measured at FVOCI, lease receivables and contractual assets as defined in
IFRS\u00a015. Under the ECL model, impairment losses are not only recognised for losses which have already occurred but also for
expected future credit losses. The related classification is based on a three-stage impairment model. When a financial asset is
initially recognised, a loss allowance must be determined for the credit losses expected to occur within one year (risk category\u00a01).
Any significant deterioration in the debtor\u2019s credit standing leads to the extension of this timeframe to the full term of the
financial asset (risk category\u00a02). An impaired credit standing or actual default by the debtor results in reclassification to risk
category\u00a03. The criteria for the transfer between risk categories are based on EVN\u2019s internal rating system.
Derivative financial instruments
The main instruments used by EVN to manage and limit existing exchange rate and interest rate risks in the \ufb01nancial sector are
foreign currency and interest rate swaps. EVN uses swaps, futures and forwards to limit energy sector risks arising from changes in
commodity and product prices.
The forward and futures contracts concluded by EVN for the purchase or sale of electricity, natural gas and CO2 emission
certi\ufb01cates serve to hedge the purchase prices for expected electricity and natural gas deliveries or CO2 emission certi\ufb01cates as
well as the selling prices for planned electricity production. If physical delivery is based on the expected procurement, sale or
usage requirements, the criteria for the so-called \u201cown use exemption\u201d are met. The contracts are then not considered derivative
\ufb01nancial instruments in terms of IFRS 9, but represent pending purchase and sale transactions, which must be assessed for
possible impending losses from pending transactions in accordance with IAS\u00a037. If the requirements for the own use exemption
are not met \u2013 for example, by transactions for short-term optimisation \u2013 the contracts are recorded as derivatives in accord-
ance with IFRS\u00a09. Corresponding expenses and income from such derivative financial instruments are reported under results from
operating activities.
Derivative \ufb01nancial instruments are recognised at fair value, which generally re\ufb02ects the acquisition cost, when the respective
contract is concluded and measured at fair value in subsequent periods. The fair value of derivative \ufb01nancial instruments
is determined on the basis of quoted market prices, information provided by banks or discounting-based valuation methods
whereby the counterparty risk is also included. Positive fair values are recorded as receivables from derivative transactions
(under other non-current assets or under current receivables and other assets, depending on the term). In contrast, negative fair
values are recorded as liabilities from derivative transactions (under other non-current liabilities or under other current liabilities,
depending on the term). For counterparties with a master agreement that includes a so-called netting clause, the positive
and negative fair values are presented as net amounts for the respective time periods when net settlement is planned (see note
63.\u00a0Reporting on financial instruments).
EVN has designated significant parts of the listed derivatives as hedges within the framework of hedge accounting. The require-
ments defined by IFRS\u00a09 for this designation include an approved underlying transaction or hedging instrument, the formal
designation and documentation of the hedge relationship, an economic relationship between the underlying transaction and the
hedge as well as an appropriately documented hedging strategy.
Cash flow hedges are used to hedge the interest rate risks arising from financial liabilities and foreign exchange risks and to
hedge the price risk from planned future electricity sales. At the beginning of the designated hedge relationship, the Group
documents the risk management goals and strategies to be followed with regard to the hedge. The Group also documents the
economic relationship between the underlying transaction and the hedging instrument as well as expectations as to whether
the changes in the cash flows from the underlying transaction and the hedging instrument are expected to offset each other.
When a derivative is designated as a cash flow hedge, the effective portion of the changes in fair value are recognised under
other comprehensive income and accumulated in the hedging reserve. The effective portion of the changes in fair value, which is
recorded under other comprehensive income, is limited to the cumulative change in the fair value of the underlying transaction
(based on present value) since the beginning of the hedge. Any ineffective parts of the changes in the fair value of the derivative
are recognised immediately to profit or loss.
If an expected hedged transaction subsequently leads to the recognition of a non-financial item, e.\u00a0g. inventories, the accumulated
amount from the hedging reserve and the reserve for hedging costs is included in the acquisition cost of the non-financial item,
if it is recognised.
For all other expected hedged transactions, the accumulated amount in the hedging reserve and the reserve for hedging costs is
reclassified to profit or loss of the period or periods in which the expected future hedged cash flows influence profit or loss. If
a hedge no longer meets the criteria for hedge accounting or if the hedging instrument is sold, expires, is terminated or exercised,
hedge accounting is terminated prospectively. A so-called \u201crebalancing\u201d is generally carried out when the framework conditions
change, and the hedge is only terminated when this is not possible. When cash flow hedge accounting is terminated, the amount
in the hedging reserve remains in equity until it is included in the acquisition cost of a non-financial item on initial recognition
(for hedging transactions that lead to the recognition of a non-financial item) or until it is reclassified to profit or loss of the period
or periods in which the expected hedged future cash flows influence profit or loss (for other cash flow hedges).
If the hedged future cash flows are no longer expected to occur, the amounts in the hedging reserve and the reserve for hedging
costs are reclassified immediately to profit or loss.
The accounting treatment of the changes in the fair value of derivatives used for hedging purposes depends on the type of the
hedging transaction.
Fair value hedges are used to hedge currency risks. Derivative \ufb01nancial instruments classi\ufb01ed as fair value hedges under IFRS\u00a09
serve to hedge recognised assets or liabilities against the risk of a change in fair value. For fair value hedges, the recognition in
pro\ufb01t or loss includes the change in the fair value of the derivative as well as the contrasting change in the fair value of the
underlying transaction, as far as it re\ufb02ects the hedged risk. The related earnings are generally reported under the same position in
the consolidated statement of operations as the underlying transaction. Changes in the value of the hedges are essentially offset
by the changes in the value of the hedged transactions.
The derivatives used by EVN for hedging purposes constitute effective protection. The changes in the fair value of these derivatives
are generally offset by compensating changes in the underlying transactions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-381": { "value": "
Subsequent measurement is based on the classification to the measurement categories listed above and the rules applicable to
the individual categories. These rules are described in the notes to the individual items on the consolidated statement of financial
position.
The introduction of IFRS 9 led to the application at the time of initial recognition of the expected credit loss model (ECL) to debt
instruments carried at amortised cost, debt instruments measured at FVOCI, lease receivables and contractual assets as defined in
IFRS\u00a015. Under the ECL model, impairment losses are not only recognised for losses which have already occurred but also for
expected future credit losses. The related classification is based on a three-stage impairment model. When a financial asset is
initially recognised, a loss allowance must be determined for the credit losses expected to occur within one year (risk category\u00a01).
Any significant deterioration in the debtor\u2019s credit standing leads to the extension of this timeframe to the full term of the
financial asset (risk category\u00a02). An impaired credit standing or actual default by the debtor results in reclassification to risk
category\u00a03. The criteria for the transfer between risk categories are based on EVN\u2019s internal rating system.
EVN uses the practical expedient defined by IFRS 9.B5.5.35 for trade receivables and measures the expected credit loss with a
provision matrix (also see note 13.\u00a0Trade and other receivables).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-383": { "value": "
Derivative financial instruments
The main instruments used by EVN to manage and limit existing exchange rate and interest rate risks in the \ufb01nancial sector are
foreign currency and interest rate swaps. EVN uses swaps, futures and forwards to limit energy sector risks arising from changes in
commodity and product prices.
The forward and futures contracts concluded by EVN for the purchase or sale of electricity, natural gas and CO2 emission
certi\ufb01cates serve to hedge the purchase prices for expected electricity and natural gas deliveries or CO2 emission certi\ufb01cates as
well as the selling prices for planned electricity production. If physical delivery is based on the expected procurement, sale or
usage requirements, the criteria for the so-called \u201cown use exemption\u201d are met. The contracts are then not considered derivative
\ufb01nancial instruments in terms of IFRS 9, but represent pending purchase and sale transactions, which must be assessed for
possible impending losses from pending transactions in accordance with IAS\u00a037. If the requirements for the own use exemption
are not met \u2013 for example, by transactions for short-term optimisation \u2013 the contracts are recorded as derivatives in accord-
ance with IFRS\u00a09. Corresponding expenses and income from such derivative financial instruments are reported under results from
operating activities.
Derivative \ufb01nancial instruments are recognised at fair value, which generally re\ufb02ects the acquisition cost, when the respective
contract is concluded and measured at fair value in subsequent periods. The fair value of derivative \ufb01nancial instruments
is determined on the basis of quoted market prices, information provided by banks or discounting-based valuation methods
whereby the counterparty risk is also included. Positive fair values are recorded as receivables from derivative transactions
(under other non-current assets or under current receivables and other assets, depending on the term). In contrast, negative fair
values are recorded as liabilities from derivative transactions (under other non-current liabilities or under other current liabilities,
depending on the term). For counterparties with a master agreement that includes a so-called netting clause, the positive
and negative fair values are presented as net amounts for the respective time periods when net settlement is planned (see note
63.\u00a0Reporting on financial instruments).
EVN has designated significant parts of the listed derivatives as hedges within the framework of hedge accounting. The require-
ments defined by IFRS\u00a09 for this designation include an approved underlying transaction or hedging instrument, the formal
designation and documentation of the hedge relationship, an economic relationship between the underlying transaction and the
hedge as well as an appropriately documented hedging strategy.
Cash flow hedges are used to hedge the interest rate risks arising from financial liabilities and foreign exchange risks and to
hedge the price risk from planned future electricity sales. At the beginning of the designated hedge relationship, the Group
documents the risk management goals and strategies to be followed with regard to the hedge. The Group also documents the
economic relationship between the underlying transaction and the hedging instrument as well as expectations as to whether
the changes in the cash flows from the underlying transaction and the hedging instrument are expected to offset each other.
When a derivative is designated as a cash flow hedge, the effective portion of the changes in fair value are recognised under
other comprehensive income and accumulated in the hedging reserve. The effective portion of the changes in fair value, which is
recorded under other comprehensive income, is limited to the cumulative change in the fair value of the underlying transaction
(based on present value) since the beginning of the hedge. Any ineffective parts of the changes in the fair value of the derivative
are recognised immediately to profit or loss.
If an expected hedged transaction subsequently leads to the recognition of a non-financial item, e.\u00a0g. inventories, the accumulated
amount from the hedging reserve and the reserve for hedging costs is included in the acquisition cost of the non-financial item,
if it is recognised.
For all other expected hedged transactions, the accumulated amount in the hedging reserve and the reserve for hedging costs is
reclassified to profit or loss of the period or periods in which the expected future hedged cash flows influence profit or loss. If
a hedge no longer meets the criteria for hedge accounting or if the hedging instrument is sold, expires, is terminated or exercised,
hedge accounting is terminated prospectively. A so-called \u201crebalancing\u201d is generally carried out when the framework conditions
change, and the hedge is only terminated when this is not possible. When cash flow hedge accounting is terminated, the amount
in the hedging reserve remains in equity until it is included in the acquisition cost of a non-financial item on initial recognition
(for hedging transactions that lead to the recognition of a non-financial item) or until it is reclassified to profit or loss of the period
or periods in which the expected hedged future cash flows influence profit or loss (for other cash flow hedges).
If the hedged future cash flows are no longer expected to occur, the amounts in the hedging reserve and the reserve for hedging
costs are reclassified immediately to profit or loss.
The accounting treatment of the changes in the fair value of derivatives used for hedging purposes depends on the type of the
hedging transaction.
Fair value hedges are used to hedge currency risks. Derivative \ufb01nancial instruments classi\ufb01ed as fair value hedges under IFRS\u00a09
serve to hedge recognised assets or liabilities against the risk of a change in fair value. For fair value hedges, the recognition in
pro\ufb01t or loss includes the change in the fair value of the derivative as well as the contrasting change in the fair value of the
underlying transaction, as far as it re\ufb02ects the hedged risk. The related earnings are generally reported under the same position in
the consolidated statement of operations as the underlying transaction. Changes in the value of the hedges are essentially offset
by the changes in the value of the hedged transactions.
The derivatives used by EVN for hedging purposes constitute effective protection. The changes in the fair value of these derivatives
are generally offset by compensating changes in the underlying transactions.
)..", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-382": { "value": "
Derivative financial instruments
The main instruments used by EVN to manage and limit existing exchange rate and interest rate risks in the \ufb01nancial sector are
foreign currency and interest rate swaps. EVN uses swaps, futures and forwards to limit energy sector risks arising from changes in
commodity and product prices.
The forward and futures contracts concluded by EVN for the purchase or sale of electricity, natural gas and CO2 emission
certi\ufb01cates serve to hedge the purchase prices for expected electricity and natural gas deliveries or CO2 emission certi\ufb01cates as
well as the selling prices for planned electricity production. If physical delivery is based on the expected procurement, sale or
usage requirements, the criteria for the so-called \u201cown use exemption\u201d are met. The contracts are then not considered derivative
\ufb01nancial instruments in terms of IFRS 9, but represent pending purchase and sale transactions, which must be assessed for
possible impending losses from pending transactions in accordance with IAS\u00a037. If the requirements for the own use exemption
are not met \u2013 for example, by transactions for short-term optimisation \u2013 the contracts are recorded as derivatives in accord-
ance with IFRS\u00a09. Corresponding expenses and income from such derivative financial instruments are reported under results from
operating activities.
Derivative \ufb01nancial instruments are recognised at fair value, which generally re\ufb02ects the acquisition cost, when the respective
contract is concluded and measured at fair value in subsequent periods. The fair value of derivative \ufb01nancial instruments
is determined on the basis of quoted market prices, information provided by banks or discounting-based valuation methods
whereby the counterparty risk is also included. Positive fair values are recorded as receivables from derivative transactions
(under other non-current assets or under current receivables and other assets, depending on the term). In contrast, negative fair
values are recorded as liabilities from derivative transactions (under other non-current liabilities or under other current liabilities,
depending on the term). For counterparties with a master agreement that includes a so-called netting clause, the positive
and negative fair values are presented as net amounts for the respective time periods when net settlement is planned (see note
63.\u00a0Reporting on financial instruments).
EVN has designated significant parts of the listed derivatives as hedges within the framework of hedge accounting. The require-
ments defined by IFRS\u00a09 for this designation include an approved underlying transaction or hedging instrument, the formal
designation and documentation of the hedge relationship, an economic relationship between the underlying transaction and the
hedge as well as an appropriately documented hedging strategy.
Cash flow hedges are used to hedge the interest rate risks arising from financial liabilities and foreign exchange risks and to
hedge the price risk from planned future electricity sales. At the beginning of the designated hedge relationship, the Group
documents the risk management goals and strategies to be followed with regard to the hedge. The Group also documents the
economic relationship between the underlying transaction and the hedging instrument as well as expectations as to whether
the changes in the cash flows from the underlying transaction and the hedging instrument are expected to offset each other.
When a derivative is designated as a cash flow hedge, the effective portion of the changes in fair value are recognised under
other comprehensive income and accumulated in the hedging reserve. The effective portion of the changes in fair value, which is
recorded under other comprehensive income, is limited to the cumulative change in the fair value of the underlying transaction
(based on present value) since the beginning of the hedge. Any ineffective parts of the changes in the fair value of the derivative
are recognised immediately to profit or loss.
If an expected hedged transaction subsequently leads to the recognition of a non-financial item, e.\u00a0g. inventories, the accumulated
amount from the hedging reserve and the reserve for hedging costs is included in the acquisition cost of the non-financial item,
if it is recognised.
For all other expected hedged transactions, the accumulated amount in the hedging reserve and the reserve for hedging costs is
reclassified to profit or loss of the period or periods in which the expected future hedged cash flows influence profit or loss. If
a hedge no longer meets the criteria for hedge accounting or if the hedging instrument is sold, expires, is terminated or exercised,
hedge accounting is terminated prospectively. A so-called \u201crebalancing\u201d is generally carried out when the framework conditions
change, and the hedge is only terminated when this is not possible. When cash flow hedge accounting is terminated, the amount
in the hedging reserve remains in equity until it is included in the acquisition cost of a non-financial item on initial recognition
(for hedging transactions that lead to the recognition of a non-financial item) or until it is reclassified to profit or loss of the period
or periods in which the expected hedged future cash flows influence profit or loss (for other cash flow hedges).
If the hedged future cash flows are no longer expected to occur, the amounts in the hedging reserve and the reserve for hedging
costs are reclassified immediately to profit or loss.
The accounting treatment of the changes in the fair value of derivatives used for hedging purposes depends on the type of the
hedging transaction.
Fair value hedges are used to hedge currency risks. Derivative \ufb01nancial instruments classi\ufb01ed as fair value hedges under IFRS\u00a09
serve to hedge recognised assets or liabilities against the risk of a change in fair value. For fair value hedges, the recognition in
pro\ufb01t or loss includes the change in the fair value of the derivative as well as the contrasting change in the fair value of the
underlying transaction, as far as it re\ufb02ects the hedged risk. The related earnings are generally reported under the same position in
the consolidated statement of operations as the underlying transaction. Changes in the value of the hedges are essentially offset
by the changes in the value of the hedged transactions.
The derivatives used by EVN for hedging purposes constitute effective protection. The changes in the fair value of these derivatives
are generally offset by compensating changes in the underlying transactions.
).. .
Umm Al Hayman
In the year the contract was accepted, EVN designated forward exchange transactions on a forward basis to hedge planned net
cash flows in foreign currency from the Umm Al Hayman project. It is the Group's policy that the critical terms of the forward
exchange transaction correspond as closely as possible to the hedged underlying transaction.
EVN establishes the existence of an economic relationship between the hedging instrument and the hedged transaction based
on the currency, amount and timing of the respective cash flows. The dollar-offset derivative method is used to evaluate
whether the derivative designated in each hedge will presumably be, and was, effective in offsetting changes in the cash flows
from the hedged transaction.
Portfolio hedge electricity
EVN implements a portfolio hedge to hedge the risk from the marketing of the Group\u2019s own electricity production. Under cash
flow hedge accounting as defined by IFRS 9, derivative financial instruments (electricity forwards and electricity future contracts)
are used to hedge the price risk from planned future income from electricity sales at variable prices. The underlying transaction
represents the portfolio of future, highly probable sales of electricity produced by the EVN Group in Austria.
Evaluating the effectiveness of the hedge involves demonstrating an economic relationship between the underlying transaction
and the hedging instrument. In addition, the default risk may not have a dominant influence on the changes in value. The
prospective effectiveness assessment principally takes place on a qualitative basis in accordance with the critical terms match
method, which compares the key conditions of the hedging instrument with the underlying transaction. In order to minimise
the risk of ineffectiveness from over-hedging, the hedges are not concluded for the total planned sales volumes. The major
conditions between the hedging instruments and planned cash flows agree, and it is therefore assumed that the changes in the
value of the hedging instruments will be offset in full by the changes in future cash flows. The hedged risks to which both the
underlying transaction and hedging instrument are exposed therefore have an opposite influence on the value of the underlying
transaction and hedging instrument.
For hedges of electricity deliveries to foreign markets, the change in the value of the hedging instruments may not always fully offset
the change in the value of future cash flows. The higher liquidity on the German market has created a situation where futures are
increasingly being concluded in this market. The electricity price in Austria consists of a German electricity price plus a DE/AT spread.
The futures products concluded in Germany therefore represent a hedge for the German price component included in the Austrian
electricity prices.
If the hedge and the underlying transaction take place on the same market, complete coverage is principally ensured between the
underlying transaction and the hedging instrument. If hedges are concluded on the German market due to a lack of sufficient
liquidity, the risk component of the German price alone represents the underlying transaction for the hedging relationship \u2013 and in
that way, achieves full coverage between the underlying transaction and the hedging instrument.
The ineffectiveness of hedges can be caused by changes in the credit risk of the counterparty or by a reduction in the expected
electricity delivery volume.
Gas procurement
EVN applies the rules for hedge accounting as defined in IFRS 9 and uses derivative financial instruments to hedge the price risk
from planned future costs for the procurement of gas at variable prices. The purpose of this price risk hedging is to fix the
cash outflows for the use of natural gas in electricity and heat production.
The underlying transaction is formed by a portfolio of future, highly probably purchases of gas for electricity and heat production
in the EVN Group. EVN generally uses swaps, forwards and futures. Derivatives are only designated as hedging instruments when
the settlement date and the volume correspond to the future highly probably transaction.
Evaluating the effectiveness of the hedge involves demonstrating an economic relationship between the underlying transaction
and the hedging instrument. In addition, default risk may not have a dominant influence on the changes in value. The prospective
effectiveness assessment is based on the critical terms match method, which compares the terms, volumes and price basis of
both instruments. If these conditions agree, it can be assumed that the changes in value of the hedge will be completely offset by
future cash flows.
Possible sources of ineffectiveness are a reduction in the volume of the expected transaction and an increased risk of default
through a deterioration in the counterparty\u2019s credit standing. These risks are minimised by hedging less than 100% of the volume,
the progressive conclusion of hedging instruments and strict counterparty management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-379": { "value": "
Derivative financial instruments
The main instruments used by EVN to manage and limit existing exchange rate and interest rate risks in the \ufb01nancial sector are
foreign currency and interest rate swaps. EVN uses swaps, futures and forwards to limit energy sector risks arising from changes in
commodity and product prices.
The forward and futures contracts concluded by EVN for the purchase or sale of electricity, natural gas and CO2 emission
certi\ufb01cates serve to hedge the purchase prices for expected electricity and natural gas deliveries or CO2 emission certi\ufb01cates as
well as the selling prices for planned electricity production. If physical delivery is based on the expected procurement, sale or
usage requirements, the criteria for the so-called \u201cown use exemption\u201d are met. The contracts are then not considered derivative
\ufb01nancial instruments in terms of IFRS 9, but represent pending purchase and sale transactions, which must be assessed for
possible impending losses from pending transactions in accordance with IAS\u00a037. If the requirements for the own use exemption
are not met \u2013 for example, by transactions for short-term optimisation \u2013 the contracts are recorded as derivatives in accord-
ance with IFRS\u00a09. Corresponding expenses and income from such derivative financial instruments are reported under results from
operating activities.
Derivative \ufb01nancial instruments are recognised at fair value, which generally re\ufb02ects the acquisition cost, when the respective
contract is concluded and measured at fair value in subsequent periods. The fair value of derivative \ufb01nancial instruments
is determined on the basis of quoted market prices, information provided by banks or discounting-based valuation methods
whereby the counterparty risk is also included. Positive fair values are recorded as receivables from derivative transactions
(under other non-current assets or under current receivables and other assets, depending on the term). In contrast, negative fair
values are recorded as liabilities from derivative transactions (under other non-current liabilities or under other current liabilities,
depending on the term). For counterparties with a master agreement that includes a so-called netting clause, the positive
and negative fair values are presented as net amounts for the respective time periods when net settlement is planned (see note
63.\u00a0Reporting on financial instruments).
EVN has designated significant parts of the listed derivatives as hedges within the framework of hedge accounting. The require-
ments defined by IFRS\u00a09 for this designation include an approved underlying transaction or hedging instrument, the formal
designation and documentation of the hedge relationship, an economic relationship between the underlying transaction and the
hedge as well as an appropriately documented hedging strategy.
Cash flow hedges are used to hedge the interest rate risks arising from financial liabilities and foreign exchange risks and to
hedge the price risk from planned future electricity sales. At the beginning of the designated hedge relationship, the Group
documents the risk management goals and strategies to be followed with regard to the hedge. The Group also documents the
economic relationship between the underlying transaction and the hedging instrument as well as expectations as to whether
the changes in the cash flows from the underlying transaction and the hedging instrument are expected to offset each other.
When a derivative is designated as a cash flow hedge, the effective portion of the changes in fair value are recognised under
other comprehensive income and accumulated in the hedging reserve. The effective portion of the changes in fair value, which is
recorded under other comprehensive income, is limited to the cumulative change in the fair value of the underlying transaction
(based on present value) since the beginning of the hedge. Any ineffective parts of the changes in the fair value of the derivative
are recognised immediately to profit or loss.
If an expected hedged transaction subsequently leads to the recognition of a non-financial item, e.\u00a0g. inventories, the accumulated
amount from the hedging reserve and the reserve for hedging costs is included in the acquisition cost of the non-financial item,
if it is recognised.
For all other expected hedged transactions, the accumulated amount in the hedging reserve and the reserve for hedging costs is
reclassified to profit or loss of the period or periods in which the expected future hedged cash flows influence profit or loss. If
a hedge no longer meets the criteria for hedge accounting or if the hedging instrument is sold, expires, is terminated or exercised,
hedge accounting is terminated prospectively. A so-called \u201crebalancing\u201d is generally carried out when the framework conditions
change, and the hedge is only terminated when this is not possible. When cash flow hedge accounting is terminated, the amount
in the hedging reserve remains in equity until it is included in the acquisition cost of a non-financial item on initial recognition
(for hedging transactions that lead to the recognition of a non-financial item) or until it is reclassified to profit or loss of the period
or periods in which the expected hedged future cash flows influence profit or loss (for other cash flow hedges).
If the hedged future cash flows are no longer expected to occur, the amounts in the hedging reserve and the reserve for hedging
costs are reclassified immediately to profit or loss.
The accounting treatment of the changes in the fair value of derivatives used for hedging purposes depends on the type of the
hedging transaction.
Fair value hedges are used to hedge currency risks. Derivative \ufb01nancial instruments classi\ufb01ed as fair value hedges under IFRS\u00a09
serve to hedge recognised assets or liabilities against the risk of a change in fair value. For fair value hedges, the recognition in
pro\ufb01t or loss includes the change in the fair value of the derivative as well as the contrasting change in the fair value of the
underlying transaction, as far as it re\ufb02ects the hedged risk. The related earnings are generally reported under the same position in
the consolidated statement of operations as the underlying transaction. Changes in the value of the hedges are essentially offset
by the changes in the value of the hedged transactions.
The derivatives used by EVN for hedging purposes constitute effective protection. The changes in the fair value of these derivatives
are generally offset by compensating changes in the underlying transactions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-384": { "value": "
The forward and futures contracts concluded by EVN for the purchase or sale of electricity, natural gas and CO2 emission
certi\ufb01cates serve to hedge the purchase prices for expected electricity and natural gas deliveries or CO2 emission certi\ufb01cates as
well as the selling prices for planned electricity production. If physical delivery is based on the expected procurement, sale or
usage requirements, the criteria for the so-called \u201cown use exemption\u201d are met. The contracts are then not considered derivative
\ufb01nancial instruments in terms of IFRS 9, but represent pending purchase and sale transactions, which must be assessed for
possible impending losses from pending transactions in accordance with IAS\u00a037. If the requirements for the own use exemption
are not met \u2013 for example, by transactions for short-term optimisation \u2013 the contracts are recorded as derivatives in accord-
ance with IFRS\u00a09. Corresponding expenses and income from such derivative financial instruments are reported under results from
operating activities.
The CO2 emission certificates relate exclusively to certificates purchased to fulfil the requirements of the Austrian Emission
Certificate Act and which have not yet been used. The corresponding obligation for any shortfall in the certificates is reported
under current provisions (see note 57. Current provisions).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-385": { "value": "
Derivative \ufb01nancial instruments are recognised at fair value, which generally re\ufb02ects the acquisition cost, when the respective
contract is concluded and measured at fair value in subsequent periods. The fair value of derivative \ufb01nancial instruments
is determined on the basis of quoted market prices, information provided by banks or discounting-based valuation methods
whereby the counterparty risk is also included. Positive fair values are recorded as receivables from derivative transactions
(under other non-current assets or under current receivables and other assets, depending on the term). In contrast, negative fair
values are recorded as liabilities from derivative transactions (under other non-current liabilities or under other current liabilities,
depending on the term). For counterparties with a master agreement that includes a so-called netting clause, the positive
and negative fair values are presented as net amounts for the respective time periods when net settlement is planned (see note
63.\u00a0Reporting on financial instruments).
).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-386": { "value": "
EVN has designated significant parts of the listed derivatives as hedges within the framework of hedge accounting. The require-
ments defined by IFRS\u00a09 for this designation include an approved underlying transaction or hedging instrument, the formal
designation and documentation of the hedge relationship, an economic relationship between the underlying transaction and the
hedge as well as an appropriately documented hedging strategy.
Cash flow hedges are used to hedge the interest rate risks arising from financial liabilities and foreign exchange risks and to
hedge the price risk from planned future electricity sales. At the beginning of the designated hedge relationship, the Group
documents the risk management goals and strategies to be followed with regard to the hedge. The Group also documents the
economic relationship between the underlying transaction and the hedging instrument as well as expectations as to whether
the changes in the cash flows from the underlying transaction and the hedging instrument are expected to offset each other.
When a derivative is designated as a cash flow hedge, the effective portion of the changes in fair value are recognised under
other comprehensive income and accumulated in the hedging reserve. The effective portion of the changes in fair value, which is
recorded under other comprehensive income, is limited to the cumulative change in the fair value of the underlying transaction
(based on present value) since the beginning of the hedge. Any ineffective parts of the changes in the fair value of the derivative
are recognised immediately to profit or loss.
If an expected hedged transaction subsequently leads to the recognition of a non-financial item, e.\u00a0g. inventories, the accumulated
amount from the hedging reserve and the reserve for hedging costs is included in the acquisition cost of the non-financial item,
if it is recognised.
For all other expected hedged transactions, the accumulated amount in the hedging reserve and the reserve for hedging costs is
reclassified to profit or loss of the period or periods in which the expected future hedged cash flows influence profit or loss. If
a hedge no longer meets the criteria for hedge accounting or if the hedging instrument is sold, expires, is terminated or exercised,
hedge accounting is terminated prospectively. A so-called \u201crebalancing\u201d is generally carried out when the framework conditions
change, and the hedge is only terminated when this is not possible. When cash flow hedge accounting is terminated, the amount
in the hedging reserve remains in equity until it is included in the acquisition cost of a non-financial item on initial recognition
(for hedging transactions that lead to the recognition of a non-financial item) or until it is reclassified to profit or loss of the period
or periods in which the expected hedged future cash flows influence profit or loss (for other cash flow hedges).
If the hedged future cash flows are no longer expected to occur, the amounts in the hedging reserve and the reserve for hedging
costs are reclassified immediately to profit or loss.
The accounting treatment of the changes in the fair value of derivatives used for hedging purposes depends on the type of the
hedging transaction.
Fair value hedges are used to hedge currency risks. Derivative \ufb01nancial instruments classi\ufb01ed as fair value hedges under IFRS\u00a09
serve to hedge recognised assets or liabilities against the risk of a change in fair value. For fair value hedges, the recognition in
pro\ufb01t or loss includes the change in the fair value of the derivative as well as the contrasting change in the fair value of the
underlying transaction, as far as it re\ufb02ects the hedged risk. The related earnings are generally reported under the same position in
the consolidated statement of operations as the underlying transaction. Changes in the value of the hedges are essentially offset
by the changes in the value of the hedged transactions.
The derivatives used by EVN for hedging purposes constitute effective protection. The changes in the fair value of these derivatives
are generally offset by compensating changes in the underlying transactions.
Umm Al Hayman
In the year the contract was accepted, EVN designated forward exchange transactions on a forward basis to hedge planned net
cash flows in foreign currency from the Umm Al Hayman project. It is the Group's policy that the critical terms of the forward
exchange transaction correspond as closely as possible to the hedged underlying transaction.
EVN establishes the existence of an economic relationship between the hedging instrument and the hedged transaction based
on the currency, amount and timing of the respective cash flows. The dollar-offset derivative method is used to evaluate
whether the derivative designated in each hedge will presumably be, and was, effective in offsetting changes in the cash flows
from the hedged transaction.
Portfolio hedge electricity
EVN implements a portfolio hedge to hedge the risk from the marketing of the Group\u2019s own electricity production. Under cash
flow hedge accounting as defined by IFRS 9, derivative financial instruments (electricity forwards and electricity future contracts)
are used to hedge the price risk from planned future income from electricity sales at variable prices. The underlying transaction
represents the portfolio of future, highly probable sales of electricity produced by the EVN Group in Austria.
Evaluating the effectiveness of the hedge involves demonstrating an economic relationship between the underlying transaction
and the hedging instrument. In addition, the default risk may not have a dominant influence on the changes in value. The
prospective effectiveness assessment principally takes place on a qualitative basis in accordance with the critical terms match
method, which compares the key conditions of the hedging instrument with the underlying transaction. In order to minimise
the risk of ineffectiveness from over-hedging, the hedges are not concluded for the total planned sales volumes. The major
conditions between the hedging instruments and planned cash flows agree, and it is therefore assumed that the changes in the
value of the hedging instruments will be offset in full by the changes in future cash flows. The hedged risks to which both the
underlying transaction and hedging instrument are exposed therefore have an opposite influence on the value of the underlying
transaction and hedging instrument.
For hedges of electricity deliveries to foreign markets, the change in the value of the hedging instruments may not always fully offset
the change in the value of future cash flows. The higher liquidity on the German market has created a situation where futures are
increasingly being concluded in this market. The electricity price in Austria consists of a German electricity price plus a DE/AT spread.
The futures products concluded in Germany therefore represent a hedge for the German price component included in the Austrian
electricity prices.
If the hedge and the underlying transaction take place on the same market, complete coverage is principally ensured between the
underlying transaction and the hedging instrument. If hedges are concluded on the German market due to a lack of sufficient
liquidity, the risk component of the German price alone represents the underlying transaction for the hedging relationship \u2013 and in
that way, achieves full coverage between the underlying transaction and the hedging instrument.
The ineffectiveness of hedges can be caused by changes in the credit risk of the counterparty or by a reduction in the expected
electricity delivery volume.
Gas procurement
EVN applies the rules for hedge accounting as defined in IFRS 9 and uses derivative financial instruments to hedge the price risk
from planned future costs for the procurement of gas at variable prices. The purpose of this price risk hedging is to fix the
cash outflows for the use of natural gas in electricity and heat production.
The underlying transaction is formed by a portfolio of future, highly probably purchases of gas for electricity and heat production
in the EVN Group. EVN generally uses swaps, forwards and futures. Derivatives are only designated as hedging instruments when
the settlement date and the volume correspond to the future highly probably transaction.
Evaluating the effectiveness of the hedge involves demonstrating an economic relationship between the underlying transaction
and the hedging instrument. In addition, default risk may not have a dominant influence on the changes in value. The prospective
effectiveness assessment is based on the critical terms match method, which compares the terms, volumes and price basis of
both instruments. If these conditions agree, it can be assumed that the changes in value of the hedge will be completely offset by
future cash flows.
Possible sources of ineffectiveness are a reduction in the volume of the expected transaction and an increased risk of default
through a deterioration in the counterparty\u2019s credit standing. These risks are minimised by hedging less than 100% of the volume,
the progressive conclusion of hedging instruments and strict counterparty management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-388": { "value": "
10. Other investments
Other investments include, in addition to other investments, shares in associated companies which are not included in the
consolidated financial statements due to immateriality. These shares are recorded at cost less any necessary impairment losses.
The other investments were classified irrevocably at fair value through other comprehensive income (\u201cFVOCI option\u201d) in
accordance with IFRS\u00a09.5.7.5 following the introduction of IFRS\u00a09. The fair value of these investments is based on available
information and derived from market quotations, discounted cash flow calculations or the multiplier method. The measurement
and deconsolidation results from these equity instruments are recorded under other comprehensive income. Dividends
received are still reported on the consolidated statement of operations under income from investments, despite the use of this
option (also see note 32. Financial results).
Financial results
EURm
2024/25
2023/241)
Income from investments
Dividend payments
136.1
198.7
thereof Verbund AG
122.9
182.1
thereof Verbund Hydro Power GmbH
10.5
13.2
thereof Wiener B\u00f6rse AG
2.0
1.7
thereof other companies
0.8
1.6
Valuation results/disposals
0.7
0.5
Total income from investments
136.8
199.1
Interest results
Interest income on financial assets
2.6
1.9
Other interest income
3.2
5.3
Total interest income
5.8
7.3
Interest expense on financial liabilities
-33.3
-37.6
Interest expense personnel provisions
-11.1
-12.8
Other interest expense
-9.8
-9.9
Total interest expense
-54.2
-60.4
Total interest results
-48.4
-53.1
Other financial results
Results from changes in exchange rates and the disposal of securities
from non-current financial assets
0.1
4.7
Results from changes in exchange rates and the disposal of current financial assets
2.4
4.5
Currency gains/losses
-5.6
-0.1
Other financial results
-1.7
-9.5
Total other financial results
-4.8
-0.4
Financial results
83.6
145.6
1) The comparative information was adjusted due to a discontinued operation.
The decline in financial result is mainly attributable to the lower dividend from Verbund AG compared to the previous year.
38. Other investments
The position \u201cother investments\u201d consists mainly of holdings in affiliates and associates, which are not consolidated due to
immateriality, as well as miscellaneous stakes of less than 20.0% that were not included at equity.
The shares in affiliates and associates which are not consolidated due to immateriality are measured at cost less any necessary
impairment losses and totalled EUR 7.5m in 2024/25 (previous year: EUR 3.8m). The other investments classified as FVOCI consist
primarily of shares in Verbund AG with a value of EUR 2,716.3m (previous year: EUR 3,269.2m) and miscellaneous other invest-
ments of EUR 167.7m (previous year: EUR 161.7m). The valuation adjustments were recorded under other comprehensive income,
the dividends were recorded in the consolidated statement of operations (also see note 32.\u00a0Financial results).
EVN AG and Wiener Stadtwerke Holding AG entered into an agreement on 22\u00a0September\u00a02010 for the syndication of their
directly and indirectly held shareholdings in Verbund AG. This agreement gives the two companies joint control over approx-
imately 26% of the voting shares in Verbund AG. In spite of the syndicate agreement, the scope of possible influence over the
financial and business policies of Verbund AG is very limited. The requirements for classification as a controlling influence
(IAS\u00a028) are therefore not met and the shares in Verbund AG are therefore accounted by applying IFRS\u00a09.
The valuation of the investment in Verbund Hydro Power AG in 2024/25 based on the discounted cash flow method resulted
in a reversal of impairment losses of EUR\u00a09.0m in the Generation Segment. The recoverable amount was determined on the basis
of fair value less costs to sell (Level\u00a03 according to IFRS 13) and amounted to EUR\u00a0135.1m. A WACC after tax of 5.35% was
used as the discount rate, which corresponds to an iteratively derived WACC before tax of 7.33%. The present value model
underlying the valuation is based on publicly available information from the annual financial statements and, according to
available data for electricity prices, forecasts the development of the years up to 2050 and a perpetual yield without a growth rate.
In the Networks Segment, the valuation of the investment in AGGM Austrian Gas Grid Management AG based on the discounted
cash flow method resulted in the recognition of a write-up of EUR\u00a00.3m. The recoverable amount was determined on the basis
of fair value less costs to sell (Level\u00a03 according to IFRS\u00a013) and amounted to EUR 3.6m. A WACC after tax of 4.91% was used as
the discount rate. The present value model underlying the valuation is based on a perpetual yield without a growth rate which,
in turn, was developed from the average trend of data from the publicly available annual financial statements for 2021\u20132024 and
a forecast for the 2025 financial year.
In the All Other Segments, the valuation of the investment in Wiener B\u00f6rse AG based on the discounted cash flow method
resulted in a write-up of EUR\u00a00.9m in 2024/25. The recoverable amount was determined on the basis of fair value less costs to sell
(Level\u00a03 according to IFRS\u00a013) and amounted to EUR 28.8m. A WACC after tax of 6.35% was used as the discount rate. The
present value model underlying the valuation includes forecasted distributions for the coming year as well as a perpetual yield
without a growth rate
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-387": { "value": "
10. Other investments
Other investments include, in addition to other investments, shares in associated companies which are not included in the
consolidated financial statements due to immateriality. These shares are recorded at cost less any necessary impairment losses.
The other investments were classified irrevocably at fair value through other comprehensive income (\u201cFVOCI option\u201d) in
accordance with IFRS\u00a09.5.7.5 following the introduction of IFRS\u00a09. The fair value of these investments is based on available
information and derived from market quotations, discounted cash flow calculations or the multiplier method. The measurement
and deconsolidation results from these equity instruments are recorded under other comprehensive income. Dividends
received are still reported on the consolidated statement of operations under income from investments, despite the use of this
option (also see note 32. Financial results).
14. Securities
Current securities, which consist mainly of investment certificates, are classi\ufb01ed as FVTPL and measured at their fair value.
Changes in fair value are recognised in profit or loss in the consolidated statement of operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-389": { "value": "The fair value of these investments is based on available
information and derived from market quotations, discounted cash flow calculations or the multiplier method. The measurement
and deconsolidation results from these equity instruments are recorded under other comprehensive income. Dividends
received are still reported on the consolidated statement of operations under income from investments, despite the use of this
option (also see note 32. Financial results).
63. Reporting on financial instruments
Fair value generally reflects the listed price on the balance sheet date. If this price is not available, fair value is calculated in
accordance with financial methods, e.\u00a0g. by discounting the expected cash flows at the prevailing market interest rate. The input
factors required for the calculations are explained below.
The fair value of shares in unlisted subsidiaries and other investments is based on discounted expected cash flows or comparable
transactions. For financial instruments listed on an active market, the trading price as of the balance sheet date represents fair
value. Most of the receivables, cash and cash equivalents, and current financial liabilities have short terms to maturity. Therefore,
the carrying value of these instruments as of the balance sheet date approximately corresponds to fair value. The fair value of
bonds is calculated as the present value of the discounted future cash flows based on prevailing market interest rates.
The following table shows the financial instruments carried at fair value and their classification in the fair value hierarchy
according to IFRS\u00a013.
Level 1 input factors are observable parameters such as quoted prices for identical assets or liabilities. These prices are used
for valuation purposes without modification. Level 2 input factors represent other observable parameters which must be adjusted to
reflect the specific characteristics of the valuation object. Examples of the parameters used to measure the financial instruments
classified under Level 2 are forward price curves derived from market prices, exchange rates, interest structure curves and the
counterparty credit risk. Level 3 input factors are non-observable factors which reflect the assumptions that would be used by a
market participant to determine an appropriate price. There were no reclassifications between the various levels during the
reporting period.
Information on classes and
categories of financial
instruments
30.09.2025
30.09.2024
EURm
Measurement
category
Fair value
hierarchy
(IFRS 13)
Carrying
amount
Fair value
Carrying
amount
Fair value
Classes
Non-current assets
Other investments\u00b9\u207e
Investments
FVOCI
Level 3
167.7
167.7
161.7
161.7
Investments
FVOCI
Level 1
2,716.3
2,716.3
3,269.2
3,269.2
Investments
FVTPL
Level 3
18.0
18.0
11.2
11.2
Other non-current assets
Securities
FVTPL
Level 1
82.8
82.8
78.5
78.5
Loans reveivable
AC
Level 2
24.1
23.5
26.0
26.5
Lease receivables
AC
Level 2
2.8
2.8
8.7
8.7
Receivables arising from
derivative transactions
FVTPL
Level 2
0.3
0.3
1.1
1.1
Trade and other receivables
AC
21.6
21.6
23.0
23.0
Current assets
Current receivables and
other current assets
Trade and other receivables
AC
367.3
367.3
403.9
403.9
Receivables arising from
derivative transactions
FVTPL
Level 2
5.0
5.0
25.8
25.8
Securities and other financial investments
FVTPL
Level 1
187.1
187.1
172.0
172.0
Cash and cash equivalents
Cash on hand and cash at banks
AC
89.8
89.8
78.8
78.8
Non-current liabilities
Non-current loans and borrowings
Bonds
AC
Level 2
469.9
434.3
469.7
436.4
Bank loans
AC
Level 2
730.0
728.1
518.2
514.4
1) See note 10. Other investments
30.09.2025
30.09.2024
EURm
Measurement
category
Fair value
hierarchy
(IFRS 13)
Carrying
amount
Fair value
Carrying
amount
Fair value
Classes
Other non-current liabilities
Other liabilities
AC
14.1
14.1
13.1
13.1
Liabilities arising from
derivative transactions
FVTPL
Level 2
0.6
0.6
0.4
0.4
Liabilities arising from
derivative transactions
FVTPL
Level 3
\u2014
\u2014
\u2014
\u2014
Current liabilities
Current loans and borrowings
AC
22.9
22.9
126.1
126.1
Trade payables
AC
427.4
427.4
495.3
495.3
Other current liabilities
Other financial liabilities
AC
220.4
220.4
217.6
217.6
Liabilities arising from
derivative transactions
FVTPL
Level 2
3.4
3.4
8.9
8.9
Liabilities arising from
derivative transactions
FVTPL
Level 3
0.1
0.1
0.4
0.4
thereof aggregated to
measurement categories
Fair value through
other comprehensive income
FVOCI
2,884.0
\u2014
3,430.9
\u2014
Financial assets designated at fair value
through profit or loss
FVTPL
293.2
\u2014
288.6
\u2014
Financial assets and liabilities at
amortised cost
AC
2,390.3
\u2014
2,380.3
\u2014
Financial liabilities designated at
fair value through profit or loss
FVTPL
4.1
\u2014
9.7
\u2014
The above table with information on the classes and categories of financial instruments shows cash flow hedges (portfolio
hedge \u2013 electricity) together with derivative financial instruments that are carried at fair value through profit or loss. A separate
presentation is not possible due to the offsetting of derivative financial instruments based on conventional netting agreements
in the energy business (see note 9. Financial instruments). The valuation category FVTPL therefore includes positive fair values
of EUR\u00a05.9m (previous year: EUR 20.5m) and negative fair values of EUR \u20135.2m (previous year: EUR \u20132.2m) which were
measured at fair value through other comprehensive income (FVOCI).
Net results by measurement category\u00b9\u207e
2024/25
2023/24
EURm
Net result
Thereof impairment
losses
Net result
Thereof impairment
losses
Classes
Fair value through other comprehensive income
(FVOCI)
\u2014
\u2014
\u2014
\u2014
Financial assets at amortised cost (AC)
-16.0
-8.7
-55.1
-43.1
Financial assets and liabilities at fair value through
profit or loss (FVTPL)
3.4
\u2014
5.9
\u2014
Financial assets and liabilities (hedging)
\u2014
\u2014
-0.2
\u2014
Financial liabilities at amortised cost (AC)
\u2014
\u2014
0.2
\u2014
Total
-12.6
-8.7
-49.1
-43.1
1) The net results only involve changes to the consolidated statement of operations; interest expense/income and dividends are not included.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-391": { "value": "
12. Inventories
The measurement of inventories is based on acquisition or production cost or the lower net realisable value as of the balance
sheet date. For marketable inventories, these values are derived from the current market price. For other inventories, these \ufb01gures
are based on the expected proceeds less future production costs. Risks arising from the length of storage or reduced marketability
are re\ufb02ected in experience-based reductions. The moving average price method is used to determine the consumption of primary
energy inventories as well as raw materials, auxiliary materials and fuels.
The inventories of natural gas held by EVN for trading purposes are measured through profit or loss in the consolidated
statement of operations. In accordance with the dealer-broker exception for raw material and commodities traders, measure-
ment is based on fair value less costs to sell. This amount corresponds to the exchange price for day-ahead deliveries on
the Central European Gas Hub (CEGH).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-392": { "value": "
13. Trade and other receivables
Current receivables are generally recorded at amortised cost, which equals the acquisition cost less impairment losses for
the components of the receivables that are expected to be uncollectible. EVN applies the practical expedient provided by
IFRS\u00a09.B5.5.35 to trade receivables and determines the expected credit loss with a provision matrix. The input factors for the
matrix include analyses of default incidents in previous financial years based on different regional characteristics for the
core markets. The expected credit losses determined by the matrix are ranked by the time (over)due based on historical default
rates and subsequently written off through profit or loss. The compiled information is reviewed annually, and the default
rates are adjusted if necessary. All other receivables are accounted for in accordance with the ECL model (also see note
9.\u00a0Financial instruments).
Amortised costs, less any applicable impairment losses, can be considered appropriate estimates of the current value because
the remaining term to maturity is generally less than one year.
Exceptions to the above procedure are receivables arising from derivative transactions which are recognised at fair value,
and foreign currency items, which are measured at the exchange rates in effect on the balance sheet date.
Contract assets consist primarily of the Group\u2019s claims to consideration for performance on contract orders from the project
business, in cases where the performance was completed but not yet invoiced as of the balance sheet date. Contract assets
are reclassified to receivables when the rights become unconditional. This generally occurs when the Group issues an invoice to
the customer.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-393": { "value": "
15. Cash and cash equivalents
Cash and cash equivalents include cash on hand and demand deposits. Cash balances in foreign currencies are translated at the
exchange rate in effect on the balance sheet date.
In accordance with internal Group guidelines, EVN invests cash and cash equivalents only with reputable financial institutions
with good ratings. In this respect, it is assumed that cash and cash equivalents based on the external rating of banks and financial
institutions have a low risk of default.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-395": { "value": "
16. Assets and liabilities held for sale
Non-current assets as well as disposal groups that contain assets and liabilities are classified as held for sale when their sale is
highly likely.
A disposal group is classified as a discontinued operation when the respective component of the entity is sold or is classified as
held for sale and represents an independent and material line of business.
These assets are carried at the lower of their respective carrying amount and fair value less disposal costs. The determination
of fair value less disposal costs is subject to estimates and assumptions which can be connected with uncertainty. Any necessary
recognition of an impairment loss is initially allocated to goodwill and, thereafter, to the remaining assets and liabilities on a
proportional basis. Impairment losses resulting from the initial classification as held for sale as well as later gains and losses on
revaluation are recognised to profit or loss. Intangible assets and property, plant and equipment are no longer amortised,
respectively depreciated once they have been classified as held for sale.
The assets and liabilities held for sale are reported separately on the consolidated statement of financial position. A disclosure
is also included under a separate position on the consolidated statement of operations when a discontinued operation is involved
(see note 43.\u00a0Assets and liabilities held for sale in discontinued operation).
The notes beginning with\u200625. Revenue are related to the continuing operations unless reference is expressly made to the
discontinued operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-394": { "value": "
16. Assets and liabilities held for sale
Non-current assets as well as disposal groups that contain assets and liabilities are classified as held for sale when their sale is
highly likely.
A disposal group is classified as a discontinued operation when the respective component of the entity is sold or is classified as
held for sale and represents an independent and material line of business.
These assets are carried at the lower of their respective carrying amount and fair value less disposal costs. The determination
of fair value less disposal costs is subject to estimates and assumptions which can be connected with uncertainty. Any necessary
recognition of an impairment loss is initially allocated to goodwill and, thereafter, to the remaining assets and liabilities on a
proportional basis. Impairment losses resulting from the initial classification as held for sale as well as later gains and losses on
revaluation are recognised to profit or loss. Intangible assets and property, plant and equipment are no longer amortised,
respectively depreciated once they have been classified as held for sale.
The assets and liabilities held for sale are reported separately on the consolidated statement of financial position. A disclosure
is also included under a separate position on the consolidated statement of operations when a discontinued operation is involved
(see note 43.\u00a0Assets and liabilities held for sale in discontinued operation).
The notes beginning with\u200625. Revenue are related to the continuing operations unless reference is expressly made to the
discontinued operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-396": { "value": "
17. Equity
In contrast to borrowings, equity is de\ufb01ned by the IFRS framework as the \u201cresidual interest in the assets of an entity after
deducting all of its liabilities\u201d. Equity is thus the residual value of a company\u2019s assets and liabilities.
Treasury shares held by EVN are not recognised as securities pursuant to IAS\u00a032, but are instead reported at their (repurchase)
acquisition cost and offset against equity. Any pro\ufb01t or loss resulting from the resale of treasury shares relative to the acquisition cost
increases or decreases capital reserve.
The items recorded under other comprehensive income include certain changes in equity that are not recognised
through pro\ufb01t or loss as well as the related deferred taxes. For example, this position contains the currency translation reserve,
valuation results from equity instruments (FVOCI), the effective portion of changes in the fair value of cash \ufb02ow hedges as well
as all remeasurements according to IAS\u00a019. This item also includes the proportional share of gains and losses recognised directly
in equity accounted investees.
Equity
The development of equity in 2024/25 and 2023/24 is shown on page 25.
44. Share capital
The share capital of EVN AG totals EUR 330.0m (previous year: EUR 330.0m) and is divided into 179,878,402 (previous year:
179,878,402) zero par value bearer shares.
45. Share premium and capital reserves
The share premium and capital reserves comprise appropriated capital reserves of EUR 206.5m (previous year: EUR 205.9m)
from capital increases and unappropriated capital reserves of EUR 58.3m (previous year: EUR 58.3m), both in accordance with
Austrian stock corporation law.
46. Retained earnings
Retained earnings of EUR 3,961.7m (previous year: EUR 3,685.4m) comprise the proportional share of retained earnings
attributable to EVN AG and all other consolidated companies from the date of initial consolidation as well as the proportional
share of retained earnings from business combinations achieved in stages.
Dividends are based on the result of EVN AG as reported in the annual financial statements and developed as follows:
Reconciliation of EVN AG\u2019s result for the period
EURm
2024/25
Reported result for the period 2024/25
496.9
Plus retained earnings from the 2023/24 financial year
0.7
Less additions to voluntary reserves
-337.0
Distributable result for the period
160.7
Proposed dividend
-160.5
Retained earnings for the 2025/26\u00a0 financial year
0.2
Liabilities do not include the dividend of EUR 0.90 per share for the 2024/25 financial year which will be proposed to the
Annual\u00a0General Meeting.
The 96th Annual General Meeting on 26 February 2025 approved a proposal by the Executive Board and the Supervisory Board to
distribute a dividend of EUR 0.90 per share for the 2023/24 financial year. This resulted in a total dividend payment of EUR\u00a0160.5m.
Ex-dividend day was 3 March 2025, dividend payment day was 6 March 2025.
47. Valuation reserves
The valuation reserve contains changes in the market value of cash flow hedges and financial assets classified at fair value through
other comprehensive income (FVOCI), the IAS 19 remeasurements and the proportional share of changes in the equity of
investments in equity accounted investees.
In addition, the statement of comprehensive income includes EUR 0.2m (previous year: EUR 1.5m) for the share of changes in the
valuation reserves that are attributable to non-controlling interests (see Consolidated statement of comprehensive income).
The part of the valuation reserve attributable to equity accounted investees consists primarily of components from
cash flow hedges that were recorded under equity as well as remeasurements in accordance with IAS 19 and the valuation
of FVOCI instruments.
Valuation reserves
30.09.2025
30.09.2024
EURm
Before tax
Tax
After tax
Before tax
Tax
After tax
Items recognised under other
comprehensive income from
Financial assets classified at fair value
through other comprehensive income
2,423.6
-557.3
1,866.3
2,969.6
-682.9
2,286.7
Cash flow hedges
-10.7
3.3
-7.4
-9.2
4.7
-4.5
Remeasurements IAS 19
-108.3
23.9
-84.4
-128.1
28.7
-99.4
Investments in equity accounted investees
11.3
0.2
11.5
-45.2
14.5
-30.7
Total
2,315.9
-529.9
1,786.0
2,787.1
-635.0
2,152.2
With regard to cash flow hedges, EUR 17.3m (previous year: EUR 84.3m) was reclassified from other comprehensive income to
the consolidated statement of operations in the 2024/25 financial year. This results from the portfolio hedge for electricity
generation and gas purchases in the amount of EUR 22.8m and from the hedging of net cash flows from the international project
business, which is now allocated to the discontinued operation, in the amount of EUR -5.5m (see also notes 63. Reporting on
financial instruments and 43. Assets and liabilities held for sale).
As in the previous year, there were no inefficiencies in hedging relationships in the 2024/25 financial year.
48. Treasury shares
A total of 26,992 treasury shares were sold during the reporting year to permit their issue to entitled employees as a special
payment in accordance with a company agreement (previous year: 23,876 shares). EVN AG is not entitled to any rights arising
from treasury shares. In particular, these shares are not entitled to dividends.
The number of shares outstanding developed as follows:
Reconciliation of the number of
outstanding shares
Zero par
value shares
Treasury shares
Outstanding shares
30.09.2023
179,878,402
-1,623,070
178,255,332
Purchase of treasury shares
\u2014
\u2014
\u2014
Disposal of treasury shares
\u2014
23,876
23,876
30.09.2024
179,878,402
-1,599,194
178,279,208
Purchase of treasury shares
\u2014
\u2014
\u2014
Disposal of treasury shares
\u2014
26,992
26,992
30.09.2025
179,878,402
-1,572,202
178,306,200
The weighted average number of shares outstanding, which is used as the basis for calculating earnings per share,
equals\u00a0178,283,361 shares (previous year: 178,259,311 shares).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-397": { "value": "
Treasury shares held by EVN are not recognised as securities pursuant to IAS\u00a032, but are instead reported at their (repurchase)
acquisition cost and offset against equity. Any pro\ufb01t or loss resulting from the resale of treasury shares relative to the acquisition cost
increases or decreases capital reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-398": { "value": "
18. Provisions
Personnel provisions
The projected unit credit method is used to determine the provisions for pensions and similar obligations as well as severance
payments. The expected pension payments are distributed according to the number of years of service by employees until
retirement, taking expected future increases in salaries and pensions into account.
The amounts of the provisions are determined by an actuary as of each balance sheet date based on an expert opinion.
The measurement principles are described in note 52.\u00a0Non-current provisions. All remeasurements \u2013 at EVN, only gains and
losses from changes in actuarial assumptions \u2013 are recognised under other comprehensive income in accordance with IAS\u00a019.
The applied interest rate is based on the market yields for \ufb01rst-class, \ufb01xed-interest industrial bonds as of the balance sheet date,
whereby the maturities of the bene\ufb01ts were taken into account.
The service cost added to the provision is reported under personnel expenses, while the interest component of the addition is
included under \ufb01nancial results.
The calculation of the provisions for severance payments, service anniversary bonuses, pensions and pension-related obligations,
as in the previous year, was based on the Austrian mortality tables \u201cAV\u00d6\u00a02018-P \u2013 Rechnungsgrundlagen f\u00fcr die Pensions-
versicherung\u201d, which were issued by the Actuarial Association Austria (AV\u00d6) on 15\u00a0August\u00a02018.
Provisions for pensions and pension-related obligations
Under the terms of a company agreement, EVN\u00a0AG is required to pay a supplementary pension on retirement to employees
who joined the company prior to 31\u00a0December\u00a01989. This commitment also applies to employees who, within the context
of the legal unbundling agreement for the spin-off of the electricity and natural gas networks, are now employed by Netz\u00a0Nieder-
\u00f6sterreich. The amount of this supplementary pension is based on performance as well as on the length of service and the
amount of remuneration at retirement. EVN, in any case, and the employees, as a rule, also make contributions to the umbrella
pension fund VBV Pensionskasse\u00a0AG (VBV) and the resulting claims are fully credited toward pension payments. Therefore,
EVN\u2019s obligations toward both retired employees and prospective bene\ufb01ciaries are covered in part by provisions for pensions as
well as by de\ufb01ned contribution payments on the part of VBV.
For employees who joined the company after 1\u00a0January\u00a01990, the supplementary company pension was replaced by a de\ufb01ned
contribution plan that is \ufb01nanced through VBV. VBV is responsible for the investment of the pension plan assets. Pension
commitments were also made to certain employees, which require EVN to pay retirement bene\ufb01ts under certain conditions.
Provisions for pension-related obligations were recognised for liabilities arising from the vested claims of current employees and
the current claims of retired personnel and their dependents to receive bene\ufb01ts in kind in the form of electricity and natural gas.
Provision for severance payments
Austrian corporations are required by law to make one-off severance payments to employees whose employment began before
1\u00a0January\u00a02003 if they are dismissed, in case of dissolution of the employment relationship by mutual consent or when they reach
the legal retirement age. The amount of such payments is based on the number of years of service and the amount of the
respective employee\u2019s remuneration at the time the severance payment is made.
Employees in Bulgaria and North Macedonia are entitled to severance payments on retirement, which are based on the number
of years of service. With regard to severance compensation entitlements, the other EVN employees are covered by similar social
protection measures contingent on the legal, economic and tax framework of the country in which they work.
The obligation to make one-off severance payments to employees of Austrian companies whose employment commenced after
31\u00a0December\u00a02002 has been transferred to a de\ufb01ned contribution plan. The payments to this external employee fund are reported
under personnel expenses.
Other provisions
The other provisions re\ufb02ect all recognisable legal or factual commitments to third parties based on past events, where the
amount of the commitments and/or the precise starting point was still uncertain. In these cases, a reliable estimate of
the amount of the obligation is required. If a reliable estimate is not possible, a provision is not recognised. These provisions
are recognised at the discounted settlement amount. They are measured based on the expected value or the amount most
likely to be incurred.
Risk-free interest rates are used for the discount rates. If the risks and uncertainties in cash flows cannot be taken into consideration
adequately, an adapted discount rate is used.
The provisions for service anniversary bonuses in Austria required by collective wage and company agreements are measured using
the same parameters as the provisions for pensions and similar obligations. A new regulation in the collective agreement for
salaried employees of Austrian utility companies entitles salaried employees whose employment relationship began after
31\u00a0December\u00a02009 to a service anniversary bonus equalling one month\u2019s salary after 15, 20, 25, 30 and 35 years and to one-half
month\u2019s salary after 40\u00a0years. This was taken into account accordingly. All remeasurements \u2013 at EVN, only gains and losses from
changes in actuarial assumptions \u2013 involving service anniversary bonuses are recognised through pro\ufb01t or loss in accordance with
IAS\u00a019. The service cost added to the provision is reported under personnel expenses, while the interest component of the
addition is included under \ufb01nancial results.
Waste disposal and land restoration requirements resulting from legal and perceived commitments are recorded at the present value
of the expected future costs. Changes in the estimated costs or the interest rate are offset against the carrying amount of the
underlying asset. If the decrease in a provision exceeds the carrying amount of the asset, the difference is recognised through
pro\ufb01t or loss. The related depreciation is corrected in accordance with the residual carrying amount and depreciated over the
remaining useful life. If the asset has reached the end of its useful life, all subsequent changes to the provisions are recognised in
pro\ufb01t or loss.
Provisions for onerous contracts are recognised at the amount of the unavoidable out\ufb02ow of resources. This represents the lower
of the amount that would result from performance of the contract and any compensatory payments to be made in the event
of non-performance", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-399": { "value": "
Personnel provisions
The projected unit credit method is used to determine the provisions for pensions and similar obligations as well as severance
payments. The expected pension payments are distributed according to the number of years of service by employees until
retirement, taking expected future increases in salaries and pensions into account.
The amounts of the provisions are determined by an actuary as of each balance sheet date based on an expert opinion.
The measurement principles are described in note 52.\u00a0Non-current provisions. All remeasurements \u2013 at EVN, only gains and
losses from changes in actuarial assumptions \u2013 are recognised under other comprehensive income in accordance with IAS\u00a019.
The applied interest rate is based on the market yields for \ufb01rst-class, \ufb01xed-interest industrial bonds as of the balance sheet date,
whereby the maturities of the bene\ufb01ts were taken into account.
The service cost added to the provision is reported under personnel expenses, while the interest component of the addition is
included under \ufb01nancial results.
The calculation of the provisions for severance payments, service anniversary bonuses, pensions and pension-related obligations,
as in the previous year, was based on the Austrian mortality tables \u201cAV\u00d6\u00a02018-P \u2013 Rechnungsgrundlagen f\u00fcr die Pensions-
versicherung\u201d, which were issued by the Actuarial Association Austria (AV\u00d6) on 15\u00a0August\u00a02018.
Provisions for pensions and pension-related obligations
Under the terms of a company agreement, EVN\u00a0AG is required to pay a supplementary pension on retirement to employees
who joined the company prior to 31\u00a0December\u00a01989. This commitment also applies to employees who, within the context
of the legal unbundling agreement for the spin-off of the electricity and natural gas networks, are now employed by Netz\u00a0Nieder-
\u00f6sterreich. The amount of this supplementary pension is based on performance as well as on the length of service and the
amount of remuneration at retirement. EVN, in any case, and the employees, as a rule, also make contributions to the umbrella
pension fund VBV Pensionskasse\u00a0AG (VBV) and the resulting claims are fully credited toward pension payments. Therefore,
EVN\u2019s obligations toward both retired employees and prospective bene\ufb01ciaries are covered in part by provisions for pensions as
well as by de\ufb01ned contribution payments on the part of VBV.
For employees who joined the company after 1\u00a0January\u00a01990, the supplementary company pension was replaced by a de\ufb01ned
contribution plan that is \ufb01nanced through VBV. VBV is responsible for the investment of the pension plan assets. Pension
commitments were also made to certain employees, which require EVN to pay retirement bene\ufb01ts under certain conditions.
Provisions for pension-related obligations were recognised for liabilities arising from the vested claims of current employees and
the current claims of retired personnel and their dependents to receive bene\ufb01ts in kind in the form of electricity and natural gas.
Provision for severance payments
Austrian corporations are required by law to make one-off severance payments to employees whose employment began before
1\u00a0January\u00a02003 if they are dismissed, in case of dissolution of the employment relationship by mutual consent or when they reach
the legal retirement age. The amount of such payments is based on the number of years of service and the amount of the
respective employee\u2019s remuneration at the time the severance payment is made.
Employees in Bulgaria and North Macedonia are entitled to severance payments on retirement, which are based on the number
of years of service. With regard to severance compensation entitlements, the other EVN employees are covered by similar social
protection measures contingent on the legal, economic and tax framework of the country in which they work.
The obligation to make one-off severance payments to employees of Austrian companies whose employment commenced after
31\u00a0December\u00a02002 has been transferred to a de\ufb01ned contribution plan. The payments to this external employee fund are reported
under personnel expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-401": { "value": "s.The interest expense on financial liabilities represents regular interest payments on issued bonds and bank loans.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-400": { "value": "s.The interest expense on financial liabilities represents regular interest payments on issued bonds and bank loans.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-402": { "value": "
Provision for severance payments
Austrian corporations are required by law to make one-off severance payments to employees whose employment began before
1\u00a0January\u00a02003 if they are dismissed, in case of dissolution of the employment relationship by mutual consent or when they reach
the legal retirement age. The amount of such payments is based on the number of years of service and the amount of the
respective employee\u2019s remuneration at the time the severance payment is made.
Employees in Bulgaria and North Macedonia are entitled to severance payments on retirement, which are based on the number
of years of service. With regard to severance compensation entitlements, the other EVN employees are covered by similar social
protection measures contingent on the legal, economic and tax framework of the country in which they work.
The obligation to make one-off severance payments to employees of Austrian companies whose employment commenced after
31\u00a0December\u00a02002 has been transferred to a de\ufb01ned contribution plan. The payments to this external employee fund are reported
under personnel expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-403": { "value": "
Waste disposal and land restoration requirements resulting from legal and perceived commitments are recorded at the present value
of the expected future costs. Changes in the estimated costs or the interest rate are offset against the carrying amount of the
underlying asset. If the decrease in a provision exceeds the carrying amount of the asset, the difference is recognised through
pro\ufb01t or loss. The related depreciation is corrected in accordance with the residual carrying amount and depreciated over the
remaining useful life. If the asset has reached the end of its useful life, all subsequent changes to the provisions are recognised in
pro\ufb01t or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-404": { "value": "
19. Liabilities
Liabilities are reported at amortised cost, with the exception of liabilities arising from derivative \ufb01nancial instruments or liabilities
arising from hedge accounting (see note 9. Financial instruments). Costs for the procurement of funds are considered part of
amortised cost. Non-current liabilities are discounted by applying the effective interest method.
With respect to \ufb01nancial liabilities, bullet loans and borrowings with a remaining term to maturity of over one year are classi\ufb01ed
as non-current and items with a remaining term to maturity of less than one year are reported under current loans and borrowings
(for information on maturities see note 50. Non-current loans and borrowings).
If a liability can be settled within the next 12\u00a0months after the reporting date, this part is classified as current.
Network subsidies \u2013 which constitute payments made by customers to cover previous investments by EVN in the upstream
network \u2013 represent an offset to the acquisition cost of these assets. In the electricity and natural gas network business, they are
related to supply obligations by EVN. The granting of investment subsidies generally requires an operational management
structure that complies with legal requirements and has been approved by the authorities.
Network and investment subsidies represent an offset to the acquisition or production costs of the related asset and are
recognised as liabilities. Network and investment subsidies are released on a straight-line basis over the average useful life of the
respective assets. The release of network subsidies from the regulated business is reported under other operating income, while
comparable items from the non-regulated business are reported under revenue (also see note 20.\u00a0Revenue recognition).
A contract liability must be reported when consideration (e.\u00a0g. a prepayment) has been transferred by the customer and the
company has not yet provided goods or services. In the EVN\u00a0Group, this generally takes place in connection with prepayments
from the international project business.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-405": { "value": "
Liabilities are reported at amortised cost, with the exception of liabilities arising from derivative \ufb01nancial instruments or liabilities
arising from hedge accounting (see note 9. Financial instruments). Costs for the procurement of funds are considered part of
amortised cost. Non-current liabilities are discounted by applying the effective interest method.
If a liability can be settled within the next 12\u00a0months after the reporting date, this part is classified as current.
A contract liability must be reported when consideration (e.\u00a0g. a prepayment) has been transferred by the customer and the
company has not yet provided goods or services. In the EVN\u00a0Group, this generally takes place in connection with prepayments
from the international project business.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-390": { "value": "
Liabilities are reported at amortised cost, with the exception of liabilities arising from derivative \ufb01nancial instruments or liabilities
arising from hedge accounting (see note 9. Financial instruments). Costs for the procurement of funds are considered part of
amortised cost. Non-current liabilities are discounted by applying the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-406": { "value": ".
Network and investment subsidies represent an offset to the acquisition or production costs of the related asset and are
recognised as liabilities. Network and investment subsidies are released on a straight-line basis over the average useful life of the
respective assets. The release of network subsidies from the regulated business is reported under other operating income, while
comparable items from the non-regulated business are reported under revenue (also see note 20.\u00a0Revenue recognition).
A contract liability must be reported when consideration (e.\u00a0g. a prepayment) has been transferred by the customer and the
company has not yet provided goods or services. In the EVN\u00a0Group, this generally takes place in connection with prepayments
from the international project business", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-407": { "value": "
20. Revenue recognition
IFRS 15 provides a five-step model for the recognition and measurement of revenue from contracts with customers. Under this
model, revenue from contracts with customers is recognised when control over a good or service is transferred to the
customer. A determination must therefore be made when a contract is concluded as to whether the resulting revenue should
be recognised at a specific point in time or over time.
Revenue in the EVN Group results primarily from the sale (energy deliveries) and distribution (network utilisation/network services)
of electricity, natural gas, heat and water to industrial, household and commercial customers. The EVN\u00a0Group also generates
revenue from waste utilisation and telecommunication services. The provision of goods and services by the EVN\u00a0Group generally
takes place over a specific time period, and revenue is therefore recognised over time.
The major services are described below:
Energy deliveries
Revenue results primarily from the transfer of electricity, natural gas, heat and water. Since the customer uses these services
as they are provided, revenue is recognised over time. Revenue is recognised at an amount that reflects the services provided and
entitled to be invoiced by EVN. In particular for household customers who only receive one invoice per year, the variable
consideration is determined by extrapolating the energy consumption based on usage profiles and current temperature trends.
The payment terms for energy deliveries generally represent 14 days. There is no significant financing component.
Network utilisation and services
EVN supplies electricity, natural gas, heat and water to its customers within the framework of network usage. The related
performance obligation lies, above all, in the continuous provision and availability of energy through the network infrastructure.
Revenue from these services is also recognised over time and when the services are provided, as described above. The payment
terms for network usage generally represent 14\u00a0days. There is no significant financing component.
Network subsidies constitute payments made by customers to cover previous investments by EVN in the upstream network,
to the extent they represent compensation for granting usage or purchase rights. Network subsidies in the regulated electricity
and natural gas business, where the regulator determines the amount and underlying reason, are recognised as liabilities and
reported under other operating income as income from the reversal of deferred income from network subsidies. The network
subsidies for all other areas are recorded as non-refundable advance payments (liabilities) in accordance with IFRS\u00a015 and released
to profit or loss under other revenue (also see note 2.\u00a0Reporting in accordance with IFRS).
International project business
The following accounting and valuation principles are particularly relevant to the international project business. As a result of the
planned sale of significant parts of the international project business and its classification as a discontinued operation, all
expenses and income attributable to this business segment are reported in a separate item in the consolidated statement of
operations (see note 16.\u00a0Assets and liabilities held for sale).
Revenue from the international project business is recognised in accordance with the percentage of completion method as
defined by IFRS\u00a015. Projects are characterised by individual contract conditions with fixed prices and payments which follow a
fixed schedule.
If the construction services provided exceed the amount of the payment, a contract asset is recognised. If the payments are
higher than the construction services provided, a contract liability is recorded. The percentage of completion is determined by the
cost-to-cost method, which calls for the recognition of revenue and contract results in relation to actually incurred production
costs as a per cent of the expected total costs. Reliable estimates of the total costs for the contracts, selling prices and incurred
costs are available. Any changes in the estimated total contract costs and possible resulting losses are recognised in profit or
loss in the period incurred. The technological and financial risks which could occur during the remaining term of a project are
included through individual estimates and an appropriate amount is added to the expected total costs. Impending losses from
the valuation of projects not yet invoiced are expensed immediately. These losses are realised when it is probable that the total
contract costs will exceed the contract revenue. In the case that customers terminate the contract for reasons other than the
non-fulfilment of the service promised by the company, EVN has a legal claim that at least the expenses incurred plus the lost
profit margin will be reimbursed.
Assignments in the international project business are generally characterised by fixed prices based on individual contract terms.
Supplementary agreements represent variances between the performance actually provided and the contractually agreed
performance that cannot be directly invoiced due to the existing contract regulations. An agreement must be reached with
the customer over the possibility of invoicing and acceptance.
Supplementary agreements can cover subsequent changes to the contract performance as well as disputed receivables that
result from defective performance.
Agreed changes in performance arise when the customer actively intervenes in the commissioned project and modifies the scope
of performance. These types of changes are generally ordered by the customer prior to their execution. They represent a contract
modification in the sense of IFRS 15.18 because all contract parties agree to the modification and/or to the price. In accordance
with IFRS\u00a015.21 lit b, these changes are recognised as part of the existing contract because they are not distinct and can be
allocated to an existing performance obligation.
Claims to compensation for additional costs caused by defective performance arise when they are within the customer\u2019s scope of
responsibility. The complexity of the projects frequently leads to different opinions over the existence of a payment entitlement
between the customer and the contractor. In accordance with IFRS\u00a015.19, disputed claims represent contract modifications where
the contract parties have not yet agreed on the scope of performance and/or the price. IFRS\u00a015.56 requires the recognition of
supplementary agreements only when they are highly probable and there is no, or hardly any uncertainty. The probability of a
possible revenue reversal increases according to IFRS\u00a015.57, among others, when the amount of consideration is highly dependent
on external factors or actions by third parties and the uncertainty concerning the amount of consideration exists over a longer
period of time. As soon as the entitlements are recognisable under IFRS\u00a015.56, the amount to be recognised is estimated as the
most likely amount (IFRS\u00a015.53\u00a0lit\u00a0b) due to the absence of a large number of similar contracts.
Other
EVN also generates revenue from telecommunications, waste utilisation and energy services. Most of the related contracts include
services which are consumed by the customer as they are provided, and this revenue is also recognised over time. Revenue from
waste utilisation is recognised at a point in time.
The costs for obtaining contracts are expensed as incurred if the amortisation period for the related asset equals one year or less.
Significant financing components are not included when the period between the transfer to the customer of the promised good
or service and payment by the customer is less than one year.
Significant judgements related to revenue recognition
Consumption-based fees for energy deliveries and network utilisation represent variable consideration, which is determined
according to the expected value method defined by IFRS 15.53 lit a. Meterreading dates are spread over the entire year, especially
for household customers with rolling invoices. The volumes of energy consumed during the period between the last meterreading
and the balance sheet date must be extrapolated with statistical methods and therefore estimated. The procedure used by
EVN assigns each customer to a standard consumption profile in the form of an annual consumption curve for electricity and/or
natural gas and extrapolates each customer individually.
In the international project business, the percentage of completion is decisive for the recognition of revenue. Progress on the
respective projects is determined by an input-based method (cost-to-cost method). This method requires numerous estimates and
judgmental decisions, above all for the identification of incurred costs, total contract costs and realisable contract revenue as
well as the related contract risks (technical, political and financial risks). These estimates are reviewed regularly and adjusted
if necessary.
).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-408": { "value": "
Significant judgements related to revenue recognition
Consumption-based fees for energy deliveries and network utilisation represent variable consideration, which is determined
according to the expected value method defined by IFRS 15.53 lit a. Meterreading dates are spread over the entire year, especially
for household customers with rolling invoices. The volumes of energy consumed during the period between the last meterreading
and the balance sheet date must be extrapolated with statistical methods and therefore estimated. The procedure used by
EVN assigns each customer to a standard consumption profile in the form of an annual consumption curve for electricity and/or
natural gas and extrapolates each customer individually.
23. Accounting estimates and forward-looking statements
The preparation of the consolidated \ufb01nancial statements in accordance with generally accepted IFRS accounting methods requires
estimates and assumptions that have an effect on the assets, liabilities, income and expenses reported in the consolidated
\ufb01nancial statements and on the amounts shown in the notes. The actual values may differ from these estimates. The assumptions
and estimates are reviewed on a regular basis.
In particular, the following assumptions and estimates can lead to signi\ufb01cant adjustments in the carrying amounts of individual
assets and liabilities in future reporting period.
In the international project business, changes in estimates for the progress on major projects can have a material effect. These
estimates are particularly relevant for the large-scale project in Kuwait (construction of a wastewater treatment plant and
corresponding sewage network) and the large-scale project in Bahrain (expansion of an existing wastewater treatment plant and
construction of a sewage sludge utilisation plant). Revenue is recognised in accordance with the percentage of completion
method. In the case of disputed supplements as a result of changes in performance or disruptions to performance, receivables are
only recognised if the eligibility criteria in accordance with IFRS\u00a015.56 are met. This is the case if it is highly probable that the
claims are enforceable. However, the assessment of the eligibility criteria for subsequent events requires considerable discretion.
It depends largely on the contractual structure and the legal assessment of the respective circumstances. As a result of the
planned sale of significant parts of the international project business to STRABAG\u00a0SE, the assets and liabilities held for sale are
being measured in accordance with IFRS\u00a05. The measurement in accordance with IFRS\u00a05.15 results in an impairment loss as
of 30 September\u00a02025. This depends largely on the amount and timing of the expected cash inflows from the projects defined for
the earn-out (see note 43.\u00a0Assets and liabilities held for sale).
Impairment tests require estimates, especially for future cash surpluses. A change in the general economic, industry or company
environment may reduce cash surpluses and therefore lead to signs of impairment. The weighted average cost of capital\u00a0(WACC)
is used to determine the recoverable amounts based on capital market methods. The WACC represents the weighted average
interest paid by a company for equity and debt. The weighting applied to the interest on the equity and debt components \u2013 which
re\ufb02ects a capital structure at market values \u2013 was derived from an appropriate peer group. Given the current volatility on the
\ufb01nancial markets, the development of the cost of capital (and above all the country risk premiums) is monitored on a regular basis
(see note 22.\u00a0Procedures and effects of impairment tests).
For the valuation of the generation portfolio, the price structure beginning with the \ufb01fth year (when predictable market prices are
no longer available on the electricity exchanges) was based on average forecasts from two well-known market research institutes
and information service providers in the energy sector. The most recent studies, which are updated annually due to the current
volatility on the electricity markets, were used in each case. The following notes show the sensitivity of these assumptions
for the largest CGUs, based on the carrying amount, where a triggering event was identi\ufb01ed and for which an impairment loss
or reversal was recognised in the consolidated \ufb01nancial statements: 35.\u00a0Intangible assets, 36.\u00a0Property, plant and
equipment and 37.\u00a0Investments in equity accounted investees.
The most important premises and judgmental decisions used to determine the scope of consolidation are described under notes
4.\u00a0Scope of consolidation and 38.\u00a0Other investments.
Assumptions and estimates must also be made when measuring companies accounted for using the equity method. In the
2024/25 financial year, significant estimates had to be made in particular for the termination price to which ZOV is entitled due
to the termination of the concession agreement for a sewage treatment plant project by the City of Zagreb and for provisions
for impending repayments of price increases in the past as a result of disputed contractual terms at EVN\u00a0KG. In this regard,
assumptions from concluded proceedings and settlements as well as expectations regarding the assertion of disputed claims
have been included.
The valuation of the provisions for pensions, pension-related obligations and severance payments are based on assumptions
for the discount rate, retirement age and life expectancy as well as pension and salary increases. The adjustment of these
parameters in future periods can lead to valuation adjustments. Moreover, future changes in electricity and natural gas tariffs
can lead to valuation adjustments in the pension-related obligations (see note 52.\u00a0Non-current provisions).
Assumptions and estimates are also required to determine the useful life of non-current assets (see notes 6.\u00a0Intangible assets
and 7.\u00a0Property, plant and equipment), and the provisions for legal proceedings and environmental protection (see note
18.\u00a0Provisions) as well as estimates for other obligations and risks (see note 65.\u00a0Other obligations and risks). In addition,
it is necessary to make assumptions and estimates for the valuation of receivables and inventories (see notes 12.\u00a0Inventories
and 13.\u00a0Trade and other receivables) and for the recognition of revenue (see note 20.\u00a0Revenue recognition), as well for
the usability of tax loss carryforwards (see note 51.\u00a0Deferred taxes). These estimates are based on historical data and other
assumptions considered appropriate under the given circumstances.
Information on climate change
As an energy and environmental services provider, EVN is committed to making a concrete contribution to climate protection.
The company\u2019s strategic considerations include the special requirements created by the energy transformation and the
far-reaching changes required by this transformation towards climate neutrality as well as the related impacts on all sectors of
the economy and on private households. Analyses in this context place a special focus on the requirements for climate
protection, possible implementation tracks and the implications for the company\u2019s business model. These elements create
an important basis for evaluating the opportunities and risks for our business that result from climate change and the
related, rapidly changing regulations.
Climate protection and the necessary transformation of the energy sector form the focal point of EVN\u2019s Strategy\u00a02030 following
its approval in 2019/20. These goals were consistently pursued through numerous measures in recent years. An important
decarbonisation step was the final exit from coal-fired electricity generation in 2021. The continuous expansion of renewable
generation capacity underscores the steady progress on the way to renewable energy supplies. EVN set its first scientifically
based reduction goals for greenhouse gas emissions in 2021. These goals were tightened over the past two financial years, resub-
mitted to SBTi for review and validated in April\u00a02025. The current goals for the reduction of emissions are now aligned with
the 1.5\u00b0C\u00a0target set by the Paris Climate Agreement. Against the backdrop of EVN\u2019s integrated business model and the differences
between the individual lines of business, EVN has committed to four reduction goals \u2013 two intensity and two absolute goals \u2013
which should be met by the end of the 2030/31 financial year. They cover the material greenhouse gas emission sources from EVN\u2019s
own business activities (greenhouse gas emissions from electricity and heat generation, electricity network losses and gas
network volumes) as well as greenhouse gas emissions from the upstream and downstream value chain, especially from the use
of energy by our end customers.
The majority of EVN\u2019s assets are subject to weather conditions beyond our control due to the generation and transmission or
distribution technologies in use. This applies, in particular, to the in part exposed generation infrastructure (hydropower and wind
power plants, photovoltaic equipment) and also to the transmission and distribution infrastructure. Climate changes can have a
lasting influence on the hydropower, wind power and photovoltaic offering over the long term, which could lead to more extreme
seasonal and annual deviations in generation. Changing climatic conditions can also lead to different demand-related behaviour.
The declining demand for heating products will be accompanied by a greater demand for drinking water. In view of the high
priority given to climate protection at EVN, potential climate risks are identified and assessed as part of the central risk management
process. This active handling of risks can limit the effects on the company or support the conscious perception of opportunities
for additional growth.
The impact of climate change on the recognition and valuation of assets and liabilities is evaluated at regular intervals.
Climate-related earnings fluctuations \u2013 whether they result from production differences or changes in demand \u2013 are analysed\u00a0
as part of the planning process and, after approval by management, transferred to the forecast calculations. The measures
derived from the EVN Climate Initiative also flow into these calculations which, in total, form the basis for the impairment tests
required by IAS 36 (see notes 22.\u00a0Procedures and effects of impairment tests and 36.\u00a0Property, plant and equipment).
The risks arising from climate change are also included in the determination of the useful life of depreciable assets (see note
7.\u00a0Property, plant and equipment), the measurement of inventories (see note 12.\u00a0Inventories) and the recognition and
measurement of provisions (see note 18.\u00a0Provisions).
The CO\u2082 emissions from ten of our electricity generation and heating supply plants are covered by the EU\u2019s emission rights trading
scheme (EU-ETS). In accordance with the EU-ETS, we required a total of 240,970\u00a0CO2 emission certificates for the 2024\u00a0calendar
year. The required emission certificates were partly granted free of charge and the rest were purchased over the wholesale market
(see notes 40.\u00a0Inventories and 57.\u00a0Current provisions).
Effects of the macroeconomic environment
Geopolitical and macroeconomic developments are monitored, particularly with regard to the impairment testing of assets in
accordance with IAS\u00a036 and IFRS\u00a09, as well as other uncertainties in discretionary assessments.
The further development of the geopolitical and macroeconomic situation is uncertain due to the tense situation surrounding
armed conflicts, sanctions, and trade disputes, and could lead to rising energy prices at any time. Volatile energy price
developments have weighed on earnings in recent years, particularly in the sales business. In order to secure energy supplies
in the longer term, EVN gradually acquired gas reserves and concluded forward contracts for electricity. The decline in market
prices for electricity and gas compared with previous years subsequently led to negative valuation effects. Gas reserves had to
be written down and provisions had to be made for impending losses from onerous customer contracts (see note 30.\u00a0Share of
results from equity accounted investees with operational nature).
As a result of political developments in Russia, EVN decided in the 2021/22 financial year to withdraw from Russia and sell
its two combined heat and power plants in Moscow. The transaction was completed on 31 October 2024, with all closing
conditions fulfilled, and the two subsidiaries were deconsolidated (see note 4.\u00a0Scope of consolidation).
The EVN\u00a0Group has included macro-economic developments in the valuation of receivables through a forward-looking component,
similar to the procedure followed in previous years. EVN determines the impairment losses for trade receivables in accordance
with IFRS\u00a09.B5.5.35 based on regionally differentiated analyses of historical default incidents. The inclusion of the forward-looking
component led to an increase of EUR\u00a04.1m in the impairment loss allowance for trade receivables in 2024/25 (previous year:
EUR\u00a05.1m) (see the section on credit and default risk under note 61.\u00a0Risk management).
Apart from price increases on the energy markets and the differing effects on EVN\u2019s activities and business fields, investments and
operating expenses are also potentially affected by high cost increases. These price increases can possibly only be passed on to
customers with a delay. Macroeconomic developments can also have a \u2013 direct and indirect \u2013 negative influence on the demand
for energy and, together with rising costs, have a negative influence on earnings.
Low net debt and a comfortable base of contractually committed, undrawn credit lines give EVN a constant, high degree of
financial flexibility and solid liquidity reserves. Stabilising effects are provided, above all, by EVN\u2018s integrated business model and
widely diversified customer portfolio. The EVN\u00a0Group can, in any event, be considered a going concern.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-409": { "value": "
The following income tax rates were applied in calculating current income taxes:
Corporate income tax rates
%
2024/25
2023/24
Country of residence
Austria
23.0
23.0
Albania
15.0
15.0
Bulgaria
10.0
10.0
Germany 1)
31.2\u201332.6
31.2\u201332.6
Croatia
18.0
18.0
Kuwait
15.0
15.0
Lithuania
16.0
15.0
North Macedonia
10.0
10.0
Montenegro
9.0
9.0
Poland
19.0
19.0
Romania
16.0
16.0
Russia
20.0
20.0
Slovenia
22.0
22.0
Czech Republic
21.0
21.0
Cyprus
12.5
12.5
1) The income tax rate varies depending on the applicable assessment rate for trade tax..
33. Income tax expense
Income tax expense
EURm
2024/25
2023/241)
Current income tax income and expense
14.8
26.4
thereof Austrian companies
1.5
12.3
thereof foreign companies
13.4
14.1
Deferred tax income and expense
50.6
5.8
thereof Austrian companies
53.2
7.0
thereof foreign companies
-2.4
-1.2
Total
65.6
32.1
1) The comparative information was adjusted due to a discontinued operation.
Calculation of the effective tax rate
2024/25
2023/241)
%
EURm
%
EURm
Result before income tax
574.4
549.9
Income tax rate / income tax expense at nominal tax rate
23.0
132.1
23.0
126.5
\u2013
Different corporate income tax rates in other countries
-2.2
-12.4
-2.7
-14.7
\u2013
Effect of tax rate change
0.0
\u2014
0.0
-0.2
\u2013
Tax-free income from investments
-10.4
-59.8
-16.1
-88.4
\u2013/+
Revaluation of deferred taxes
-0.1
-0.4
1.0
5.3
+
Impairment of goodwill
\u2014
\u2014
\u2014
0.3
+/\u2013
Tax share valuations
0.9
4.9
-0.2
-0.9
+
Non-deductible expenses and other items2)
1.2
6.7
1.6
8.5
\u2013
Other tax-free income
-0.2
-1.3
-0.3
-1.7
+
Aperiodic tax increases
0.1
0.5
0.5
3.0
\u2013
Other items
-0.8
-4.8
-1.0
-5.5
Effective tax rate/effective tax expense
11.4
65.6
5.8
32.1
1) The comparative information was adjusted due to a discontinued operation.
2) Of which deferred taxes not recognised arising from the elimination of intragroup income of the continuing operations from business with the discontinued operation in the amount
of EUR 3.3m (previous year: EUR 5.5m)
The effective tax burden on EVN for the 2024/25 financial year amounts to 11.4% of earnings before taxes (previous year: 5.8%).
The effective tax rate is a weighted average of the effective local income tax rates of all consolidated subsidiaries (see note
51.\u00a0Deferred taxes).
The rules of the minimum taxation act (Austrian Minimum Taxation Act) are initially applicable to EVN for the 2024/25 financial
year. Based on the latest available data from country-by-country reporting, a calculation of the temporary safe harbour
rules for Pillar II purposes was carried out. The results show that the safe harbour rules are met and utilised in all jurisdictions,
apart from Bulgaria and North Macedonia. Detailed Pillar II calculations were therefore only carried out for Bulgaria and
North\u00a0Macedonia and resulted in a combined top-up tax of EUR 0.2m (previous year: EUR 0.0m).
51. Deferred taxes
Deferred taxes
EURm
30.09.2025
30.09.2024
Deferred tax assets
Employee-related provisions
-23.1
-29.5
Tax loss carryforwards
-1.1
-1.5
Investment depreciation
-6.0
-12.0
Property, plant and equipment
-15.2
-14.8
Intangible assets
-0.1
\u2014
Provisions
-12.4
-13.8
Financial instruments
-0.9
-1.0
Other assets
-21.3
-24.0
Other liabilities
-22.1
-21.5
Deferred tax liabilities
Property, plant and equipment
196.8
153.1
Intangible assets
7.8
4.5
Investments
569.1
683.2
Provisions
\u2014
0.7
Financial instruments
1.5
6.2
Other assets
0.3
4.0
Other liabilities
1.9
1.6
Total
675.2
735.2
thereof deferred tax assets
-18.5
-31.1
thereof deferred tax liabilities
693.7
766.3
Deferred taxes developed as follows:
Changes in deferred taxes
EURm
2024/25
2023/24
Deferred taxes on 1.10
735.2
735.1
\u2013
Changes recognised directly in equity resulting from currency translation differences
and other changes
-5.5
-2.3
\u2013
Changes in deferred taxes recognised through profit and loss
50.6
4.8
\u2013
Changes in deferred taxes recognised directly in equity from the valuation reserve
-105.0
-2.4
Deferred taxes on 30.09.
675.2
735.2
Losses for which deferred tax assets have been recognised can be utilised within the next few years on the basis of tax profit
planning. Deferred tax assets relating to loss carryforwards and interest carryforwards amounting to EUR 0.6m (previous year:
EUR\u00a080.0m) were not capitalised as their utilisation cannot be expected within a foreseeable period of time. Of this amount,
no\u00a0loss carryforwards will expire in the next five years (previous year: EUR 8.8m). The remaining non-capitalised loss carryforwards
can be carried forward indefinitely. Of the non-capitalised loss and interest carryforwards, EUR 71.7m in the previous year relate
to\u00a0the discontinued operation. In the 2024/25 financial year, loss and interest carryforwards, including the discontinued operation,
amount to EUR 33.4m.
Deferred tax liabilities of EUR 96.0m (previous year: EUR 134.2m) for temporary differences amounting to EUR 389.2m (previous
year: EUR 511.3m) were not recognised, as these will not be realised in the foreseeable future. These temporary differences
arise\u00a0from differences between the tax base of the participation interest and the proportional share of equity owned less retained
earnings, respectively between the tax base of the participation interest and the carrying amount of the equity accounted
investees (outside basis differences). Of the outside basis differences, EUR 24.8m (for temporary differences of EUR 82.0m) in
the\u00a0previous year relate to the discontinued operation. In the 2024/25 financial year, outside basis differences, including the
discontinued operation, amount to EUR 120.8m (for temporary differences of EUR 471.3m).
The changes recorded under other comprehensive income are primarily attributable to financial instruments (EUR -124.1m;
previous year: EUR -35.0m), associates (EUR 14.3m; previous year: EUR 39.0m) and employee-related provisions (EUR 4.8m;
previous year: EUR -6.4m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-410": { "value": "
22. Procedures and effects of impairment tests
EVN carries out its impairment tests in accordance with the rules de\ufb01ned by IAS\u00a036. Property, plant and equipment and
intangible assets, including goodwill, are tested for impairment when there are internal or external indications of a loss in value.
Intangible assets with an inde\ufb01nite useful life and goodwill are tested at least once each year for signs of impairment.
The impairment testing of goodwill and assets for which no expected future cash \ufb02ows can be identi\ufb01ed is based on an assessment
of the respective cash-generating unit (CGU). The decisive criterion used by EVN to classify a generation unit as a CGU is the
technical and commercial ability to generate independent revenue. In the EVN\u00a0Group, this de\ufb01nition applies to the electricity and
heat generation plants, electricity, natural gas and water distribution systems, electricity procurement rights, waste treatment
plants, telecommunications networks and facilities in the environmental services business.
The value in use is calculated in accordance with the requirements of IAS\u00a036. Due to the long-term nature of investments in
infrastructure assets, EVN uses cash flow projections that correspond to the economic useful life of the respective assets.
Impairment tests for hydropower plants are generally based on the assumption that the concession will be reissued and therefore
that the respective sites will exist indefinitely. After a detailed planning period of five years (previous year: four years), a rough
planning period follows for infrastructure facilities/long-term projects until the end of the economic useful life, albeit limited to the
period in which external electricity price forecasts are available (currently 2050).
The fair value less costs of disposal is basically calculated in accordance with the fair value measurement hierarchy de\ufb01ned in
IFRS\u00a013. Since it is generally not possible to derive market values for the CGUs and assets of EVN under evaluation, the fair value
is estimated in accordance with Level\u00a03 in the fair value hierarchy. The fair value less costs of disposal for a CGU is calculated
with a WACC-based discounted cash \ufb02ow method, which is conceptually similar to the value in use procedure, but includes
adjustments to the parameters in the DCF model to re\ufb02ect a market participant\u2019s viewpoint.
The calculation of the fair value less disposal costs and the value in use is based on the future cash in\ufb02ows and out\ufb02ows
which are basically derived from internal medium-term forecasts. The cash \ufb02ow forecasts are based on the latest \ufb01nancial plans
approved by management. The underlying assumptions also take climate-related effects into consideration. The assumptions
for the future development of electricity prices are derived from the quotations on the futures market of the European Energy
Exchange\u00a0AG, Leipzig, Germany. For the period extending beyond this time, an average is developed from the forecasts
issued by two well-known information service providers in the energy sector. Several scenarios are used for averaging. In this
way, the risks that may influence electricity prices in the future are taken into account comprehensively.
A weighted average cost of capital which includes the deduction of income tax (WACC) is used as the discount rate. The equity
component of the WACC re\ufb02ects the risk-free interest rate, a country-speci\ufb01c premium plus a risk premium that incorporates
the market risk premium and an appropriate beta coefficient based on peer group capital market indicators. The debt component
of the WACC equals the basis interest rate plus a country-speci\ufb01c premium and a rating dependent risk premium. The equity
and debt components are weighted according to a capital structure that is appropriate for the CGU based on peer group data at
market values. The resulting WACC is used to discount the cash \ufb02ows in the respective CGU.
For the purpose of estimating the recoverable amount, EVN initially assesses the value in use. In cases where this amount is
lower than the carrying amount of the asset, or the CGU, the fair value less costs of disposal is calculated if necessary.
Impairment tests require estimates, especially for future cash surpluses. A change in the general economic, industry or company
environment may reduce cash surpluses and therefore lead to signs of impairment. The weighted average cost of capital\u00a0(WACC)
is used to determine the recoverable amounts based on capital market methods. The WACC represents the weighted average
interest paid by a company for equity and debt. The weighting applied to the interest on the equity and debt components \u2013 which
re\ufb02ects a capital structure at market values \u2013 was derived from an appropriate peer group. Given the current volatility on the
\ufb01nancial markets, the development of the cost of capital (and above all the country risk premiums) is monitored on a regular basis
(see note 22.\u00a0Procedures and effects of impairment tests).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-411": { "value": "
22. Procedures and effects of impairment tests
EVN carries out its impairment tests in accordance with the rules de\ufb01ned by IAS\u00a036. Property, plant and equipment and
intangible assets, including goodwill, are tested for impairment when there are internal or external indications of a loss in value.
Intangible assets with an inde\ufb01nite useful life and goodwill are tested at least once each year for signs of impairment.
The impairment testing of goodwill and assets for which no expected future cash \ufb02ows can be identi\ufb01ed is based on an assessment
of the respective cash-generating unit (CGU). The decisive criterion used by EVN to classify a generation unit as a CGU is the
technical and commercial ability to generate independent revenue. In the EVN\u00a0Group, this de\ufb01nition applies to the electricity and
heat generation plants, electricity, natural gas and water distribution systems, electricity procurement rights, waste treatment
plants, telecommunications networks and facilities in the environmental services business.
The value in use is calculated in accordance with the requirements of IAS\u00a036. Due to the long-term nature of investments in
infrastructure assets, EVN uses cash flow projections that correspond to the economic useful life of the respective assets.
Impairment tests for hydropower plants are generally based on the assumption that the concession will be reissued and therefore
that the respective sites will exist indefinitely. After a detailed planning period of five years (previous year: four years), a rough
planning period follows for infrastructure facilities/long-term projects until the end of the economic useful life, albeit limited to the
period in which external electricity price forecasts are available (currently 2050).
The fair value less costs of disposal is basically calculated in accordance with the fair value measurement hierarchy de\ufb01ned in
IFRS\u00a013. Since it is generally not possible to derive market values for the CGUs and assets of EVN under evaluation, the fair value
is estimated in accordance with Level\u00a03 in the fair value hierarchy. The fair value less costs of disposal for a CGU is calculated
with a WACC-based discounted cash \ufb02ow method, which is conceptually similar to the value in use procedure, but includes
adjustments to the parameters in the DCF model to re\ufb02ect a market participant\u2019s viewpoint.
The calculation of the fair value less disposal costs and the value in use is based on the future cash in\ufb02ows and out\ufb02ows
which are basically derived from internal medium-term forecasts. The cash \ufb02ow forecasts are based on the latest \ufb01nancial plans
approved by management. The underlying assumptions also take climate-related effects into consideration. The assumptions
for the future development of electricity prices are derived from the quotations on the futures market of the European Energy
Exchange\u00a0AG, Leipzig, Germany. For the period extending beyond this time, an average is developed from the forecasts
issued by two well-known information service providers in the energy sector. Several scenarios are used for averaging. In this
way, the risks that may influence electricity prices in the future are taken into account comprehensively.
.
For the purpose of estimating the recoverable amount, EVN initially assesses the value in use. In cases where this amount is
lower than the carrying amount of the asset, or the CGU, the fair value less costs of disposal is calculated if necessary.
Impairment tests require estimates, especially for future cash surpluses. A change in the general economic, industry or company
environment may reduce cash surpluses and therefore lead to signs of impairment. The weighted average cost of capital\u00a0(WACC)
is used to determine the recoverable amounts based on capital market methods. The WACC represents the weighted average
interest paid by a company for equity and debt. The weighting applied to the interest on the equity and debt components \u2013 which
re\ufb02ects a capital structure at market values \u2013 was derived from an appropriate peer group. Given the current volatility on the
\ufb01nancial markets, the development of the cost of capital (and above all the country risk premiums) is monitored on a regular basis
(see note 22.\u00a0Procedures and effects of impairment tests).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-412": { "value": "23. Accounting estimates and forward-looking statementsThe preparation of the consolidated \ufb01nancial statements in accordance with generally accepted IFRS accounting methods requires estimates and assumptions that have an effect on the assets, liabilities, income and expenses reported in the consolidated \ufb01nancial statements and on the amounts shown in the notes. The actual values may differ from these estimates. The assumptions and estimates are reviewed on a regular basis.In particular, the following assumptions and estimates can lead to signi\ufb01cant adjustments in the carrying amounts of individual assets and liabilities in future reporting period.In the international project business, changes in estimates for the progress on major projects can have a material effect. These estimates are particularly relevant for the large-scale project in Kuwait (construction of a wastewater treatment plant and corresponding sewage network) and the large-scale project in Bahrain (expansion of an existing wastewater treatment plant and construction of a sewage sludge utilisation plant). Revenue is recognised in accordance with the percentage of completion method. In the case of disputed supplements as a result of changes in performance or disruptions to performance, receivables are only recognised if the eligibility criteria in accordance with IFRS\u00a015.56 are met. This is the case if it is highly probable that the claims are enforceable. However, the assessment of the eligibility criteria for subsequent events requires considerable discretion. It depends largely on the contractual structure and the legal assessment of the respective circumstances. As a result of the planned sale of significant parts of the international project business to STRABAG\u00a0SE, the assets and liabilities held for sale are being measured in accordance with IFRS\u00a05. The measurement in accordance with IFRS\u00a05.15 results in an impairment loss as of 30 September\u00a02025. This depends largely on the amount and timing of the expected cash inflows from the projects defined for the earn-out (see note 43.\u00a0Assets and liabilities held for sale).Impairment tests require estimates, especially for future cash surpluses. A change in the general economic, industry or company environment may reduce cash surpluses and therefore lead to signs of impairment. The weighted average cost of capital\u00a0(WACC) is used to determine the recoverable amounts based on capital market methods. The WACC represents the weighted average interest paid by a company for equity and debt. The weighting applied to the interest on the equity and debt components \u2013 which re\ufb02ects a capital structure at market values \u2013 was derived from an appropriate peer group. Given the current volatility on the \ufb01nancial markets, the development of the cost of capital (and above all the country risk premiums) is monitored on a regular basis (see note 22.\u00a0Procedures and effects of impairment tests).For the valuation of the generation portfolio, the price structure beginning with the \ufb01fth year (when predictable market prices are no longer available on the electricity exchanges) was based on average forecasts from two well-known market research institutes and information service providers in the energy sector. The most recent studies, which are updated annually due to the current volatility on the electricity markets, were used in each case. The following notes show the sensitivity of these assumptions for the largest CGUs, based on the carrying amount, where a triggering event was identi\ufb01ed and for which an impairment loss or reversal was recognised in the consolidated \ufb01nancial statements: 35.\u00a0Intangible assets, 36.\u00a0Property, plant and equipment and 37.\u00a0Investments in equity accounted investees.The most important premises and judgmental decisions used to determine the scope of consolidation are described under notes 4.\u00a0Scope of consolidation and 38.\u00a0Other investments. Assumptions and estimates must also be made when measuring companies accounted for using the equity method. In the 2024/25 financial year, significant estimates had to be made in particular for the termination price to which ZOV is entitled due to the termination of the concession agreement for a sewage treatment plant project by the City of Zagreb and for provisions for impending repayments of price increases in the past as a result of disputed contractual terms at EVN\u00a0KG. In this regard, assumptions from concluded proceedings and settlements as well as expectations regarding the assertion of disputed claims have been included.The valuation of the provisions for pensions, pension-related obligations and severance payments are based on assumptions for the discount rate, retirement age and life expectancy as well as pension and salary increases. The adjustment of these parameters in future periods can lead to valuation adjustments. Moreover, future changes in electricity and natural gas tariffs can lead to valuation adjustments in the pension-related obligations (see note 52.\u00a0Non-current provisions).Assumptions and estimates are also required to determine the useful life of non-current assets (see notes 6.\u00a0Intangible assets and 7.\u00a0Property, plant and equipment), and the provisions for legal proceedings and environmental protection (see note 18.\u00a0Provisions) as well as estimates for other obligations and risks (see note 65.\u00a0Other obligations and risks). In addition, it is necessary to make assumptions and estimates for the valuation of receivables and inventories (see notes 12.\u00a0Inventories and 13.\u00a0Trade and other receivables) and for the recognition of revenue (see note 20.\u00a0Revenue recognition), as well for the usability of tax loss carryforwards (see note 51.\u00a0Deferred taxes). These estimates are based on historical data and other assumptions considered appropriate under the given circumstances.Information on climate changeAs an energy and environmental services provider, EVN is committed to making a concrete contribution to climate protection. The company\u2019s strategic considerations include the special requirements created by the energy transformation and the far-reaching changes required by this transformation towards climate neutrality as well as the related impacts on all sectors of the economy and on private households. Analyses in this context place a special focus on the requirements for climate protection, possible implementation tracks and the implications for the company\u2019s business model. These elements create an important basis for evaluating the opportunities and risks for our business that result from climate change and the related, rapidly changing regulations. Climate protection and the necessary transformation of the energy sector form the focal point of EVN\u2019s Strategy\u00a02030 following its approval in 2019/20. These goals were consistently pursued through numerous measures in recent years. An important decarbonisation step was the final exit from coal-fired electricity generation in 2021. The continuous expansion of renewable generation capacity underscores the steady progress on the way to renewable energy supplies. EVN set its first scientifically based reduction goals for greenhouse gas emissions in 2021. These goals were tightened over the past two financial years, resub-mitted to SBTi for review and validated in April\u00a02025. The current goals for the reduction of emissions are now aligned with the 1.5\u00b0C\u00a0target set by the Paris Climate Agreement. Against the backdrop of EVN\u2019s integrated business model and the differences between the individual lines of business, EVN has committed to four reduction goals \u2013 two intensity and two absolute goals \u2013 which should be met by the end of the 2030/31 financial year. They cover the material greenhouse gas emission sources from EVN\u2019s own business activities (greenhouse gas emissions from electricity and heat generation, electricity network losses and gas network volumes) as well as greenhouse gas emissions from the upstream and downstream value chain, especially from the use of energy by our end customers.The majority of EVN\u2019s assets are subject to weather conditions beyond our control due to the generation and transmission or distribution technologies in use. This applies, in particular, to the in part exposed generation infrastructure (hydropower and wind power plants, photovoltaic equipment) and also to the transmission and distribution infrastructure. Climate changes can have a lasting influence on the hydropower, wind power and photovoltaic offering over the long term, which could lead to more extreme seasonal and annual deviations in generation. Changing climatic conditions can also lead to different demand-related behaviour. The declining demand for heating products will be accompanied by a greater demand for drinking water. In view of the high priority given to climate protection at EVN, potential climate risks are identified and assessed as part of the central risk management process. This active handling of risks can limit the effects on the company or support the conscious perception of opportunities for additional growth.The impact of climate change on the recognition and valuation of assets and liabilities is evaluated at regular intervals. Climate-related earnings fluctuations \u2013 whether they result from production differences or changes in demand \u2013 are analysed\u00a0 as part of the planning process and, after approval by management, transferred to the forecast calculations. The measures derived from the EVN Climate Initiative also flow into these calculations which, in total, form the basis for the impairment tests required by IAS 36 (see notes 22.\u00a0Procedures and effects of impairment tests and 36.\u00a0Property, plant and equipment). The risks arising from climate change are also included in the determination of the useful life of depreciable assets (see note 7.\u00a0Property, plant and equipment), the measurement of inventories (see note 12.\u00a0Inventories) and the recognition and measurement of provisions (see note 18.\u00a0Provisions).The CO\u2082 emissions from ten of our electricity generation and heating supply plants are covered by the EU\u2019s emission rights trading scheme (EU-ETS). In accordance with the EU-ETS, we required a total of 240,970\u00a0CO2 emission certificates for the 2024\u00a0calendar year. The required emission certificates were partly granted free of charge and the rest were purchased over the wholesale market (see notes 40.\u00a0Inventories and 57.\u00a0Current provisions).Effects of the macroeconomic environmentGeopolitical and macroeconomic developments are monitored, particularly with regard to the impairment testing of assets in accordance with IAS\u00a036 and IFRS\u00a09, as well as other uncertainties in discretionary assessments.The further development of the geopolitical and macroeconomic situation is uncertain due to the tense situation surrounding armed conflicts, sanctions, and trade disputes, and could lead to rising energy prices at any time. Volatile energy price developments have weighed on earnings in recent years, particularly in the sales business. In order to secure energy supplies in the longer term, EVN gradually acquired gas reserves and concluded forward contracts for electricity. The decline in market prices for electricity and gas compared with previous years subsequently led to negative valuation effects. Gas reserves had to be written down and provisions had to be made for impending losses from onerous customer contracts (see note 30.\u00a0Share of results from equity accounted investees with operational nature).As a result of political developments in Russia, EVN decided in the 2021/22 financial year to withdraw from Russia and sell its two combined heat and power plants in Moscow. The transaction was completed on 31 October 2024, with all closing conditions fulfilled, and the two subsidiaries were deconsolidated (see note 4.\u00a0Scope of consolidation).The EVN\u00a0Group has included macro-economic developments in the valuation of receivables through a forward-looking component, similar to the procedure followed in previous years. EVN determines the impairment losses for trade receivables in accordance with IFRS\u00a09.B5.5.35 based on regionally differentiated analyses of historical default incidents. The inclusion of the forward-looking component led to an increase of EUR\u00a04.1m in the impairment loss allowance for trade receivables in 2024/25 (previous year: EUR\u00a05.1m) (see the section on credit and default risk under note 61.\u00a0Risk management).Apart from price increases on the energy markets and the differing effects on EVN\u2019s activities and business fields, investments and operating expenses are also potentially affected by high cost increases. These price increases can possibly only be passed on to customers with a delay. Macroeconomic developments can also have a \u2013 direct and indirect \u2013 negative influence on the demand for energy and, together with rising costs, have a negative influence on earnings. Low net debt and a comfortable base of contractually committed, undrawn credit lines give EVN a constant, high degree of financial flexibility and solid liquidity reserves. Stabilising effects are provided, above all, by EVN\u2018s integrated business model and widely diversified customer portfolio. The EVN\u00a0Group can, in any event, be considered a going concern.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-413": { "value": "
Impairment tests require estimates, especially for future cash surpluses. A change in the general economic, industry or company
environment may reduce cash surpluses and therefore lead to signs of impairment. The weighted average cost of capital\u00a0(WACC)
is used to determine the recoverable amounts based on capital market methods. The WACC represents the weighted average
interest paid by a company for equity and debt. The weighting applied to the interest on the equity and debt components \u2013 which
re\ufb02ects a capital structure at market values \u2013 was derived from an appropriate peer group. Given the current volatility on the
\ufb01nancial markets, the development of the cost of capital (and above all the country risk premiums) is monitored on a regular basis
(see note 22.\u00a0Procedures and effects of impairment tests).
As a result of political developments in Russia, EVN decided in the 2021/22 financial year to withdraw from Russia and sell
its two combined heat and power plants in Moscow. The transaction was completed on 31 October 2024, with all closing
conditions fulfilled, and the two subsidiaries were deconsolidated (see note 4.\u00a0Scope of consolidation).
The EVN\u00a0Group has included macro-economic developments in the valuation of receivables through a forward-looking component,
similar to the procedure followed in previous years. EVN determines the impairment losses for trade receivables in accordance
with IFRS\u00a09.B5.5.35 based on regionally differentiated analyses of historical default incidents. The inclusion of the forward-looking
component led to an increase of EUR\u00a04.1m in the impairment loss allowance for trade receivables in 2024/25 (previous year:
EUR\u00a05.1m) (see the section on credit and default risk under note 61.\u00a0Risk management).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-415": { "value": "
The EVN\u00a0Group has included macro-economic developments in the valuation of receivables through a forward-looking component,
similar to the procedure followed in previous years. EVN determines the impairment losses for trade receivables in accordance
with IFRS\u00a09.B5.5.35 based on regionally differentiated analyses of historical default incidents. The inclusion of the forward-looking
component led to an increase of EUR\u00a04.1m in the impairment loss allowance for trade receivables in 2024/25 (previous year:
EUR\u00a05.1m) (see the section on credit and default risk under note 61.\u00a0Risk management)
61. Risk management
Risk management supports the pursuit of corporate objectives, in particular
\u2022 the targeted securing of existing and future earnings and cash flow potential,
\u2022 ensuring the Group's solvency and financing capability and
\u2022 optimising the result, taking into account the risk-opportunity calculation.
Risk management is carried out with regard to market risks, liquidity risks and credit and default risks.
Market risk represents the risk that the fair value or future cash flows of a financial instrument fluctuate as the result of market
risk factors. Market risk is classified in the following three components: interest rate, foreign exchange and other market risks.
Market risk: Interest rate risk
EVN defines interest rate risk as the risk that fluctuations in the fair value or future cash flows of a financial instrument due
to changes in the market interest rate could adversely affect interest income and expense as well as equity. This risk control is based
on the regular monitoring of interest rate risk and hedging strategies that include the use of derivative financial instruments (also see
notes 9. Financial instruments and 63. Reporting on financial instruments).
In addition to the ongoing calculation of the market value of financial liabilities, EVN also monitors the interest rate risk using
sensitivity analyses and a value-at-risk (VaR) calculation, in which the VaR is calculated with a confidence level of 99.0% for the
holding period of one day using the variance-covariance method (delta-gamma approach). As at the balance sheet date, the
interest rate VaR amounted to EUR 5.7m (previous year: EUR 5.0m). The increase recorded here is due to the incurrence of new
non-current financial liabilities amounting to EUR 225.0m with fixed interest rates in the 2024/25 financial year. At the same
time, the interest rate VaR continues to reflect the high level of fixed-interest financial liabilities of 91% as at 30\u00a0September\u00a02025
(previous year: 90%). For the financial liabilities with variable interest rates as at the balance sheet date, an increase in the
market interest rate/reference interest rate of 100 basis points would mean an increase in interest expenses of EUR\u00a01.2m\u00a0p.\u00a0a.
(previous year: EUR\u00a01.1m p.\u00a0a.).
The risk of currency fluctuations affecting earnings arises for EVN from transactions that are not conducted in euros. Receivables,
liabilities, cash and cash equivalents that are not held in the Group\u2019s functional currency (including BGN, BHD, KWD, MKD,
PLN, RON, USD) may be exposed to currency risks. The financial liabilities are denominated exclusively in euros.
Exposure management (FX) includes reducing the EVN Group\u2019s physical, immediately available or daily maturing cash and cash
equivalents in foreign currencies to the necessary, economically reasonable minimum at all times. BGN and MKD are considered
EVN\u2019s core currencies and are not subject to active foreign currency risk management.
The main driver of currency risk in the operating segment continues to be the Umm Al Hayman wastewater treatment project
in Kuwait, which, however, is allocated to the discontinued operation reported in accordance with IFRS 5 due to the intention to
sell the international project business. As the general contractor, the EVN Group is responsible for the planning and construction
of a wastewater treatment plant and, together with partners, for the construction of a sewer network with pumping stations.
The Group is exposed to transactional foreign currency risks to the extent that the currencies in which project transactions are
conducted do not correspond to the Group\u2019s functional currency. The transactions mentioned are mainly conducted on the basis
of the euro (EUR), US dollar (USD) and Kuwaiti dinar (KWD). In accordance with Group policy, foreign currency risks from expected
net cash flows per foreign currency from project business are hedged on an ongoing basis over the next 12 months. In the
case of large projects, deviations from this policy are possible and hedging may also be carried out beyond this period. Forward
exchange contracts are used to hedge foreign currency risk and are formally designated in macro cash flow accounting.
These contracts are generally designated as cash flow hedges.
The foreign exchange VaR, based on the major foreign currency risk drivers in the financial area, amounted to EUR\u00a00.2m as of
30\u00a0September\u00a02025 (previous year: EUR\u00a00.3m) after the inclusion of hedging instruments.
Other market risks
In EVN\u2019s energy trading activities, energy trading contracts are entered into for the purpose of managing price risk. Price risks
result from the procurement and sale of electricity, natural gas and CO2 emission certificates.
EVN uses futures, forwards and swaps to hedge the prices of the primary energy carriers electricity, natural gas and CO2 emission
certificates in the energy business. These swaps are generally fulfilled financially. The contracts which cover expected procurement,
sale or usage requirements are evaluated as own-use transactions (also see note 63. Reporting on financial instruments).
A change of 10% in market prices would have the following effects in connection with derivative financial instruments in the
energy business:
Sensitivities market price
%
2024/25
2023/24
+10%
-10%
+10%
-10%
Effect on equity (cash flow hedges valuation reserve)
-8.4
8.4
-4.1
4.1
Impact on operating result
-1.5
1.5
-0.1
0.1
The price risk for securities results from fluctuations on the capital markets. The most significant securities position held by EVN
is its investment in Verbund AG. The price risk VaR for the Verbund AG shares held by EVN as of the balance sheet date was
EUR\u00a092.0m (previous year: EUR 124.4m), whereby the price would be influenced by the sale of a large block of Verbund shares
by EVN. The decrease in VaR compared to the last balance sheet date is due to a lower market value of the Verbund share
portfolio held and lower volatility compared to the last balance sheet date.
Liquidity risk
Liquidity risk represents the risk of not being able to raise the required financial resources to settle liabilities on their due date as
well as the inability to raise the necessary liquidity at the expected terms and conditions. EVN minimises this risk by means of
short-term and medium-term financial and liquidity planning. In concluding financing agreements, special attention is paid to
managing the terms to maturity in order to achieve a balanced maturity profile and thus avoid the bundling of repayment dates.
The EVN\u00a0Group uses cash pooling to equalise liquidity balances.
Expected occurrence of cash flows of loans
and borrowings and other liabilities
30.09.2025
Contractually stipulated payment flows
EURm
Carrying
amount
Total
payment flows
<1 year
1\u20135 years
> 5 years
Bonds
469.9
605.8
13.3
53.1
539.4
Bank loans
751.4
940.7
43.5
314.6
582.5
Lease liabilities
92.4
116.7
8.7
31.5
76.5
Liabilities arising from derivative transactions\u00b9\u207e
4.1
4.1
3.5
0.6
\u2014
Total
1,317.7
1,667.4
69.0
399.9
1,198.5
30.09.2024
Contractually stipulated payment flows
EURm
Carrying
amount
Total
payment flows
<1 year
1\u20135 years
> 5 years
Bonds
469.7
570.6
10.6
39.1
520.9
Bank loans
644.2
753.1
143.7
187.2
422.2
Lease liabilities
78.8
98.7
8.9
28.7
61.1
Liabilities arising from derivative transactions\u00b9\u207e
9.7
10.2
9.8
0.4
\u2014
Liabilities from contract costs
5.2
5.2
5.2
\u2014
\u2014
Total
1,207.5
1,437.7
178.1
255.3
1,004.3
1) All financial liabilities not shown in the table are current and the associated cash flows are therefore due within one year.
Credit and default risk
Credit and default risk represents the risk of a loss when business partners fail to meet their contractual obligations. This risk is
inherent to all agreements with delayed payment terms or fulfilment at a later date. Default risk generally arises in connection
with trade receivables and the debt instruments held as financial assets by the Group. The carrying amount of the financial assets
and contractual assets represents the maximum default risk.
To limit credit risk, the company evaluates the credit standing of its business partners. Internal and external ratings (including
Standard\u00a0&\u00a0Poor\u2019s, Moody\u2019s, Fitch and KSV 1870) of the counterparties are used for this purpose, and the business volume is
limited in accordance with the rating and the probability of default. Sufficient collateral is required before a transaction is entered
into if the partner\u2019s credit rating is inadequate.
EVN monitors credit risk and limits default risk for financial receivables and for derivatives and forward transactions which are
concluded to hedge the risks connected with EVN\u2019s energy business or are related to end customers and other debtors.
In order to reduce credit risk, hedging transactions are entered into only with well-known banks that have good credit ratings.
EVN also ensures that funds are deposited at banks with the best possible credit standing based on international ratings.
The default risk for customers is monitored separately at EVN and supported primarily by ratings and experience-based values.
Default risk is also minimised with efficient receivables management and the continuous monitoring of customer payment behaviour
The recognition of impairment losses to financial assets carried at amortised cost and to contractual assets in accordance with
IFRS\u00a015 has been based on the ECL model for expected credit losses since 1 October 2018.
EVN measures the impairment losses for trade receivables without a significant financing component and for contractual assets
at an amount equal to the expected lifetime credit losses.
In contrast, the impairment losses
\u2022 for financial assets with a low default risk as of the balance sheet date and
\u2022 for bank deposits without a significant increase in the default risk since initial recognition are based on the expected
12-month credit loss.
From the viewpoint of the EVN Group, a financial asset has a low default risk when its credit rating meets the \u201cinvestment grade\u201d
definition. The Group sees this condition as met with an internal rating of 4 or higher or with an equivalent rating of BBB\u2013 or
higher from the rating agency Standard and Poor\u2018s (S&P).
EVN uses appropriate and reliable information which is relevant and available without undue expenditure of time and expense to
determine whether the default risk of a financial asset has increased significantly since initial recognition and to estimate the
expected credit losses. The default risk of a financial asset is assumed to have increased significantly when the related credit rating
has declined to 5b on EVN\u2019s internal rating scale, which represents the S&P equivalent of B+.
The EVN Group considers a financial asset to be in default when:
\u2022 the debtor is unlikely to meet his/her credit obligations in full without measures by the Group to realise collateral (if available), or
\u2022 the financial asset declines to 5c on EVN\u2019s internal rating scale, which represents the S&P equivalent of CCC+, or
\u2022 payment on trade receivables has not been received after a second reminder or insolvency proceedings are opened over a
company or private person.
Default probabilities and collection rates based on the applicable rating category are used to calculate the required impairment
loss. The amount of the impairment loss equals the present value of the expected credit loss.
The following table includes information on the default risk and expected credit losses for financial instruments carried at
amortised cost. It does not cover trade receivables, receivables from equity accounted investees, receivables from non-consolidated
investments or amounts due from employees. The risk allowance for all financial instruments represents the expected 12-month
credit loss because the default risk is low. The amounts shown in the table include both current and non-current components.
Major financial instruments covered by the ECL model
30.09.2025
EURm
Equivalent S&P
Default
probability (%)\u00b9\u207e
Loans
receivable
Lease
receivables
Bank deposits\u00b2\u207e \u00b3\u207e
Calculated
impairment\u2074\u207e
EVN rating class 1
AAA
\u2014
\u2014
\u2014
\u2014
\u2014
EVN rating class 2
Up to AA\u2013
\u2014
\u2014
\u2014
\u2014
\u2014
EVN rating class 3
Up to\u00a0 A\u2013
0.05
26.4
3.5
40.3
\u2014
EVN rating class 4
Up to\u00a0 BBB\u2013
0.21
\u2014
\u2014
40.9
\u2014
EVN rating class 5a
Up to\u00a0 BB\u2013
0.87
\u2014
\u2014
6.1
\u2014
EVN rating class 5b
Up to\u00a0 B\u2013
5.16
\u2014
\u2014
2.5
\u2014
EVN rating class 5c
Up to\u00a0 D
26.12
\u2014
\u2014
\u2014
\u2014
No rating
\u2014
1.8
\u2014
\u2014
\u2014
Total
\u2014
28.2
3.5
89.7
\u2014
30.09.2024
EURm
Equivalent S&P
Default
probability(%)\u00b9\u207e
Loans
receivable
Lease
receivables
Bank deposits\u00b2\u207e \u00b3\u207e
Calculated
impairment\u2074\u207e
EVN rating class 1
AAA
\u2014
\u2014
3.8
\u2014
\u2014
EVN rating class 2
Up to\u00a0 AA\u2013
0.07
\u2014
\u2014
\u2014
\u2014
EVN rating class 3
Up to\u00a0 A\u2013
0.07
29.1
6.9
55.5
\u2014
EVN rating class 4
Up to BBB\u2013
0.33
\u2014
\u2014
27.1
\u2014
EVN rating class 5a
Up to\u00a0 BB\u2013
1.48
\u2014
\u2014
6.0
\u2014
EVN rating class 5b
Up to\u00a0 B\u2013
6.78
\u2014
\u2014
2.2
\u2014
EVN rating class 5c
Up to\u00a0 D
25.98
\u2014
\u2014
\u2014
\u2014
No rating
\u2014
1.3
\u2014
\u2014
\u2014
Total
\u2014
30.3
10.7
90.8
\u2014
1) Assumed loss ratio (60% for banks, 80% for corporates)
2) Due to the daily maturity, a one-day probability of default is applied to account balances;
for money market deposits, the PoD of the average volume-weighted residual term is taken into account.
3) Bank balances also include restricted cash in the amount of EUR 0.0m (previous year: EUR 12.1m).
4) The calculated impairments are not recognised in the balance sheet due to their minor magnitude.
EVN uses the practical expedient provided by IFRS 9.B5.5.35 for trade receivables and calculates the expected credit losses
with a provision matrix. The input factors include analyses of default incidents in previous financial years based on different
regional characteristics for the core markets. These factors form the basis for the development of a provision matrix with
different time ranges.
In the current situation, it is particularly important to evaluate how the macroeconomic environment will influence the expected
credit losses on trade receivables. Despite the economic developments in recent years, there was no sharp rise in receivables
defaults by customers, in particular because of numerous government support measures. It is expected that there will be an
increasing number of insolvencies in Europe, and we therefore expect higher receivables defaults in the future. For this reason,
the EVN\u00a0Group recognised a EUR 4.1m (previous year: EUR 5.1m) higher impairment loss to trade receivables for the 2024/25
financial year via a forward-looking component.
:
Expected credit losses in Austria
30.09.2025
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20130.1
0.0
95.0
94.9
\u2014
Up to 89 days overdue
0.0\u20130.6
1.0
9.6
9.6
0.1
Up to 179 days overdue
6.3\u201334.1
9.2
2.7
2.4
0.2
Up to 359 days overdue
8.6\u201326.5
8.9
5.9
5.4
0.5
>360 days overdue
12.4\u2013100.0
30.9
14.1
9.7
4.4
Total
127.3
122.0
5.3
30.09.2024
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20130.1
0.1
43.7
43.7
\u2014
Up to 89 days overdue
0.1\u20130.6
0.8
9.6
9.5
0.1
Up to 179 days overdue
4.6\u201319.7
12.0
2.2
1.9
0.3
Up to 359 days overdue
7.9\u201355.2
16.4
3.3
2.8
0.5
>360 days overdue
15.5\u2013100.0
34.3
12.5
8.2
4.3
Total
71.3
66.1
5.2
Expected credit losses in Bulgaria
30.09.2025
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20132.0
0.1
65.7
65.6
0.1
Up to 89 days overdue
0.0\u201360.3
8.6
4.7
4.3
0.4
Up to 179 days overdue
5.6\u201360.6
30.8
1.1
0.7
0.3
Up to 359 days overdue
56.0\u2013100.0
72.3
1.2
0.3
0.9
>360 days overdue
100.0
100.0
13.7
\u2014
13.7
Total
86.4
70.9
15.4
30.09.2024
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20132.7
0.4
47.8
47.6
0.2
Up to 89 days overdue
2.1\u2013100.0
6.5
7.9
7.4
0.5
Up to 179 days overdue
28.4\u2013100.0
63.8
1.2
0.4
0.7
Up to 359 days overdue
63.2\u2013100.0
87.8
1.4
0.2
1.2
>360 days overdue
100.0
100.0
14.3
\u2014
14.3
Total
72.5
55.6
17.0
Expected credit losses in
North Macedonia
30.09.2025
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.4\u2013100.0
64.7
148.3
52.3
96.0
thereof instalment
agreements
17.5\u2013100.0
88.5
87.4
10.1
77.3
thereof without instalment
agreements
0.4\u201336.6
30.7
61.0
42.2
18.7
Up to 89 days overdue
2.4\u2013100.0
10.1
20.8
18.7
2.1
Up to 179 days overdue
42.3\u2013100.0
78.9
6.3
1.3
5.0
Up to 359 days overdue
52.6\u2013100.0
94.6
9.5
0.5
9.0
>360 days overdue
100.0
100.0
162.0
\u2014
162.0
Total
347.0
72.9
274.1
30.09.2024
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.4\u2013100.0
55.2
145.3
65.1
80.2
thereof instalment
agreements
17.5\u2013100.0
88.5
87.7
10.1
77.5
thereof without instalment
agreements
0.4\u201336.6
4.7
57.6
54.9
2.7
Up to 89 days overdue
2.4\u2013100.0
9.7
23.6
21.3
2.3
Up to 179 days overdue
42.3\u2013100.0
80.5
6.6
1.3
5.3
Up to 359 days overdue
52.6\u2013100.0
92.2
10.9
0.5
10.4
>360 days overdue
100.0
100.0
169.7
\u2014
169.7
Total
356.1
88.2
267.9
The overview of expected credit losses in North Macedonia includes both current and non-current trade receivables. Following the
conclusion of instalment agreements with customers in North Macedonia, existing trade receivables were reclassified as non-
current. These receivables are not considered part of overdue receivables and, consequently, this category carries a higher average
probability of default than the category \u201cup to 89 days overdue\u201d.
In the financial year 2024/25, impairments of EUR 8.7m (previous year: EUR 36.7m) were recognised for trade receivables.
The impairments mainly resulted from expected credit losses under consideration of a provision matrix. As in the previous year,
no impairment of contract assets was necessary.
The following table shows the development of impairment losses to trade receivables in 2024/25:
Impairment losses \u2013 trade receivables
EURm
2024/25
2023/24
Balance on 1.10
305.4
286.7
Additions
8.7
36.7
Disposal
-19.3
-17.9
Balance on 30.09.
294.8
305.4
The Group\u2019s maximum default risk for the items reported on the consolidated statement of financial position as of 30 September
2025 and 30 September 2024 reflect the carrying amounts shown in notes 39. Other non-current assets, 41. Trade and
other receivables and 42. Securities and other financial investments, excluding financial guarantees.
The maximum default risk for derivative financial instruments equals the positive fair value (see note 63. Reporting on financial
instruments).
The maximum risk from financial guarantees is described in note 65. Other obligations and risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-414": { "value": "
The EVN\u00a0Group has included macro-economic developments in the valuation of receivables through a forward-looking component,
similar to the procedure followed in previous years. EVN determines the impairment losses for trade receivables in accordance
with IFRS\u00a09.B5.5.35 based on regionally differentiated analyses of historical default incidents. The inclusion of the forward-looking
component led to an increase of EUR\u00a04.1m in the impairment loss allowance for trade receivables in 2024/25 (previous year:
EUR\u00a05.1m) (see the section on credit and default risk under note 61.\u00a0Risk management)).
31. Depreciation and amortisation and effects from impairment tests
The procedure used for impairment testing is described as part of the disclosures on accounting policies under note
22.\u00a0Procedures and effects of impairment tests.
Depreciation and amortisation and effects from impairment tests
by items of the consolidated statement of financial position
EURm
2024/25
2023/241)
Intangible assets
20.3
21.7
Property, plant and equipment
403.0
337.2
Write-up of property, plant and equipment
-5.0
-0.3
Total
418.2
358.6
1) The comparative information was adjusted due to a discontinued operation.
Depreciation and amortisation and effects from
impairment tests
EURm
2024/25
2023/241)
Scheduled depreciation and amortisation
360.1
333.7
Effects from impairment tests (impairment)2)
63.2
25.2
Effects from impairment tests (reversal of impairment)2)
-5.0
-0.3
Total
418.2
358.6
1) The comparative information was adjusted due to a discontinued operation.
2) For details, see notes 35. Intangible assets and 36. Property, plant and equipment.
35. Intangible assets
Rights and software include electricity procurement rights, transportation rights for natural gas pipelines and other rights
(primarily software licenses). Other intangible assets primarily include the customer bases of the North Macedonian electricity
supply company.
Reconciliation of intangible assets
2024/25 financial year
EURm
Goodwill
Rights and
software
Other intangible
assets
Total
Gross value 30.09.2024
216.2
592.3
60.1
868.6
Additions
\u2014
69.1
\u2014
69.1
Disposals
\u2014
-11.4
\u2014
-11.4
Transfers
\u2014
-0.3
\u2014
-0.3
Change in the scope of consolidation
0.2
-27.9
\u2014
-27.7
Reclassification of discontinued operations
-52.9
-7.7
\u2014
-60.6
Gross value 30.09.2025
163.5
614.1
60.1
837.7
Accumulated amortisation 30.09.2024
-214.4
-340.1
-51.7
-606.2
Scheduled amortisation
\u2014
-18.1
-1.8
-19.9
Impairment losses
\u2014
-0.3
\u2014
-0.3
Disposals
\u2014
11.5
\u2014
11.5
Change in the scope of consolidation
-0.2
27.9
\u2014
27.7
Reclassification of discontinued operations
52.9
7.2
\u2014
60.0
Accumulated amortisation 30.09.2025
-161.7
-312.1
-53.4
-527.2
Net value 30.09.2024
1.8
252.2
8.4
262.4
Net value 30.09.2025
1.8
302.0
6.6
310.4
2023/24 financial year
EURm
Goodwill
Rights and
software
Other intangible
assets
Total
Gross value 30.09.2023
216.2
524.1
60.1
800.3
Additions
\u2014
54.9
\u2014
54.9
Disposals
\u2014
-4.6
\u2014
-4.6
Transfers\u00b9\u207e
\u2014
17.6
\u2014
17.6
Change in the scope of consolidation
\u2014
0.3
\u2014
0.3
Gross value 30.09.2024
216.2
592.3
60.1
868.6
Accumulated amortisation 30.09.2023
-213.2
-326.0
-49.9
-589.1
Scheduled amortisation
\u2014
-18.3
-1.8
-20.1
Impairment losses
-1.2
-0.5
\u2014
-1.7
Disposals
\u2014
4.6
\u2014
4.6
Accumulated amortisation 30.09.2024
-214.4
-340.1
-51.7
-606.2
Net value 30.09.2023
3.0
198.1
10.2
211.2
Net value 30.09.2024
1.8
252.2
8.4
262.4
1) The transfers mainly relate to the reclassification of property, plant and equipment to intangible assets,as the classification as rights is more appropriate.
In the 2023/24 financial year, the goodwill of EUR\u00a01.2m allocated to the D\u00fcrnrohr/Zwentendorf energy hub CGU\u00a0(Generation
Segment) was fully impaired. In addition, property, plant and equipment of this CGU were impaired by EUR\u00a017.3m.
Reconciliation of property, plant and equipment
2024/25 financial year
EURm
Land and
buildings
Lines
Technical
equipment
Meters
Other plants,
tools and
equipment
Equipment
under
construction
Total
Gross value 30.09.2024
1,118.3
5,336.2
3,151.3
344.1
298.2
510.3
10,758.4
Currency translation differences
-0.4
-1.4
-1.2
-0.3
-0.2
-0.2
-3.7
Additions
49.5
195.1
129.3
31.0
48.2
419.8
872.8
Disposals
-14.6
-18.4
-60.4
-10.5
-35.6
-5.3
-144.8
Transfers
42.3
127.2
166.3
0.1
8.0
-309.0
34.9
Change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
0.1
-1.0
-0.9
Reclassification of discontinued
operations
-14.2
\u2014
-14.2
\u2014
-10.0
\u2014
-38.4
Gross value 30.09.2025
1,180.9
5,638.7
3,371.2
364.4
308.6
614.6
11,478.4
Kumulierte Abschreibungen
30.09.2024
-630.9
-2,944.4
-2,153.7
-161.7
-194.5
-10.7
-6,095.8
Currency translation differences
0.3
0.7
0.9
0.1
0.1
\u2014
2.2
Scheduled depreciation
-31.6
-144.4
-100.9
-27.5
-35.6
\u2014
-340.1
Impairment losses
-21.1
-3.0
-34.2
-0.5
-1.4
-2.6
-62.8
Revaluation
0.5
3.6
1.0
\u2014
\u2014
\u2014
5.0
Disposals
13.9
18.1
59.2
10.1
35.2
4.2
140.7
Transfers
0.1
\u2014
-34.6
\u2014
\u2014
\u2014
-34.6
Change in the scope of consolidation
\u2014
\u2014
\u2014
\u2014
-0.1
1.0
0.9
Reclassification of discontinued
operations
8.2
\u2014
3.0
\u2014
5.4
\u2014
16.7
Accumulated amortisation
30.09.2025
-660.8
-3,069.4
-2,259.4
-179.5
-190.9
-8.0
-6,367.9
Net value 30.09.2024
487.5
2,391.9
997.7
182.4
103.7
499.6
4,662.7
Net value 30.09.2025
520.1
2,569.4
1,111.8
184.9
117.8
606.5
5,110.5
2023/24 financial year
EURm
Land and
buildings
Lines
Technical
equipment
Meters
Other plants,
tools and
equipment
Equipment
under
construction
Total
Gross value 30.09.2023
1,084.0
5,163.9
2,966.1
328.7
273.6
409.7
10,225.9
Currency translation differences
\u2014
0.1
-0.9
\u2014
\u2014
\u2014
-0.7
Additions
24.1
163.0
122.9
23.9
43.1
336.7
713.7
Disposals
-4.0
-90.3
-59.1
-10.0
-22.8
-3.5
-189.7
Transfers\u00b9\u207e
12.7
99.5
97.1
1.5
4.1
-232.7
-17.6
Change in the scope of consolidation
1.5
\u2014
25.2
\u2014
0.1
\u2014
26.8
Gross value 30.09.2024
1,118.3
5,336.2
3,151.3
344.1
298.2
510.3
10,758.5
Gross value 30.09.2024
-595.1
-2,904.8
-2,100.4
-143.7
-185.3
-10.9
-5,940.2
Currency translation differences
\u2014
\u2014
0.9
\u2014
\u2014
\u2014
0.8
Scheduled depreciation
-31.5
-137.5
-91.1
-26.4
-31.3
\u2014
-317.9
Impairment losses
-7.9
-1.9
-11.6
\u2014
-0.2
-2.0
-23.6
Revaluation
0.1
0.1
0.1
\u2014
\u2014
\u2014
0.3
Disposals
3.6
90.0
58.4
8.4
22.1
2.3
184.8
Transfers
\u2014
9.8
-9.9
\u2014
0.1
\u2014
\u2014
Accumulated amortisation
30.09.2024
-630.9
-2,944.4
-2,153.7
-161.7
-194.5
-10.7
-6,095.8
Net value 30.09.2023
488.8
2,259.2
865.6
185.0
88.3
398.8
4,285.7
Net value 30.09.2024
487.5
2,391.9
997.7
182.4
103.7
499.6
4,662.7
1) The transfers mainly relate to the reclassification of property, plant and equipment to intangible assets, as the classification as rights is more appropriate.
The impairment testing of assets in accordance with IAS\u00a036 led to the recognition of the following impairment losses and
write-ups in 2024/25:
In September\u00a02024, flooding caused severe damage to the D\u00fcrnrohr/Zwentendorf energy hub. Insurance compensation for this
was recognised in profit or loss in the 2024/25 financial year. However, this is offset by considerable replacement investments
still to be made. For this reason, an impairment test was carried out on the D\u00fcrnrohr/Zwentendorf energy hub CGU (Generation
Segment) in the 2024/25 financial year, resulting in an impairment loss of EUR\u00a047.6m. The recoverable amount was determined
on the basis of the value in use and amounted to EUR\u00a037.0m. A WACC after tax of 5.84% was used as the discount rate, which
corresponded to an iteratively derived WACC before tax of 7.21%. If the WACC had increased (decreased) by 0.5\u00a0percentage
points, this would have resulted in an impairment of the net assets of the CGU of EUR 51.9m (impairment of EUR\u00a043.0m) in the
2024/25 financial year. An increase (decrease) in waste recycling revenues of 5 percentage points would have led to an
impairment of EUR\u00a01.4m (impairment of EUR\u00a084.6m) in the 2024/25 financial year, ceteris paribus (see also note 26.\u00a0Other
operating income).
As a result of changed economic conditions, impairment tests were carried out on EVN Naturkraft\u2019s small hydropower plants.
This led to a total impairment of EUR\u00a01.0m for two plants in the Generation Segment. The recoverable amount was determined
on the basis of the value in use and amounted to EUR\u00a01.9m. A WACC after tax of 5.35% was used as the discount rate, which
corresponds to an iteratively derived WACC before tax of 6.29%.
Due to changes in economic conditions, impairment tests were carried out in the 2024/25 financial year for some of EVN\u00a0W\u00e4rme\u2019s
heating plants, which are allocated to the Energy Segment. These resulted in a reversal of impairment losses of EUR 5.0m for
one plant. The recoverable amount was determined on the basis of the value in use and amounted to EUR\u00a011.7m. A WACC after
tax of 5.41% was used as the discount rate, which corresponds to an iteratively derived WACC before tax of 6.28%.
In addition, impairment losses of EUR\u00a014.6m were recognised on property, plant and equipment in the financial year 2024/25,
as no future inflow of benefits is expected.
The valuation of the investment in Verbund Hydro Power AG in 2024/25 based on the discounted cash flow method resulted
in a reversal of impairment losses of EUR\u00a09.0m in the Generation Segment. The recoverable amount was determined on the basis
of fair value less costs to sell (Level\u00a03 according to IFRS 13) and amounted to EUR\u00a0135.1m. A WACC after tax of 5.35% was
used as the discount rate, which corresponds to an iteratively derived WACC before tax of 7.33%. The present value model
underlying the valuation is based on publicly available information from the annual financial statements and, according to
available data for electricity prices, forecasts the development of the years up to 2050 and a perpetual yield without a growth rate.
In the Networks Segment, the valuation of the investment in AGGM Austrian Gas Grid Management AG based on the discounted
cash flow method resulted in the recognition of a write-up of EUR\u00a00.3m. The recoverable amount was determined on the basis
of fair value less costs to sell (Level\u00a03 according to IFRS\u00a013) and amounted to EUR 3.6m. A WACC after tax of 4.91% was used as
the discount rate. The present value model underlying the valuation is based on a perpetual yield without a growth rate which,
in turn, was developed from the average trend of data from the publicly available annual financial statements for 2021\u20132024 and
a forecast for the 2025 financial year.
In the All Other Segments, the valuation of the investment in Wiener B\u00f6rse AG based on the discounted cash flow method
resulted in a write-up of EUR\u00a00.9m in 2024/25. The recoverable amount was determined on the basis of fair value less costs to sell
(Level\u00a03 according to IFRS\u00a013) and amounted to EUR 28.8m. A WACC after tax of 6.35% was used as the discount rate. The
present value model underlying the valuation includes forecasted distributions for the coming year as well as a perpetual yield
without a growth rate
The recognition of impairment losses to financial assets carried at amortised cost and to contractual assets in accordance with
IFRS\u00a015 has been based on the ECL model for expected credit losses since 1 October 2018.
EVN measures the impairment losses for trade receivables without a significant financing component and for contractual assets
at an amount equal to the expected lifetime credit losses.
In contrast, the impairment losses
\u2022 for financial assets with a low default risk as of the balance sheet date and
\u2022 for bank deposits without a significant increase in the default risk since initial recognition are based on the expected
12-month credit loss.
From the viewpoint of the EVN Group, a financial asset has a low default risk when its credit rating meets the \u201cinvestment grade\u201d
definition. The Group sees this condition as met with an internal rating of 4 or higher or with an equivalent rating of BBB\u2013 or
higher from the rating agency Standard and Poor\u2018s (S&P).
EVN uses appropriate and reliable information which is relevant and available without undue expenditure of time and expense to
determine whether the default risk of a financial asset has increased significantly since initial recognition and to estimate the
expected credit losses. The default risk of a financial asset is assumed to have increased significantly when the related credit rating
has declined to 5b on EVN\u2019s internal rating scale, which represents the S&P equivalent of B+.
The EVN Group considers a financial asset to be in default when:
\u2022 the debtor is unlikely to meet his/her credit obligations in full without measures by the Group to realise collateral (if available), or
\u2022 the financial asset declines to 5c on EVN\u2019s internal rating scale, which represents the S&P equivalent of CCC+, or
\u2022 payment on trade receivables has not been received after a second reminder or insolvency proceedings are opened over a
company or private person.
Default probabilities and collection rates based on the applicable rating category are used to calculate the required impairment
loss. The amount of the impairment loss equals the present value of the expected credit loss.
The following table includes information on the default risk and expected credit losses for financial instruments carried at
amortised cost. It does not cover trade receivables, receivables from equity accounted investees, receivables from non-consolidated
investments or amounts due from employees. The risk allowance for all financial instruments represents the expected 12-month
credit loss because the default risk is low. The amounts shown in the table include both current and non-current components.
Major financial instruments covered by the ECL model
30.09.2025
EURm
Equivalent S&P
Default
probability (%)\u00b9\u207e
Loans
receivable
Lease
receivables
Bank deposits\u00b2\u207e \u00b3\u207e
Calculated
impairment\u2074\u207e
EVN rating class 1
AAA
\u2014
\u2014
\u2014
\u2014
\u2014
EVN rating class 2
Up to AA\u2013
\u2014
\u2014
\u2014
\u2014
\u2014
EVN rating class 3
Up to\u00a0 A\u2013
0.05
26.4
3.5
40.3
\u2014
EVN rating class 4
Up to\u00a0 BBB\u2013
0.21
\u2014
\u2014
40.9
\u2014
EVN rating class 5a
Up to\u00a0 BB\u2013
0.87
\u2014
\u2014
6.1
\u2014
EVN rating class 5b
Up to\u00a0 B\u2013
5.16
\u2014
\u2014
2.5
\u2014
EVN rating class 5c
Up to\u00a0 D
26.12
\u2014
\u2014
\u2014
\u2014
No rating
\u2014
1.8
\u2014
\u2014
\u2014
Total
\u2014
28.2
3.5
89.7
\u2014
30.09.2024
EURm
Equivalent S&P
Default
probability(%)\u00b9\u207e
Loans
receivable
Lease
receivables
Bank deposits\u00b2\u207e \u00b3\u207e
Calculated
impairment\u2074\u207e
EVN rating class 1
AAA
\u2014
\u2014
3.8
\u2014
\u2014
EVN rating class 2
Up to\u00a0 AA\u2013
0.07
\u2014
\u2014
\u2014
\u2014
EVN rating class 3
Up to\u00a0 A\u2013
0.07
29.1
6.9
55.5
\u2014
EVN rating class 4
Up to BBB\u2013
0.33
\u2014
\u2014
27.1
\u2014
EVN rating class 5a
Up to\u00a0 BB\u2013
1.48
\u2014
\u2014
6.0
\u2014
EVN rating class 5b
Up to\u00a0 B\u2013
6.78
\u2014
\u2014
2.2
\u2014
EVN rating class 5c
Up to\u00a0 D
25.98
\u2014
\u2014
\u2014
\u2014
No rating
\u2014
1.3
\u2014
\u2014
\u2014
Total
\u2014
30.3
10.7
90.8
\u2014
1) Assumed loss ratio (60% for banks, 80% for corporates)
2) Due to the daily maturity, a one-day probability of default is applied to account balances;
for money market deposits, the PoD of the average volume-weighted residual term is taken into account.
3) Bank balances also include restricted cash in the amount of EUR 0.0m (previous year: EUR 12.1m).
4) The calculated impairments are not recognised in the balance sheet due to their minor magnitude.
EVN uses the practical expedient provided by IFRS 9.B5.5.35 for trade receivables and calculates the expected credit losses
with a provision matrix. The input factors include analyses of default incidents in previous financial years based on different
regional characteristics for the core markets. These factors form the basis for the development of a provision matrix with
different time ranges.
In the current situation, it is particularly important to evaluate how the macroeconomic environment will influence the expected
credit losses on trade receivables. Despite the economic developments in recent years, there was no sharp rise in receivables
defaults by customers, in particular because of numerous government support measures. It is expected that there will be an
increasing number of insolvencies in Europe, and we therefore expect higher receivables defaults in the future. For this reason,
the EVN\u00a0Group recognised a EUR 4.1m (previous year: EUR 5.1m) higher impairment loss to trade receivables for the 2024/25
financial year via a forward-looking component.
:
Expected credit losses in Austria
30.09.2025
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20130.1
0.0
95.0
94.9
\u2014
Up to 89 days overdue
0.0\u20130.6
1.0
9.6
9.6
0.1
Up to 179 days overdue
6.3\u201334.1
9.2
2.7
2.4
0.2
Up to 359 days overdue
8.6\u201326.5
8.9
5.9
5.4
0.5
>360 days overdue
12.4\u2013100.0
30.9
14.1
9.7
4.4
Total
127.3
122.0
5.3
30.09.2024
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20130.1
0.1
43.7
43.7
\u2014
Up to 89 days overdue
0.1\u20130.6
0.8
9.6
9.5
0.1
Up to 179 days overdue
4.6\u201319.7
12.0
2.2
1.9
0.3
Up to 359 days overdue
7.9\u201355.2
16.4
3.3
2.8
0.5
>360 days overdue
15.5\u2013100.0
34.3
12.5
8.2
4.3
Total
71.3
66.1
5.2
Expected credit losses in Bulgaria
30.09.2025
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20132.0
0.1
65.7
65.6
0.1
Up to 89 days overdue
0.0\u201360.3
8.6
4.7
4.3
0.4
Up to 179 days overdue
5.6\u201360.6
30.8
1.1
0.7
0.3
Up to 359 days overdue
56.0\u2013100.0
72.3
1.2
0.3
0.9
>360 days overdue
100.0
100.0
13.7
\u2014
13.7
Total
86.4
70.9
15.4
30.09.2024
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20132.7
0.4
47.8
47.6
0.2
Up to 89 days overdue
2.1\u2013100.0
6.5
7.9
7.4
0.5
Up to 179 days overdue
28.4\u2013100.0
63.8
1.2
0.4
0.7
Up to 359 days overdue
63.2\u2013100.0
87.8
1.4
0.2
1.2
>360 days overdue
100.0
100.0
14.3
\u2014
14.3
Total
72.5
55.6
17.0
Expected credit losses in
North Macedonia
30.09.2025
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.4\u2013100.0
64.7
148.3
52.3
96.0
thereof instalment
agreements
17.5\u2013100.0
88.5
87.4
10.1
77.3
thereof without instalment
agreements
0.4\u201336.6
30.7
61.0
42.2
18.7
Up to 89 days overdue
2.4\u2013100.0
10.1
20.8
18.7
2.1
Up to 179 days overdue
42.3\u2013100.0
78.9
6.3
1.3
5.0
Up to 359 days overdue
52.6\u2013100.0
94.6
9.5
0.5
9.0
>360 days overdue
100.0
100.0
162.0
\u2014
162.0
Total
347.0
72.9
274.1
30.09.2024
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.4\u2013100.0
55.2
145.3
65.1
80.2
thereof instalment
agreements
17.5\u2013100.0
88.5
87.7
10.1
77.5
thereof without instalment
agreements
0.4\u201336.6
4.7
57.6
54.9
2.7
Up to 89 days overdue
2.4\u2013100.0
9.7
23.6
21.3
2.3
Up to 179 days overdue
42.3\u2013100.0
80.5
6.6
1.3
5.3
Up to 359 days overdue
52.6\u2013100.0
92.2
10.9
0.5
10.4
>360 days overdue
100.0
100.0
169.7
\u2014
169.7
Total
356.1
88.2
267.9
The overview of expected credit losses in North Macedonia includes both current and non-current trade receivables. Following the
conclusion of instalment agreements with customers in North Macedonia, existing trade receivables were reclassified as non-
current. These receivables are not considered part of overdue receivables and, consequently, this category carries a higher average
probability of default than the category \u201cup to 89 days overdue\u201d.
In the financial year 2024/25, impairments of EUR 8.7m (previous year: EUR 36.7m) were recognised for trade receivables.
The impairments mainly resulted from expected credit losses under consideration of a provision matrix. As in the previous year,
no impairment of contract assets was necessary.
The following table shows the development of impairment losses to trade receivables in 2024/25:
Impairment losses \u2013 trade receivables
EURm
2024/25
2023/24
Balance on 1.10
305.4
286.7
Additions
8.7
36.7
Disposal
-19.3
-17.9
Balance on 30.09.
294.8
305.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-416": { "value": "
Low net debt and a comfortable base of contractually committed, undrawn credit lines give EVN a constant, high degree of
financial flexibility and solid liquidity reserves. Stabilising effects are provided, above all, by EVN\u2018s integrated business model and
widely diversified customer portfolio. The EVN\u00a0Group can, in any event, be considered a going concern.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-417": { "value": "
24. Principles of segment reporting
The identi\ufb01cation of operating segments is based on the internal organisational and reporting structure and information prepared
for internal management decisions (the \u201cmanagement approach\u201d). The Executive Board of the EVN\u00a0Group (the chief operating
decision-maker as de\ufb01ned in IFRS\u00a08) reviews internal management reports on each operating segment at least once each quarter.
EVN has de\ufb01ned the following operating segments: Generation, Energy, Networks, South East Europe, Environment and
All\u00a0Other\u00a0Segments. This conforms in full to the internal reporting structure. The assessment of all segment information is consistent
with the IFRS. EBITDA is used as an indicator to measure the earning power of the individual segments. For each segment,
EBITDA represents the total net operating pro\ufb01t or loss before interest, taxes, amortisation of intangible assets and depreciation
of property, plant and equipment for the companies included in the segment, taking intragroup income and expenses into
account (see note 59.\u00a0Notes to segment reporting).
Principle of segment allocation and transfer pricing
Subsidiaries are allocated directly to their respective segments. EVN AG\u2019s items are allocated to the segments on the basis of data
from the cost accounting system.
The transfer prices for energy between the individual segments are based on comparable prices for special contract customers,
and thus represent applicable market prices. For the remaining items, pricing is based on cost plus an appropriate mark-up.
Reconciliation of segment results at the Group level
Services performed between segments are eliminated in the consolidation column. The results in the total column reflect the
amounts shown in the consolidated statement of operations.
Previously, intragroup financing and dividends were allocated to the respective segments. Due to a change in the intragroup
financing structure, financing and the presentation of dividend income are now included in the segment All Other Segments. This has
an impact on the financial result and total assets of the individual segments. Due to this change, the figures for the comparative
periods have been adjusted in accordance with IFRS 8.29.
The Environment Segment continues to include the discontinued operation, with the result being reclassified to the item
\u201cResult from discontinued operations\u201d. Only service relationships between the segments that are eliminated in the consolidation
column are included in the segment information presented in the statement of operations.
In accordance with IFRS 8, supplementary segment information must be presented by product (breakdown of external revenue
by product or service) and by country (breakdown of external revenue and non-current assets by country), unless this information is
already included in the segment reporting as part of the information on the reportable segment.
Information on business transactions with important external customers is only required if these account for at least 10.0% of
total external sales. Due to the large number of customers and the wide range of business activities, there are no transactions with
customers that meet this criterion.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-418": { "value": "
25. Revenue
Revenue from contracts with customers is recognised when control of a good or service is transferred to the customer.
The consideration is recognised in the amount that the company expects to receive in exchange for these goods or services.
In addition to revenue from contracts with customers, EVN generates other revenue from its ordinary business activities.
The revenue is presented separately in the following table:
Revenue
EURm
2024/25
2023/241)
Revenue from contracts with customers
2,960.3
2,854.4
Other revenue
39.7
34.8
Total
3,000.0
2,889.2
1) The comparative information was adjusted due to a discontinued operation.
Other revenue includes valuation effects of EUR 3.0m (previous year: EUR\u00a0-1.9m) related to energy derivatives which are
attributable to the Energy Segment. Positive and negative results from the valuation of these derivatives are offset for reporting.
In\u00a0addition, EVN recognised operating lease revenue of EUR\u00a036.8m in the 2024/25 financial year (previous year: EUR 36.9m).
The following table shows the revenue from contracts with customers classified by segment and product:
Revenue
EURm
2024/25
2023/241)
Electricity
226.1
321.9
Natural gas
51.3
126.9
Heat
241.2
224.8
Other
73.1
71.9
Energy
591.6
745.4
Electricity
48.8
65.4
Other
69.7
55.3
Generation
118.5
120.7
Electricity
468.0
389.3
Natural gas
102.1
88.0
Other
91.0
87.9
Networks
661.1
565.2
Electricity
1,478.5
1,308.9
Natural Gas
8.7
7.7
Heat
12.6
11.3
Other
8.4
7.9
South Each Europe
1,508.2
1,335.8
Environmental services
50.9
54.3
Electricity
0.4
5.1
Heat
0.1
1.4
Environment
51.5
60.8
Other
29.3
26.4
All Other Segments
29.3
26.4
Total
2,960.3
2,854.4
1) The comparative information was adjusted due to a discontinued operation.
EVN generally recognises revenue over time in its core business of energy supplies and deliveries. An exception to this practice
is\u00a0the recognition of revenue by EVN W\u00e4rmekraftwerke in connection with the thermal waste utilisation plant in D\u00fcrnrohr,
where\u00a0revenue is recognised at a specific point in time. The related revenue amounted to EUR 66.0m in 2024/25 (previous year:
EUR\u00a055.1m).
Sales revenues which are expected to be realised in future in connection with performance obligations and which have
not yet been met or have only been partially met as of 30 September 2025, mainly relate to network subsidies from the
non-regulated area.
Transaction prices
allocated to remaining
performance obligations
30.09.2025
30.09.2024
EURm
Network subsidies
7.6
32.7
36.8
7.2
30.4
35.9
Total
7.6
32.7
36.8
7.2
30.4
35.9
EVN applies the practical expedient provided by IFRS 15.B16 when the respective requirements are met and recognises revenue
at the amount it is entitled to invoice. Moreover, contracts for electricity and natural gas deliveries as well as contracts for network
utilisation in the household customer business are concluded for an indefinite period. The customer has a unilateral right to
terminate the contracts at any time. As a result, EVN does not have a contractual right to transfer the related performance obli-
gations or to receive consideration. EVN therefore uses the practical expedients provided by IFRS\u00a015.121 for the two cases
described above and does not disclose any information on the remaining performance obligations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-419": { "value": ".
In addition to revenue from contracts with customers, EVN generates other revenue from its ordinary business activities.
The revenue is presented separately in the following table:
Revenue
EURm
2024/25
2023/241)
Revenue from contracts with customers
2,960.3
2,854.4
Other revenue
39.7
34.8
Total
3,000.0
2,889.2
The following table shows the revenue from contracts with customers classified by segment and product:
Revenue
EURm
2024/25
2023/241)
Electricity
226.1
321.9
Natural gas
51.3
126.9
Heat
241.2
224.8
Other
73.1
71.9
Energy
591.6
745.4
Electricity
48.8
65.4
Other
69.7
55.3
Generation
118.5
120.7
Electricity
468.0
389.3
Natural gas
102.1
88.0
Other
91.0
87.9
Networks
661.1
565.2
Electricity
1,478.5
1,308.9
Natural Gas
8.7
7.7
Heat
12.6
11.3
Other
8.4
7.9
South Each Europe
1,508.2
1,335.8
Environmental services
50.9
54.3
Electricity
0.4
5.1
Heat
0.1
1.4
Environment
51.5
60.8
Other
29.3
26.4
All Other Segments
29.3
26.4
Total
2,960.3
2,854.4
1) The comparative information was adjusted due to a discontinued operation.
EVN generally recognises revenue over time in its core business of energy supplies and deliveries. An exception to this practice
is\u00a0the recognition of revenue by EVN W\u00e4rmekraftwerke in connection with the thermal waste utilisation plant in D\u00fcrnrohr,
where\u00a0revenue is recognised at a specific point in time. The related revenue amounted to EUR 66.0m in 2024/25 (previous year:
EUR\u00a055.1m).
Sales revenues which are expected to be realised in future in connection with performance obligations and which have
not yet been met or have only been partially met as of 30 September 2025, mainly relate to network subsidies from the
non-regulated area.
Transaction prices
allocated to remaining
performance obligations
30.09.2025
30.09.2024
EURm
Network subsidies
7.6
32.7
36.8
7.2
30.4
35.9
Total
7.6
32.7
36.8
7.2
30.4
35.9
EVN applies the practical expedient provided by IFRS 15.B16 when the respective requirements are met and recognises revenue
at the amount it is entitled to invoice. Moreover, contracts for electricity and natural gas deliveries as well as contracts for network
utilisation in the household customer business are concluded for an indefinite period. The customer has a unilateral right to
terminate the contracts at any time. As a result, EVN does not have a contractual right to transfer the related performance obli-
gations or to receive consideration. EVN therefore uses the practical expedients provided by IFRS\u00a015.121 for the two cases
described above and does not disclose any information on the remaining performance obligations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-420": { "value": "
Revenue
EURm
2024/25
2023/241)
Revenue from contracts with customers
2,960.3
2,854.4
Other revenue
39.7
34.8
Total
3,000.0
2,889.2
1) The comparative information was adjusted due to a discontinued operation.
Other revenue includes valuation effects of EUR 3.0m (previous year: EUR\u00a0-1.9m) related to energy derivatives which are
attributable to the Energy Segment. Positive and negative results from the valuation of these derivatives are offset for reporting.
In\u00a0addition, EVN recognised operating lease revenue of EUR\u00a036.8m in the 2024/25 financial year (previous year: EUR 36.9m).
Trade and other receivables
EURm
30.09.2025
30.09.2024
Financial assets
Trade accounts receivable
259.7
250.2
Receivables from investments in equity accounted investees
22.6
40.6
Receivables from non-consolidated subsidiaries
0.3
1.6
Receivables from employees
\u2014
0.1
Receivables arising from derivative transactions
5.0
25.8
Lease receivables
0.7
2.0
Other receivables and assets
83.9
109.3
372.3
429.5
Other receivables
Taxes and levies receivable
35.3
68.9
Prepayments
27.8
109.0
Contract assets
\u2014
229.6
63.2
407.4
Total
435.5
837.1
Receivables from derivative transactions include positive market values of derivatives in the energy sector. Other receivables and
assets include receivables from insurance companies and short-term loans.
Other non-current liabilities
EURm
30.09.2025
30.09.2024
Liabilities from derivative transactions
0.6
0.4
Leasing liabilities
83.9
70.2
Remaining other non-current liabilities
14.1
13.1
Total
98.7
83.8
The liabilities from derivative transactions include the negative fair values from contracts in the energy sector and from forward
exchange transactions in connection with the international project business.
Term to maturity of other
non-current liabilities
Remaining term to maturity as of 30.09.2025
Remaining term to maturity as of 30.09.2024
EURm
<5 years
>5 years
Total
<5 years
>5 years
Total
Liabilities from derivative transactions
0.6
\u2014
0.6
0.4
\u2014
0.4
Leasing liabilities
24.2
59.7
83.9
35.4
34.9
70.2
Remaining other non-current liabilities
12.2
1.9
14.1
11.1
2.0
13.1
Total
37.1
61.6
98.7
46.9
36.9
83.8
Other current liabilities
EURm
30.09.2025
30.09.2024
Financial liabilities
Liabilities to investments in equity accounted investees
135.7
79.5
Liabilities to non-consolidated subsidiaries
19.6
14.5
Deferred interest expenses
13.1
12.3
Liabilities arising from derivative transactions
3.5
9.3
Leasing liabilities
8.4
8.5
Other financial liabilities
43.6
102.8
223.9
226.9
Other liabilities
Contract liabilities
68.1
108.1
Deferred income from network subsidies
74.4
71.0
Liabilities relating to social security
12.5
12.8
Energy taxes
30.6
2.0
Value added tax
6.8
14.7
Other taxes and duties
22.0
16.2
214.5
225.0
Total
438.4
451.9
Expected occurrence of cash flows of loans
and borrowings and other liabilities
30.09.2025
Contractually stipulated payment flows
EURm
Carrying
amount
Total
payment flows
<1 year
1\u20135 years
> 5 years
Bonds
469.9
605.8
13.3
53.1
539.4
Bank loans
751.4
940.7
43.5
314.6
582.5
Lease liabilities
92.4
116.7
8.7
31.5
76.5
Liabilities arising from derivative transactions\u00b9\u207e
4.1
4.1
3.5
0.6
\u2014
Total
1,317.7
1,667.4
69.0
399.9
1,198.5
30.09.2024
Contractually stipulated payment flows
EURm
Carrying
amount
Total
payment flows
<1 year
1\u20135 years
> 5 years
Bonds
469.7
570.6
10.6
39.1
520.9
Bank loans
644.2
753.1
143.7
187.2
422.2
Lease liabilities
78.8
98.7
8.9
28.7
61.1
Liabilities arising from derivative transactions\u00b9\u207e
9.7
10.2
9.8
0.4
\u2014
Liabilities from contract costs
5.2
5.2
5.2
\u2014
\u2014
Total
1,207.5
1,437.7
178.1
255.3
1,004.3
Information on classes and
categories of financial
instruments
30.09.2025
30.09.2024
EURm
Measurement
category
Fair value
hierarchy
(IFRS 13)
Carrying
amount
Fair value
Carrying
amount
Fair value
Classes
Non-current assets
Other investments\u00b9\u207e
Investments
FVOCI
Level 3
167.7
167.7
161.7
161.7
Investments
FVOCI
Level 1
2,716.3
2,716.3
3,269.2
3,269.2
Investments
FVTPL
Level 3
18.0
18.0
11.2
11.2
Other non-current assets
Securities
FVTPL
Level 1
82.8
82.8
78.5
78.5
Loans reveivable
AC
Level 2
24.1
23.5
26.0
26.5
Lease receivables
AC
Level 2
2.8
2.8
8.7
8.7
Receivables arising from
derivative transactions
FVTPL
Level 2
0.3
0.3
1.1
1.1
Trade and other receivables
AC
21.6
21.6
23.0
23.0
Current assets
Current receivables and
other current assets
Trade and other receivables
AC
367.3
367.3
403.9
403.9
Receivables arising from
derivative transactions
FVTPL
Level 2
5.0
5.0
25.8
25.8
Securities and other financial investments
FVTPL
Level 1
187.1
187.1
172.0
172.0
Cash and cash equivalents
Cash on hand and cash at banks
AC
89.8
89.8
78.8
78.8
Non-current liabilities
Non-current loans and borrowings
Bonds
AC
Level 2
469.9
434.3
469.7
436.4
Bank loans
AC
Level 2
730.0
728.1
518.2
514.4
30.09.2025
30.09.2024
EURm
Measurement
category
Fair value
hierarchy
(IFRS 13)
Carrying
amount
Fair value
Carrying
amount
Fair value
Classes
Other non-current liabilities
Other liabilities
AC
14.1
14.1
13.1
13.1
Liabilities arising from
derivative transactions
FVTPL
Level 2
0.6
0.6
0.4
0.4
Liabilities arising from
derivative transactions
FVTPL
Level 3
\u2014
\u2014
\u2014
\u2014
Current liabilities
Current loans and borrowings
AC
22.9
22.9
126.1
126.1
Trade payables
AC
427.4
427.4
495.3
495.3
Other current liabilities
Other financial liabilities
AC
220.4
220.4
217.6
217.6
Liabilities arising from
derivative transactions
FVTPL
Level 2
3.4
3.4
8.9
8.9
Liabilities arising from
derivative transactions
FVTPL
Level 3
0.1
0.1
0.4
0.4
thereof aggregated to
measurement categories
Fair value through
other comprehensive income
FVOCI
2,884.0
\u2014
3,430.9
\u2014
Financial assets designated at fair value
through profit or loss
FVTPL
293.2
\u2014
288.6
\u2014
Financial assets and liabilities at
amortised cost
AC
2,390.3
\u2014
2,380.3
\u2014
Financial liabilities designated at
fair value through profit or loss
FVTPL
4.1
\u2014
9.7
\u2014
Net results by measurement category\u00b9\u207e
2024/25
2023/24
EURm
Net result
Thereof impairment
losses
Net result
Thereof impairment
losses
Classes
Fair value through other comprehensive income
(FVOCI)
\u2014
\u2014
\u2014
\u2014
Financial assets at amortised cost (AC)
-16.0
-8.7
-55.1
-43.1
Financial assets and liabilities at fair value through
profit or loss (FVTPL)
3.4
\u2014
5.9
\u2014
Financial assets and liabilities (hedging)
\u2014
\u2014
-0.2
\u2014
Financial liabilities at amortised cost (AC)
\u2014
\u2014
0.2
\u2014
Total
-12.6
-8.7
-49.1
-43.1
1) The net results only involve changes to the consolidated statement of operations; interest expense/income and dividends are not included.
Derivative financial instruments and hedging transactions
Derivative financial instruments are used primarily to hedge the company\u2019s liquidity, exchange rate, price and interest rate risks.
The operative goal is to ensure the long-term continuity of the Group\u2019s earnings. All derivative financial instruments are integrated
in a risk management system as soon as the respective contracts are concluded. This allows for the preparation of a daily overview
of all main risk indicators.
The nominal values represent the separate totals of the items classified as financial derivatives on the balance sheet date. These
are reference values which, however, do not provide a measure of the risk incurred by the company through the use of these
financial instruments. In particular, potential risk factors include fluctuations in the underlying market parameters and the credit
risk of the contracting parties. Derivative financial instruments are recognised at their fair values.
Derivative financial instruments comprise the following:
Derivative financial instruments
30.09.2025
30.09.2024
Nominal value\u00b9\u207e
Fair values\u00b2\u207e
Nominal value\u00b9\u207e
Fair values\u00b2\u207e
Purchases
Disposals
Positive
Negative
Net
Purchases
Disposals
Positive
Negative
Net
Forward exchange transactions3 )
KWD4\u207e
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
80.5
3.8
-4.8
-1.0
USD4\u207e
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
23.2
0.1
-0.5
-0.4
BHD
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6.7
\u2014
-0.3
-0.3
RON
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4.0
\u2014
\u2014
\u2014
Derivatives energy
Futures electricity
67.6\u00a0 GWh
180.0\u00a0 GWh
0.7
-0.4
0.3
375.9\u00a0 GWh
234.0\u00a0 GWh
5.3
\u2014
5.3
Forwards/swaps electricity
598.8\u00a0 GWh
630.2\u00a0 GWh
0.2
-0.2
-0.1
761.4\u00a0 GWh
183.0\u00a0 GWh
0.8
-0.5
0.3
Futures natural gas
377.2\u00a0 GWh
43.2\u00a0 GWh
0.2
-0.5
-0.3
68.1\u00a0 GWh
281.1\u00a0 GWh
0.3
-2.0
-1.6
Forwards/swaps natural gas
\u2014
375.9\u00a0 GWh
0.5
\u2014
0.5
65.9\u00a0 GWh
598.5\u00a0 GWh
0.5
-4.0
-3.5
Futures electricity4\u207e
97.9\u00a0 GWh
899.3\u00a0 GWh
3.9
-2.3
1.6
35.2\u00a0 GWh
576.0\u00a0 GWh
9.9
-2.2
7.8
Forwards/swaps electricity4\u207e
\u2014
198.1\u00a0 GWh
0.4
-0.4
0.1
\u2014
55.2\u00a0 GWh
10.2
\u2014
10.2
Futures natural gas4\u207e
105.2\u00a0 GWh
\u2014
\u2014
-0.7
-0.7
\u2014
\u2014
Forwards/swaps natural gas4\u207e
104.8\u00a0 GWh
\u2014
\u2014
-0.6
-0.6
297.1\u00a0 GWh
\u2014
0.4
\u2014
0.4
Total before netting
\u2014
\u2014
5.9
-5.1
0.7
\u2014
\u2014
31.4
-14.2
17.2
Recognition of offsetting clauses
-0.6
0.6
\u2014
\u2014
\u2014
-4.5
4.5
\u2014
EEX settlement of variation margins on futures
\u2014
0.5
0.5
\u2014
\u2014
\u2014
\u2014
\u2014
Total after netting out
\u2014
\u2014
5.3
-4.1
1.2
\u2014
\u2014
26.9
-9.7
17.2
1) In m nominal currency; energy related in GWh
2) In EURm
3) Forward exchange transactions are included in the discontinued operation (see note 43. Assets and liabilities held for sale).
4) Designated as a hedge in accordance with IFRS 9
).
EVN uses hedges to manage earnings volatility. The underlying transaction and the hedge are designed to ensure a match
between the parameters relevant for measurement (critical terms match). In order to gauge the effectiveness, the underlying
transactions are recorded in the treasury management system as hypothetical derivates and evaluated to determine whether
the relationship with the respective hedges was or will be effective. Possible sources of ineffectiveness are, for example,
timing shifts or a change in the volume of an existing underlying transaction as well as adjustments for the credit risk of hedges
and underlying transactions. All measures are based on internal guidelines.
The EVN Group uses derivative financial instruments within the framework of cash flow hedge accounting to hedge the price risk
from planned future revenues from electricity sales and to hedge the price risk from planned future costs from gas purchases.
In addition, accounting rules for hedging relationships in accordance with IFRS 9 are applied to hedge the currency risk arising
from the Umm Al Hayman wastewater treatment project, which is, however, attributed to the discontinued operation.
Therefore, the receivables and liabilities were reclassified to assets and liabilities held for sale (see note 43. Assets and liabilities
held for sale).
Umm Al Hayman
In the year the contract was accepted, EVN designated forward exchange transactions on a forward basis to hedge planned net
cash flows in foreign currency from the Umm Al Hayman project. It is the Group's policy that the critical terms of the forward
exchange transaction correspond as closely as possible to the hedged underlying transaction.
EVN establishes the existence of an economic relationship between the hedging instrument and the hedged transaction based
on the currency, amount and timing of the respective cash flows. The dollar-offset derivative method is used to evaluate
whether the derivative designated in each hedge will presumably be, and was, effective in offsetting changes in the cash flows
from the hedged transaction.
Portfolio hedge electricity
EVN implements a portfolio hedge to hedge the risk from the marketing of the Group\u2019s own electricity production. Under cash
flow hedge accounting as defined by IFRS 9, derivative financial instruments (electricity forwards and electricity future contracts)
are used to hedge the price risk from planned future income from electricity sales at variable prices. The underlying transaction
represents the portfolio of future, highly probable sales of electricity produced by the EVN Group in Austria.
Evaluating the effectiveness of the hedge involves demonstrating an economic relationship between the underlying transaction
and the hedging instrument. In addition, the default risk may not have a dominant influence on the changes in value. The
prospective effectiveness assessment principally takes place on a qualitative basis in accordance with the critical terms match
method, which compares the key conditions of the hedging instrument with the underlying transaction. In order to minimise
the risk of ineffectiveness from over-hedging, the hedges are not concluded for the total planned sales volumes. The major
conditions between the hedging instruments and planned cash flows agree, and it is therefore assumed that the changes in the
value of the hedging instruments will be offset in full by the changes in future cash flows. The hedged risks to which both the
underlying transaction and hedging instrument are exposed therefore have an opposite influence on the value of the underlying
transaction and hedging instrument.
For hedges of electricity deliveries to foreign markets, the change in the value of the hedging instruments may not always fully offset
the change in the value of future cash flows. The higher liquidity on the German market has created a situation where futures are
increasingly being concluded in this market. The electricity price in Austria consists of a German electricity price plus a DE/AT spread.
The futures products concluded in Germany therefore represent a hedge for the German price component included in the Austrian
electricity prices.
If the hedge and the underlying transaction take place on the same market, complete coverage is principally ensured between the
underlying transaction and the hedging instrument. If hedges are concluded on the German market due to a lack of sufficient
liquidity, the risk component of the German price alone represents the underlying transaction for the hedging relationship \u2013 and in
that way, achieves full coverage between the underlying transaction and the hedging instrument.
The ineffectiveness of hedges can be caused by changes in the credit risk of the counterparty or by a reduction in the expected
electricity delivery volume.
Gas procurement
EVN applies the rules for hedge accounting as defined in IFRS 9 and uses derivative financial instruments to hedge the price risk
from planned future costs for the procurement of gas at variable prices. The purpose of this price risk hedging is to fix the
cash outflows for the use of natural gas in electricity and heat production.
The underlying transaction is formed by a portfolio of future, highly probably purchases of gas for electricity and heat production
in the EVN Group. EVN generally uses swaps, forwards and futures. Derivatives are only designated as hedging instruments when
the settlement date and the volume correspond to the future highly probably transaction.
Evaluating the effectiveness of the hedge involves demonstrating an economic relationship between the underlying transaction
and the hedging instrument. In addition, default risk may not have a dominant influence on the changes in value. The prospective
effectiveness assessment is based on the critical terms match method, which compares the terms, volumes and price basis of
both instruments. If these conditions agree, it can be assumed that the changes in value of the hedge will be completely offset by
future cash flows.
Possible sources of ineffectiveness are a reduction in the volume of the expected transaction and an increased risk of default
through a deterioration in the counterparty\u2019s credit standing. These risks are minimised by hedging less than 100% of the volume,
the progressive conclusion of hedging instruments and strict counterparty management.
Disclosures on hedging relationships
The information on hedging relationships in financial year 2024/25 does not include the hedging instruments allocated to
the discontinued operation. These are forward exchange transactions in USD and KWD to hedge the net cash flows of the
Umm\u00a0Al\u00a0Hayman project. As of 30 September 2025, the reserve from these cash flow hedges amounted to EUR \u201311.0m.
Upon closing of the sale of the discontinued operation, this reserve is to be recognised in the profit and loss account (see note
43.\u00a0Assets and liabilities held for sale).
Cash flow hedging instruments
30.09.2025
EURm
Carrying
amount
Balance sheet position
Nominal
amount
Change in fair value
Portfolio hedge electricity
4.3
Other current/non-current receivables
643,6 GWh
5.7
Portfolio hedge electricity
-2.6
Other current/non-current liabilities
551,6 GWh
-0.4
Gas procurement hedge
\u2014
Other current/non-current receivables
0,0 GWh
-0.4
Gas procurement hedge
-1.3
Other current/non-current liabilities
210.0 GWh
\u2014
30.09.2024
EURm
Carrying
amount
Balance sheet position
Nominal
amount
Change in fair value
FX forwards (KWD/EUR)
-1.0
Other current/non-current liabilities
80.51)
10.0
FX forwards (USD/EUR)
-0.4
Other current/non-current liabilities
23.22)
0.7
FX forwards (BHD/EUR)
\u2014
Other current/non-current liabilities
\u2014 3)
0.6
Portfolio hedge electricity
20.1
Other current/non-current receivables
484,5 GWh
-51.4
Portfolio hedge electricity4)
-2.2
Other current/non-current liabilities
182,0 GWh
-0.3
Gas procurement hedge
0.4
Other current/non-current receivables
297.1 GWh
0.4
1) Nominal amount in KWDm
2) Nominal amount in USDm
3) Nominal amount in BHDm
4) EUR 0.7m negative market value recognised in the consolidated statement of operations at the beginning of the hedging relationship
Cash flow hedges \u2013 underlying transactions
30.09.2025
EURm
Change in fair value
Reserve for measurement
of cash flow hedges
Portfolio hedge electricity
-3.6
1.7
Gas procurement
0.4
-1.3
30.09.2024
EURm
Change in fair value
Reserve for measurement
of cash flow hedges
Payments in KWD (Firm commitment)
-9.9
-12.3
Payments in USD (Firm commitment)
-1.0
-16.9
Payments in BHD (Firm commitment)
-0.6
\u2014
Portfolio hedge electricity
133.9
19.7
Gas procurement
-0.8
0.4
Effects on the statement of comprehensive income,
statement of financial position and statement of operations
30.09.2025
EURm
Hedge gains/losses
recognised
in other compre-
hensiveincome
Ineffectiveness
recognised to
profit or loss
Positions for which
ineffectiveness
was recognised
Reclassification
from OCI to
statement of
operations
Positions for which
reclassification was
recognised
Basis adjustment
Portfolio hedge
electricity
3.6
\u2014
\u2014
21.5
Revenue
\u2014
Gas procurement
-0.4
\u2014
\u2014
1.3
Gas procurement
\u2014
30.09.2024
EURm
Hedge gains/losses
recognised
in other compre-
hensive income
Ineffectiveness
recognised to
profit or loss
Positions for which
ineffectiveness
was recognised
Reclassification
from OCI to
statement of
operations
Positions for which
reclassification was
recognised
Basis adjustment
DBO project (KWD)
9.9
\u2014
\u2014
-0.2
Revenue
\u2014
BOT project (USD)
1.0
\u2014
\u2014
-0.2
Revenue
\u2014
Project Tubli (BHD)
0.6
\u2014
\u2014
0.3
Revenue
\u2014
Portfolio hedge
electricity
-134.0
\u2014
\u2014
84.3
Revenue
\u2014
Gas procurement
0.8
\u2014
\u2014
0.4
Gas procurement
\u2014
Expected occurrence of cash flows from
forward exchange transactions
30.09.2025
Million foreign currency or exchange rate, GWh or EUR/MWh
<1 year
> 1 year
Hedging instruments portfolio hedge electricity
Nominal value in GWH
698.5
301.0
Average hedge price in EUR/MWh
92.6
91.3
Hedging instruments gas procurement
Nominal value in GWH
188.1
21.9
Average hedge price in EUR/MWh
40.2
36.7
30.09.2024
Million foreign currency or exchange rate, GWh or EUR/MWh
<1 year
> 1 year
USD
Nominal amount in USD
23.2
\u2014
Average USD/EUR forward rate
1.1432
\u2014
KWD
Nominal amount in KWD
80.5
\u2014
Average KWD/EUR forward rate
0.3435
\u2014
BHD
Nominal amount in BHD
457.3
138.8
Average BHD/EUR forward rate
123.7
88.9
Hedging instruments electricity
Nominal value in GWH
192.3
104.8
Average hedge price in EUR/MWh
38.5
39.1
Hedging instruments gas procurement
Nominal value in GWH
192.3
104.8
Average hedge price in EUR/MWh
38.5
39.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-422": { "value": "
26. Other operating income
Other operating income
EURm
2024/25
2023/241)
Income from the reversal of deferred income from network subsidies
64.5
58.3
Compensation and remunerations
72.2
7.0
Own work capitalised
49.2
38.1
Rental income
4.0
3.6
Result from the disposal of intangible assets, and property, plant and equipment
1.9
0.6
Change in work in progress
3.2
-1.2
Miscellaneous other operating income
19.0
20.2
Total
214.1
126.7
1) The comparative information was adjusted due to a discontinued operation.
The reversal of deferred income from network subsidies in other operating income relates to grants related to the regulated area.
The increase in \u201ccompensation and remunerations\u201d is mainly attributable to insurance compensation for the flood damage
in September 2024. A substantial part of this compensation was related to the energy hub in D\u00fcrnrohr/Zwentendorf.
This CGU was subsequently tested for impairment due to the resulting need for extensive replacement investments (see note
36.\u00a0Property, plant and equipment).
Own work capitalised was related primarily to investment projects connected with the expansion of the electricity network.
Miscellaneous other operating income consists, above all, of bonuses, subsidies and services that are not related to core
business activities.
29. Other operating expenses
Other operating expenses
EURm
2024/25
2023/241)
Business operation taxes and duties
18.6
31.0
Legal and consulting fees, expenses related to process risks
16.1
20.5
Transportation and travelling expenses, automobile expenses
12.9
12.0
Advertising expenses
12.4
12.3
Maintenance
11.1
23.5
Telecommunications and postage
10.9
12.7
Insurance
10.2
9.6
Write-up/write-off of receivables
8.7
36.3
Employee training
3.2
3.5
Administrative burden
3.2
2.8
Membership fees
3.2
3.0
Money transfer fees
2.3
2.8
Miscellaneous other operating expenses
42.9
28.0
Total
155.8
198.0
1) The comparative information was adjusted due to a discontinued operation.
The decline in business operation taxes and duties is mainly attributable to the reduction in the energy crisis contribution for
electricity in Austria (skimming of surplus revenues).\u00a0
The item \u201clegal and consulting fees, expenses related to process risks\u201d also includes the change in the provision for process costs
and risks.
The decline in maintenance expenses resulted primarily from increased repair costs in the previous year which followed the flooding
in September 2024 and were reflected in corresponding provisions. The eastern region of Austria was affected by severe storms
which had a particularly negative impact on Lower Austria. The extreme rainfall led to widespread flooding in many parts of the
province and, in part, to significant damage.
The decline in the write-up/write-off of receivables resulted primarily from a write-off of EUR 22.5m in the previous year to
outstanding receivables from the Budva project in Montenegro following the decision by the arbitration court.
As in previous years, a forward-looking component was included in 2024/25 to reflect expected future receivables defaults
(see note 61.\u00a0Risk management).
Other operating expenses include, among other things, expenses for environmental protection, licenses, and rental expenses
that could not be capitalised as right-of-use assets in accordance with IFRS 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-421": { "value": "
26. Other operating income
Other operating income
EURm
2024/25
2023/241)
Income from the reversal of deferred income from network subsidies
64.5
58.3
Compensation and remunerations
72.2
7.0
Own work capitalised
49.2
38.1
Rental income
4.0
3.6
Result from the disposal of intangible assets, and property, plant and equipment
1.9
0.6
Change in work in progress
3.2
-1.2
Miscellaneous other operating income
19.0
20.2
Total
214.1
126.7
1) The comparative information was adjusted due to a discontinued operation.
The reversal of deferred income from network subsidies in other operating income relates to grants related to the regulated area.
The increase in \u201ccompensation and remunerations\u201d is mainly attributable to insurance compensation for the flood damage
in September 2024. A substantial part of this compensation was related to the energy hub in D\u00fcrnrohr/Zwentendorf.
This CGU was subsequently tested for impairment due to the resulting need for extensive replacement investments (see note
36.\u00a0Property, plant and equipment).
Own work capitalised was related primarily to investment projects connected with the expansion of the electricity network.
Miscellaneous other operating income consists, above all, of bonuses, subsidies and services that are not related to core
business activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-423": { "value": "
28. Personnel expenses
Personnel expenses
EURm
2024/25
2023/241)
Salaries and wages
358.3
337.4
Severance payments
5.3
5.3
Pension costs
11.3
11.0
Compulsory social security contributions and payroll-related taxes
76.7
71.1
Other employee-related expenses
10.3
8.5
Total
462.0
433.2
1) The comparative information was adjusted due to a discontinued operation.
Personnel expenses include contributions to the VBV Pensionskasse in the amount of EUR 9.3m (previous year: EUR 8.6m) and
contributions to company employee provision funds in the amount of EUR 2.9m (previous year: EUR 2.5m).
The provisions of \u00a7 744 of the Austrian Social Security Act led to a reduction in pension adjustments compared with previous
years and led to a decline of EUR 0.8m (previous year: EUR 1.3m) in pension costs.
The average number of employees was as follows:
Employees by segment\u00b9\u207e
EURm
2024/25
2023/24
Generation
368
340
Networks
1,413
1,409
Energy
433
385
South East Europe
4,211
4,163
Environment
620
661
All Other Segments
666
610
Total
7,711
7,568
thereof discontinued operation
553
542
1) Average for the year
The average number of employees comprised 98.3% salaried and 1.7% wage employees (previous year: 97.9% salaried and
2.1% wage employees), whereby no distinction is made between salaried and wage employees in Bulgaria and North Macedonia.
Wage employees are therefore counted together with salaried employees in these countries.
52. Non-current provisions
Non-current provisions
EURm
30.09.2025
30.09.2024
Provisions for pensions
164.9
191.5
Provisions for pension-related obligations
27.0
27.1
Provisions for severance payments
72.7
77.6
Other non-current provisions
103.0
98.4
Total
367.6
394.6
The calculation of provisions for pensions and similar obligations and provisions for severance payments is mainly based on the
following calculation principles:
The discount rate for the measurement of the provision for pensions and pension-related obligations was set at 3.8% as of
30\u00a0September 2025 (previous year: 3.4%). Provisions for severance payments are measured at an interest rate of 3.2% (previous
year: 3.3%). The different discount rates result from the different duration of the personnel provisions.
The following parameters are applied:
\u2022 Austrian mortality tables AV\u00d6 2018-P \u2013 Rechnungsgrundlagen f\u00fcr die Pensionsversicherung
\u2022 Remuneration increases and pension increases for the following year: 2.5% (previous year: 4.0%)
\u2022 Remuneration increases and pension increases for the year 2027: 2.0% (previous year: 2.75%)
\u2022 Remuneration increases and pension increases for subsequent years: 2.0% (previous year: 2.25%)
Reconciliation of provisions for pensions
EURm
2024/25
2023/24
Present value of pension obligations (DBO) as of 1.10
191.5
177.0
+
Service costs
0.2
-0.4
+
Interest costs
6.5
7.6
\u2013
Payments
-12.3
-12.2
+/\u2013
Actuarial loss/gain
-19.5
19.5
thereof
Financial assumptions
-12.5
18.5
Assumptions based on experience
-6.9
1.0
Reclassification of discontinued operations
-1.6
\u2014
Present value of pension obligations (DBO) as of\u00a0 30.09.
164.9
191.5
As of 30 September 2025, the weighted average remaining term equalled 11.0 years for the pension obligations (previous year:
11.9 years). Pension payments are expected to total EUR 12.4m in 2025/26 (previous year: EUR 12.3m).
Reconciliation of the provisions
for pension-related obligations
EURm
2024/25
2023/24
Present value of the provisions for pension-related obligations (DBO) as of 1.10
27.1
23.6
+
Service costs
0.2
0.2
+
Interest costs
0.9
1.0
\u2013
Payments
-1.6
-1.3
+/\u2013
Actuarial loss/gain
0.3
3.6
thereof
Financial assumptions
-2.4
3.1
Assumptions based on experience
2.7
0.5
Present value of the provisions for pension-related obligations (DBO) as of 30.09.
27.0
27.1
As of 30 September 2025, the weighted average remaining term equalled 13.5 years for the pension-related obligations
(previous\u00a0year: 14.4 years). The payments for pension-related obligations are expected to total EUR 1.5m in 2025/26
(previous\u00a0year: EUR\u00a01.5m).
Reconciliation of the provision for severance payments
EURm
2024/25
2023/24
Present value of severance payment obligations (DBO) as of 1.10
77.6
74.1
+
Service costs
2.4
2.4
+
Interest costs
2.8
3.3
\u2013
Severance payments
-8.6
-7.7
\u2013
Transfers
-0.1
0.1
+/\u2013
Actuarial loss/gain
-0.6
5.4
thereof
Financial assumptions
\u2014
3.6
Assumptions based on experience
-0.6
1.8
Reclassification of discontinued operations
-0.8
\u2014
Present value of severance payment obligations (DBO) as of 30.09.
72.7
77.6
As of 30 September 2025, the weighted average remaining term of the severance payment obligations equalled 5.4 years
(previous year: 5.6 years). Severance payments are expected to total EUR 9.1m in 2025/26 (previous year: EUR 9.2m).
A change in the actuarial parameters (ceteris paribus) would have the following effect on the provisions for pensions,
pension-related obligations and severance payments:
Sensitivity analysis for provision
for pensions
30.09.2025
30.09.2024
%
Change in
assumption
Decrease in
assumption/
change in DBO
Increase in
assumption/
change in DBO
Decrease in
assumption/
change in DBO
Increase in
assumption/
change in DBO
Interest rate
0.5
5.72
-5.18
6.24
-5.57
Remuneration increases
1.0
-1.01
1.07
-1.20
1.33
Pension increases
1.0
-9.04
10.83
-9.55
11.59
Remaining life expectancy
1 year
-4.24
4.30
-4.38
4.46
Sensitivity analysis for provision
for pension-related obligations
30.09.2025
30.09.2024
%
Change in
assumption
Decrease in
assumption/
change in DBO
Increase in
assumption/
change in DBO
Decrease in
assumption/
change in DBO
Increase in
assumption/
change in DBO
Interest rate
0.5
6.93
-6.30
7.56
-6.73
Pension increases
1.0
-10.89
13.23
-11.49
14.19
Remaining life expectancy
1 year
-3.36
3.27
-3.48
3.50
Sensitivity analysis for provision
for severance payments
30.09.2025
30.09.2024
%
Change in
assumption
Decrease in
assumption/
change in DBO
Increase in
assumption/
change in DBO
Decrease in
assumption/
change in DBO
Increase in
assumption/
change in DBO
Interest rate
0.5
2.69
-2.56
2.83
-2.69
Remuneration increases
1.0
-5.17
5.63
-5.43
5.91
The sensitivity analysis was carried out separately for each key actuarial parameter. Only one parameter was changed at a time
during the examination, while the other variables remained constant (ceteris paribus). The method used to calculate the changed
obligation reflected the calculation of the actual obligation. The analytical capacity of this method is limited because the inter-
dependencies between the individual actuarial parameters are not taken into account. With respect to the severance compensation
obligations, a sensitivity analysis was not carried out for the remaining life expectancy because this parameter has only an
immaterial effect on the liability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-424": { "value": "
The average number of employees was as follows:
Employees by segment\u00b9\u207e
EURm
2024/25
2023/24
Generation
368
340
Networks
1,413
1,409
Energy
433
385
South East Europe
4,211
4,163
Environment
620
661
All Other Segments
666
610
Total
7,711
7,568
thereof discontinued operation
553
542
1) Average for the year
The average number of employees comprised 98.3% salaried and 1.7% wage employees (previous year: 97.9% salaried and
2.1% wage employees), whereby no distinction is made between salaried and wage employees in Bulgaria and North Macedonia.
Wage employees are therefore counted together with salaried employees in these countries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-425": { "value": "
29. Other operating expenses
Other operating expenses
EURm
2024/25
2023/241)
Business operation taxes and duties
18.6
31.0
Legal and consulting fees, expenses related to process risks
16.1
20.5
Transportation and travelling expenses, automobile expenses
12.9
12.0
Advertising expenses
12.4
12.3
Maintenance
11.1
23.5
Telecommunications and postage
10.9
12.7
Insurance
10.2
9.6
Write-up/write-off of receivables
8.7
36.3
Employee training
3.2
3.5
Administrative burden
3.2
2.8
Membership fees
3.2
3.0
Money transfer fees
2.3
2.8
Miscellaneous other operating expenses
42.9
28.0
Total
155.8
198.0
1) The comparative information was adjusted due to a discontinued operation.
The decline in business operation taxes and duties is mainly attributable to the reduction in the energy crisis contribution for
electricity in Austria (skimming of surplus revenues).\u00a0
The item \u201clegal and consulting fees, expenses related to process risks\u201d also includes the change in the provision for process costs
and risks.
The decline in maintenance expenses resulted primarily from increased repair costs in the previous year which followed the flooding
in September 2024 and were reflected in corresponding provisions. The eastern region of Austria was affected by severe storms
which had a particularly negative impact on Lower Austria. The extreme rainfall led to widespread flooding in many parts of the
province and, in part, to significant damage.
The decline in the write-up/write-off of receivables resulted primarily from a write-off of EUR 22.5m in the previous year to
outstanding receivables from the Budva project in Montenegro following the decision by the arbitration court.
As in previous years, a forward-looking component was included in 2024/25 to reflect expected future receivables defaults
(see note 61.\u00a0Risk management).
Other operating expenses include, among other things, expenses for environmental protection, licenses, and rental expenses
that could not be capitalised as right-of-use assets in accordance with IFRS 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-426": { "value": "
30. Share of results from equity accounted investees with operational nature
Share of results from equity accounted
investees with operational nature
EURm
2024/25
2023/241)
RAG
84.2
78.0
Burgenland Energie
24.1
48.3
Verbund Innkraftwerke
10.7
21.4
Ashta
3.7
17.0
EnergieAllianz
3.2
1.9
EVN KG
2.1
-162.3
Other companies
0.6
20.0
Total
128.6
24.2
.
The share of results from equity accounted investees with operational nature consists primarily of earnings contributions,
impairment losses recognised to assets capitalised in connection with acquisitions and other necessary impairment losses and
write-ups (see note 37. Investments in equity accounted investees).
The share of results from equity accounted investees with operational nature increased to EUR 128.6m in the 2024/25 financial
year (previous year: EUR 24.2m). This was mainly due to the turnaround of EVN KG (see note 37.\u00a0Investments in equity
accounted investees).
37. Investments in equity accounted investees
The companies included in the consolidated financial statements at equity are listed in the notes under EVN\u2019s investments
starting on page\u00a096. Note 64.\u00a0Disclosures of interests in other entities contains financial information on joint ventures and
associates that are included at equity in EVN\u2019s consolidated financial statements.
All investments in equity accounted investees were recognised at their proportional share of IFRS income or loss based on an
interim or annual report with a balance sheet date that does not precede the balance sheet date of EVN by more than three
months. There were no listed market prices for the investments in equity accounted investees included in the consolidated
financial statements.
Reconciliation of investments in equity accounted investees
2024/25 financial year
EURm
Gross value 30.09.2024
1,289.5
Additions
\u2014
Disposals
\u2014
Reclassification of discontinued operations
-28.9
Gross value 30.09.2025
1,260.7
Accumulated amortisation 30.09.2024
-145.6
Currency translation differences
\u2014
Proportional share of results
128.6
Dividends
-117.6
Changes recognised in other comprehensive income
61.0
Reclassification of discontinued operations
-51.6
Accumulated amortisation 30.09.2024
-125.3
Net value 30.09.2024
1,144.0
Net value 30.09.2025
1,135.4
2023/24 financial year
EURm
Gross value 30.09.2023
1,292.2
Additions
\u2014
Disposals
\u2014
Change in the scope of consolidation
-2.7
Gross value 30.09.2024
1,289.5
Accumulated amortisation 30.09.2023
-188.9
Currency translation differences
-1.2
Change in the scope of consolidation
-3.7
Revaluation
18.3
Proportional share of results
12.5
Dividends
-140.8
Changes recognised in other comprehensive income
158.2
Accumulated amortisation 30.09.2024
-145.6
Net value 30.09.2023
1,103.4
Net value 30.09.2024
1,144.0
64. Disclosures of interests in other entities
An overview of the companies included in the consolidated financial statements is provided beginning on page\u00a096 under
EVN\u2019s\u00a0investments.
Information on the joint ventures and associates that were included in EVN\u2019s consolidated financial statements at equity in
2024/25 is provided below.
The share of results from equity accounted investees with operational nature is reported as part of the results from
operating activities (EBIT).
The following table shows the equity accounted investees with operational nature:
Joint ventures that were included at equity in the consolidated financial statements
as of 30.09.2025 in accordance with IFRS 11
Company
Bioenergie Steyr GmbH
EnergieAllianz
EVN KG
EVN-WE Wind KG
Fernw\u00e4rme St. P\u00f6lten GmbH
Fernw\u00e4rme Steyr GmbH
RAG
Ashta
Umm Al Hayman Wastewater Treatment Company KSPC1)
ZOV
1) This entity is an equity-accounted subsidiary of the discontinued operation.
Associates that were included at equity in the consolidated financial statements
as of 30.09.2025 in accordance with IAS 28
Company
Burgenland Energie
Verbund Innkraftwerke
ZOV UIP
The following table provides summarised financial information on each individually material joint venture included in the
consolidated financial statements:
Financial information of
material joint ventures
30.09.2025
30.09.2024
EURm
EVN KG
RAG
Energie-
Allianz
EVN KG
RAG
Energie-
Allianz
Statement of financial position
Non-current assets
0.8
542.9
15.4
3.9
566.6
32.8
Current assets
244.2
151.2
284.9
339.0
121.0
414.9
Non-current liabilities
1.9
254.1
7.3
9.2
245.6
7.9
Current liabilities
196.2
122.4
226.9
324.6
135.3
447.4
Reconciliation of the carrying amount
of the share of EVN in the joint venture
Net assets
46.8
317.6
66.1
9.1
306.8
-7.6
Share of EVN in net assets (%)
100.0
100.0
45.0
100.0
100.0
45.0
Share of EVN in net assets
46.8
317.6
29.7
9.1
306.8
-3.4
Revaluations
\u2014
138.2
\u2014
\u2014
138.3
3.4
Carrying amount of the share of EVN
in the joint venture
46.9
455.8
29.7
9.1
445.1
\u2014
2024/25
2023/24
Statement of operations
Revenue
603.1
795.4
1,225.3
906.2
671.1
2,102.9
Scheduled depreciation and amortisation
\u2014
-48.0
-0.4
\u2014
-48.7
-0.4
Interest income
2.2
0.7
1.2
1.3
0.4
3.0
Interest expense
-0.3
-7.1
-1.8
-2.3
-6.8
-2.7
Income tax
\u2014
-24.8
-2.1
\u2014
-22.8
-1.0
Result for the period
2.1
84.4
8.8
-154.3
76.7
4.1
Other comprehensive income
35.7
1.5
66.4
180.3
-2.4
64.1
Comprehensive income
37.7
85.9
75.3
26.0
74.3
68.2
Dividends received by EVN
\u2014
75.0
\u2014
\u2014
70.0
\u2014
The following table provides summarised financial information on the individually immaterial joint ventures included in the
consolidated financial statements:
Financial information of individually immaterial joint ventures
(EVN share)
EURm
2024/25
2023/24
Carrying value of the joint ventures as of the balance sheet date
189.9
182.4
Result for the period
4.6
14.6
Other comprehensive income
\u2014
-7.8
Comprehensive income
4.6
6.9
The following table provides summarised financial information on each individually material associate included in the consolidated
financial statements:
Financial information of
material associates
30.09.2025
30.09.2024
EURm
Verbund IKW
Burgenland Energie
Verbund IKW
Burgenland Energie
Statement of financial position
Non-current assets
1,227.0
1,194.4
1,230.3
1,076.3
Current assets
12.0
546.0
130.8
439.7
Non-current liabilities
165.0
189.7
172.8
180.3
Current liabilities
20.9
1,117.1
47.6
905.5
Reconciliation of the carrying amount
of the share of EVN in the joint venture
Net assets
1,053.2
433.5
1,140.6
430.2
Share of EVN in net assets (%)
13.0
49.0
13.0
49.0
Share of EVN in net assets
136.9
212.4
148.3
210.8
+/\u2013Revaluations
14.9
48.7
20.8
40.7
Carrying amount of the share of EVN
in the joint venture
151.8
261.1
169.1
251.5
2024/25
2023/24
Statement of operations
Revenue
201.3
704.7
302.4
1,043.7
Result for the period
127.2
40.4
175.7
89.5
Other comprehensive income
-0.2
-5.4
0.1
-2.7
Comprehensive income
127.0
35.0
175.8
86.8
Dividends received by EVN
27.9
11.8
44.7
11.3
ZOV UIP is an associated company included in the consolidated financial statements but is immaterial on its own. The
carrying amount as of the reporting date is EUR 0.2m (previous year: EUR 1.1m); earnings after income taxes amounted to
EUR\u00a0\u20130.1m in financial year 2024/25 (previous year: EUR 3.1m). There are no other associated companies that are
immaterial in themselves.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-427": { "value": "
31. Depreciation and amortisation and effects from impairment tests
The procedure used for impairment testing is described as part of the disclosures on accounting policies under note
22.\u00a0Procedures and effects of impairment tests.
Depreciation and amortisation and effects from impairment tests
by items of the consolidated statement of financial position
EURm
2024/25
2023/241)
Intangible assets
20.3
21.7
Property, plant and equipment
403.0
337.2
Write-up of property, plant and equipment
-5.0
-0.3
Total
418.2
358.6
1) The comparative information was adjusted due to a discontinued operation.
Depreciation and amortisation and effects from
impairment tests
EURm
2024/25
2023/241)
Scheduled depreciation and amortisation
360.1
333.7
Effects from impairment tests (impairment)2)
63.2
25.2
Effects from impairment tests (reversal of impairment)2)
-5.0
-0.3
Total
418.2
358.6
1) The comparative information was adjusted due to a discontinued operation.
2) For details, see notes 35. Intangible assets and 36. Property, plant and equipment.
Reconciliation of intangible assets
2024/25 financial year
EURm
Goodwill
Rights and
software
Other intangible
assets
Total
Gross value 30.09.2024
216.2
592.3
60.1
868.6
Additions
\u2014
69.1
\u2014
69.1
Disposals
\u2014
-11.4
\u2014
-11.4
Transfers
\u2014
-0.3
\u2014
-0.3
Change in the scope of consolidation
0.2
-27.9
\u2014
-27.7
Reclassification of discontinued operations
-52.9
-7.7
\u2014
-60.6
Gross value 30.09.2025
163.5
614.1
60.1
837.7
Accumulated amortisation 30.09.2024
-214.4
-340.1
-51.7
-606.2
Scheduled amortisation
\u2014
-18.1
-1.8
-19.9
Impairment losses
\u2014
-0.3
\u2014
-0.3
Disposals
\u2014
11.5
\u2014
11.5
Change in the scope of consolidation
-0.2
27.9
\u2014
27.7
Reclassification of discontinued operations
52.9
7.2
\u2014
60.0
Accumulated amortisation 30.09.2025
-161.7
-312.1
-53.4
-527.2
Net value 30.09.2024
1.8
252.2
8.4
262.4
Net value 30.09.2025
1.8
302.0
6.6
310.4
2023/24 financial year
EURm
Goodwill
Rights and
software
Other intangible
assets
Total
Gross value 30.09.2023
216.2
524.1
60.1
800.3
Additions
\u2014
54.9
\u2014
54.9
Disposals
\u2014
-4.6
\u2014
-4.6
Transfers\u00b9\u207e
\u2014
17.6
\u2014
17.6
Change in the scope of consolidation
\u2014
0.3
\u2014
0.3
Gross value 30.09.2024
216.2
592.3
60.1
868.6
Accumulated amortisation 30.09.2023
-213.2
-326.0
-49.9
-589.1
Scheduled amortisation
\u2014
-18.3
-1.8
-20.1
Impairment losses
-1.2
-0.5
\u2014
-1.7
Disposals
\u2014
4.6
\u2014
4.6
Accumulated amortisation 30.09.2024
-214.4
-340.1
-51.7
-606.2
Net value 30.09.2023
3.0
198.1
10.2
211.2
Net value 30.09.2024
1.8
252.2
8.4
262.4
1) The transfers mainly relate to the reclassification of property, plant and equipment to intangible assets,as the classification as rights is more appropriate.
Reconciliation of property, plant and equipment
2024/25 financial year
EURm
Land and
buildings
Lines
Technical
equipment
Meters
Other plants,
tools and
equipment
Equipment
under
construction
Total
Gross value 30.09.2024
1,118.3
5,336.2
3,151.3
344.1
298.2
510.3
10,758.4
Currency translation differences
-0.4
-1.4
-1.2
-0.3
-0.2
-0.2
-3.7
Additions
49.5
195.1
129.3
31.0
48.2
419.8
872.8
Disposals
-14.6
-18.4
-60.4
-10.5
-35.6
-5.3
-144.8
Transfers
42.3
127.2
166.3
0.1
8.0
-309.0
34.9
Change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
0.1
-1.0
-0.9
Reclassification of discontinued
operations
-14.2
\u2014
-14.2
\u2014
-10.0
\u2014
-38.4
Gross value 30.09.2025
1,180.9
5,638.7
3,371.2
364.4
308.6
614.6
11,478.4
Kumulierte Abschreibungen
30.09.2024
-630.9
-2,944.4
-2,153.7
-161.7
-194.5
-10.7
-6,095.8
Currency translation differences
0.3
0.7
0.9
0.1
0.1
\u2014
2.2
Scheduled depreciation
-31.6
-144.4
-100.9
-27.5
-35.6
\u2014
-340.1
Impairment losses
-21.1
-3.0
-34.2
-0.5
-1.4
-2.6
-62.8
Revaluation
0.5
3.6
1.0
\u2014
\u2014
\u2014
5.0
Disposals
13.9
18.1
59.2
10.1
35.2
4.2
140.7
Transfers
0.1
\u2014
-34.6
\u2014
\u2014
\u2014
-34.6
Change in the scope of consolidation
\u2014
\u2014
\u2014
\u2014
-0.1
1.0
0.9
Reclassification of discontinued
operations
8.2
\u2014
3.0
\u2014
5.4
\u2014
16.7
Accumulated amortisation
30.09.2025
-660.8
-3,069.4
-2,259.4
-179.5
-190.9
-8.0
-6,367.9
Net value 30.09.2024
487.5
2,391.9
997.7
182.4
103.7
499.6
4,662.7
Net value 30.09.2025
520.1
2,569.4
1,111.8
184.9
117.8
606.5
5,110.5
2023/24 financial year
EURm
Land and
buildings
Lines
Technical
equipment
Meters
Other plants,
tools and
equipment
Equipment
under
construction
Total
Gross value 30.09.2023
1,084.0
5,163.9
2,966.1
328.7
273.6
409.7
10,225.9
Currency translation differences
\u2014
0.1
-0.9
\u2014
\u2014
\u2014
-0.7
Additions
24.1
163.0
122.9
23.9
43.1
336.7
713.7
Disposals
-4.0
-90.3
-59.1
-10.0
-22.8
-3.5
-189.7
Transfers\u00b9\u207e
12.7
99.5
97.1
1.5
4.1
-232.7
-17.6
Change in the scope of consolidation
1.5
\u2014
25.2
\u2014
0.1
\u2014
26.8
Gross value 30.09.2024
1,118.3
5,336.2
3,151.3
344.1
298.2
510.3
10,758.5
Gross value 30.09.2024
-595.1
-2,904.8
-2,100.4
-143.7
-185.3
-10.9
-5,940.2
Currency translation differences
\u2014
\u2014
0.9
\u2014
\u2014
\u2014
0.8
Scheduled depreciation
-31.5
-137.5
-91.1
-26.4
-31.3
\u2014
-317.9
Impairment losses
-7.9
-1.9
-11.6
\u2014
-0.2
-2.0
-23.6
Revaluation
0.1
0.1
0.1
\u2014
\u2014
\u2014
0.3
Disposals
3.6
90.0
58.4
8.4
22.1
2.3
184.8
Transfers
\u2014
9.8
-9.9
\u2014
0.1
\u2014
\u2014
Accumulated amortisation
30.09.2024
-630.9
-2,944.4
-2,153.7
-161.7
-194.5
-10.7
-6,095.8
Net value 30.09.2023
488.8
2,259.2
865.6
185.0
88.3
398.8
4,285.7
Net value 30.09.2024
487.5
2,391.9
997.7
182.4
103.7
499.6
4,662.7
1) The transfers mainly relate to the reclassification of property, plant and equipment to intangible assets, as the classification as rights is more appropriate.
2024/25 financial year
EURm
Land and
buildings
Lines
Technical
equipment
Other plants, tools
and equipment
Total
Rights of use 30.09.2024
75.2
21.3
0.2
0.8
97.5
Additions
25.1
7.2
0.2
0.5
33.0
Scheduled depreciation
-6.6
-0.8
-0.2
-0.5
-8.1
Disposals
-0.1
\u2014
\u2014
-0.1
-0.2
Transfers
\u2014
\u2014
\u2014
\u2014
\u2014
Change in the scope of consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
Reclassification of discontinued operations
-4.7
\u2014
0.1
\u2014
-4.5
Rights of use 30.09.2025
88.9
27.7
0.3
0.8
117.7
2023/24 financial year
EURm
Land and
buildings
Lines
Technical
equipment
Other plants, tools
and equipment
Total
Rights of use 30.09.2023
76.5
17.7
0.1
1.3
95.6
Additions
5.1
4.0
0.4
0.2
9.8
Scheduled depreciation
-7.3
-0.7
-0.3
-0.4
-8.7
Disposals
\u2014
\u2014
\u2014
-0.3
-0.3
Transfers
0.2
0.2
\u2014
\u2014
0.4
Change in the scope of consolidation
0.6
\u2014
\u2014
\u2014
0.7
Rights of use 30.09.2024
75.2
21.3
0.2
0.8
97.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-428": { "value": "
31. Depreciation and amortisation and effects from impairment tests
The procedure used for impairment testing is described as part of the disclosures on accounting policies under note
22.\u00a0Procedures and effects of impairment tests.
Depreciation and amortisation and effects from impairment tests
by items of the consolidated statement of financial position
EURm
2024/25
2023/241)
Intangible assets
20.3
21.7
Property, plant and equipment
403.0
337.2
Write-up of property, plant and equipment
-5.0
-0.3
Total
418.2
358.6
1) The comparative information was adjusted due to a discontinued operation.
Depreciation and amortisation and effects from
impairment tests
EURm
2024/25
2023/241)
Scheduled depreciation and amortisation
360.1
333.7
Effects from impairment tests (impairment)2)
63.2
25.2
Effects from impairment tests (reversal of impairment)2)
-5.0
-0.3
Total
418.2
358.6
36. Property, plant and equipment
Reconciliation of property, plant and equipment
2024/25 financial year
EURm
Land and
buildings
Lines
Technical
equipment
Meters
Other plants,
tools and
equipment
Equipment
under
construction
Total
Gross value 30.09.2024
1,118.3
5,336.2
3,151.3
344.1
298.2
510.3
10,758.4
Currency translation differences
-0.4
-1.4
-1.2
-0.3
-0.2
-0.2
-3.7
Additions
49.5
195.1
129.3
31.0
48.2
419.8
872.8
Disposals
-14.6
-18.4
-60.4
-10.5
-35.6
-5.3
-144.8
Transfers
42.3
127.2
166.3
0.1
8.0
-309.0
34.9
Change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
0.1
-1.0
-0.9
Reclassification of discontinued
operations
-14.2
\u2014
-14.2
\u2014
-10.0
\u2014
-38.4
Gross value 30.09.2025
1,180.9
5,638.7
3,371.2
364.4
308.6
614.6
11,478.4
Kumulierte Abschreibungen
30.09.2024
-630.9
-2,944.4
-2,153.7
-161.7
-194.5
-10.7
-6,095.8
Currency translation differences
0.3
0.7
0.9
0.1
0.1
\u2014
2.2
Scheduled depreciation
-31.6
-144.4
-100.9
-27.5
-35.6
\u2014
-340.1
Impairment losses
-21.1
-3.0
-34.2
-0.5
-1.4
-2.6
-62.8
Revaluation
0.5
3.6
1.0
\u2014
\u2014
\u2014
5.0
Disposals
13.9
18.1
59.2
10.1
35.2
4.2
140.7
Transfers
0.1
\u2014
-34.6
\u2014
\u2014
\u2014
-34.6
Change in the scope of consolidation
\u2014
\u2014
\u2014
\u2014
-0.1
1.0
0.9
Reclassification of discontinued
operations
8.2
\u2014
3.0
\u2014
5.4
\u2014
16.7
Accumulated amortisation
30.09.2025
-660.8
-3,069.4
-2,259.4
-179.5
-190.9
-8.0
-6,367.9
Net value 30.09.2024
487.5
2,391.9
997.7
182.4
103.7
499.6
4,662.7
Net value 30.09.2025
520.1
2,569.4
1,111.8
184.9
117.8
606.5
5,110.5
2023/24 financial year
EURm
Land and
buildings
Lines
Technical
equipment
Meters
Other plants,
tools and
equipment
Equipment
under
construction
Total
Gross value 30.09.2023
1,084.0
5,163.9
2,966.1
328.7
273.6
409.7
10,225.9
Currency translation differences
\u2014
0.1
-0.9
\u2014
\u2014
\u2014
-0.7
Additions
24.1
163.0
122.9
23.9
43.1
336.7
713.7
Disposals
-4.0
-90.3
-59.1
-10.0
-22.8
-3.5
-189.7
Transfers\u00b9\u207e
12.7
99.5
97.1
1.5
4.1
-232.7
-17.6
Change in the scope of consolidation
1.5
\u2014
25.2
\u2014
0.1
\u2014
26.8
Gross value 30.09.2024
1,118.3
5,336.2
3,151.3
344.1
298.2
510.3
10,758.5
Gross value 30.09.2024
-595.1
-2,904.8
-2,100.4
-143.7
-185.3
-10.9
-5,940.2
Currency translation differences
\u2014
\u2014
0.9
\u2014
\u2014
\u2014
0.8
Scheduled depreciation
-31.5
-137.5
-91.1
-26.4
-31.3
\u2014
-317.9
Impairment losses
-7.9
-1.9
-11.6
\u2014
-0.2
-2.0
-23.6
Revaluation
0.1
0.1
0.1
\u2014
\u2014
\u2014
0.3
Disposals
3.6
90.0
58.4
8.4
22.1
2.3
184.8
Transfers
\u2014
9.8
-9.9
\u2014
0.1
\u2014
\u2014
Accumulated amortisation
30.09.2024
-630.9
-2,944.4
-2,153.7
-161.7
-194.5
-10.7
-6,095.8
Net value 30.09.2023
488.8
2,259.2
865.6
185.0
88.3
398.8
4,285.7
Net value 30.09.2024
487.5
2,391.9
997.7
182.4
103.7
499.6
4,662.7
1) The transfers mainly relate to the reclassification of property, plant and equipment to intangible assets, as the classification as rights is more appropriate.
Land and buildings included land with a value of EUR\u00a085.2m (previous year: EUR\u00a076.0m).
As in the previous year, no property, plant and equipment or intangible assets were pledged as collateral as of 30\u00a0September\u00a02025.
The impairment testing of assets in accordance with IAS\u00a036 led to the recognition of the following impairment losses and
write-ups in 2024/25:
In September\u00a02024, flooding caused severe damage to the D\u00fcrnrohr/Zwentendorf energy hub. Insurance compensation for this
was recognised in profit or loss in the 2024/25 financial year. However, this is offset by considerable replacement investments
still to be made. For this reason, an impairment test was carried out on the D\u00fcrnrohr/Zwentendorf energy hub CGU (Generation
Segment) in the 2024/25 financial year, resulting in an impairment loss of EUR\u00a047.6m. The recoverable amount was determined
on the basis of the value in use and amounted to EUR\u00a037.0m. A WACC after tax of 5.84% was used as the discount rate, which
corresponded to an iteratively derived WACC before tax of 7.21%. If the WACC had increased (decreased) by 0.5\u00a0percentage
points, this would have resulted in an impairment of the net assets of the CGU of EUR 51.9m (impairment of EUR\u00a043.0m) in the
2024/25 financial year. An increase (decrease) in waste recycling revenues of 5 percentage points would have led to an
impairment of EUR\u00a01.4m (impairment of EUR\u00a084.6m) in the 2024/25 financial year, ceteris paribus (see also note 26.\u00a0Other
operating income).
As a result of changed economic conditions, impairment tests were carried out on EVN Naturkraft\u2019s small hydropower plants.
This led to a total impairment of EUR\u00a01.0m for two plants in the Generation Segment. The recoverable amount was determined
on the basis of the value in use and amounted to EUR\u00a01.9m. A WACC after tax of 5.35% was used as the discount rate, which
corresponds to an iteratively derived WACC before tax of 6.29%.
Due to changes in economic conditions, impairment tests were carried out in the 2024/25 financial year for some of EVN\u00a0W\u00e4rme\u2019s
heating plants, which are allocated to the Energy Segment. These resulted in a reversal of impairment losses of EUR 5.0m for
one plant. The recoverable amount was determined on the basis of the value in use and amounted to EUR\u00a011.7m. A WACC after
tax of 5.41% was used as the discount rate, which corresponds to an iteratively derived WACC before tax of 6.28%.
In addition, impairment losses of EUR\u00a014.6m were recognised on property, plant and equipment in the financial year 2024/25,
as no future inflow of benefits is expected.
EVN as the lessee
The most important application area for the EVN Group is formed by lease and easement agreements, as well as leased commercial
and warehouse space which are assumed to be based on long-term leases. Rights of use totalling EUR\u00a0117.7m (previous year:
EUR\u00a097.5m) were contrasted by lease liabilities with a present value of EUR\u00a092.4m (previous year: EUR\u00a078.8m) as of 30\u00a0Septem-
ber\u00a02025. The short-term portion of the lease liabilities equalled EUR\u00a08.4m (previous year: EUR\u00a08.5m).
In connection with subsequent measurement, the rights of use are amortised on a systematic basis over the shorter of the useful
life and the remaining term of the lease. The conclusion of new agreements and the recognition of changes in estimates and
modifications in 2024/25 led to an addition of EUR\u00a033.0m (previous year: EUR\u00a09.8m). Rights of use from lease agreements are
reported as part of property, plant and equipment in accordance with IFRS\u00a016; the development and amortisation of these rights
of use are allocated to the following asset classes:
2024/25 financial year
EURm
Land and
buildings
Lines
Technical
equipment
Other plants, tools
and equipment
Total
Rights of use 30.09.2024
75.2
21.3
0.2
0.8
97.5
Additions
25.1
7.2
0.2
0.5
33.0
Scheduled depreciation
-6.6
-0.8
-0.2
-0.5
-8.1
Disposals
-0.1
\u2014
\u2014
-0.1
-0.2
Transfers
\u2014
\u2014
\u2014
\u2014
\u2014
Change in the scope of consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
Reclassification of discontinued operations
-4.7
\u2014
0.1
\u2014
-4.5
Rights of use 30.09.2025
88.9
27.7
0.3
0.8
117.7
2023/24 financial year
EURm
Land and
buildings
Lines
Technical
equipment
Other plants, tools
and equipment
Total
Rights of use 30.09.2023
76.5
17.7
0.1
1.3
95.6
Additions
5.1
4.0
0.4
0.2
9.8
Scheduled depreciation
-7.3
-0.7
-0.3
-0.4
-8.7
Disposals
\u2014
\u2014
\u2014
-0.3
-0.3
Transfers
0.2
0.2
\u2014
\u2014
0.4
Change in the scope of consolidation
0.6
\u2014
\u2014
\u2014
0.7
Rights of use 30.09.2024
75.2
21.3
0.2
0.8
97.5
The determination of the rights of use and corresponding lease liabilities includes all sufficiently probable cash outflows.
The cash outflows from leases totalled EUR 31.8m (previous year: EUR\u00a021.1m) in 2024/25. The consolidated statement of
operations contains EUR\u00a05.9m (previous year: EUR\u00a03.7m) of expenses from unrecognised leases, which include expenses
from low-value leases, expenses from short-term leases (less than 12\u00a0months) and expenses from variable lease payments that
were not included in the lease liability. The interest expense for lease liabilities totalled EUR\u00a02.0m (previous year: EUR\u00a01.4m) in
2024/25. The difference between the cash outflows presented here and the payments for lease liabilities resulted primarily from
advance rental payments made in 2024/25. These advance payments are not reported under cash flow from financing activities
because they are not related to lease liabilities; they are instead included under cash flow from investing activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-432": { "value": "
32. Financial results
Financial results
EURm
2024/25
2023/241)
Income from investments
Dividend payments
136.1
198.7
thereof Verbund AG
122.9
182.1
thereof Verbund Hydro Power GmbH
10.5
13.2
thereof Wiener B\u00f6rse AG
2.0
1.7
thereof other companies
0.8
1.6
Valuation results/disposals
0.7
0.5
Total income from investments
136.8
199.1
Interest results
Interest income on financial assets
2.6
1.9
Other interest income
3.2
5.3
Total interest income
5.8
7.3
Interest expense on financial liabilities
-33.3
-37.6
Interest expense personnel provisions
-11.1
-12.8
Other interest expense
-9.8
-9.9
Total interest expense
-54.2
-60.4
Total interest results
-48.4
-53.1
Other financial results
Results from changes in exchange rates and the disposal of securities
from non-current financial assets
0.1
4.7
Results from changes in exchange rates and the disposal of current financial assets
2.4
4.5
Currency gains/losses
-5.6
-0.1
Other financial results
-1.7
-9.5
Total other financial results
-4.8
-0.4
Financial results
83.6
145.6
1) The comparative information was adjusted due to a discontinued operation.
Interest income on financial assets includes interest from investment funds whose investment focus is on fixed-interest securities,
as well as the interest component from leasing business. Other interest income includes income from cash and cash equivalents
and securities held as current financial assets.
Interest income on financial assets recognised using the effective interest method amounted to EUR\u00a04.3m (prior year: EUR\u00a06.4m).
The interest expense on financial liabilities represents regular interest payments on issued bonds and bank loans.
Other interest expense includes the interest expense for lease liabilities, the accrued interest expense on non-current provisions,
expenses for current loans as well as leasing costs for biomass equipment, distribution and heating networks. The interest expense
on liabilities not designated at fair value through profit or loss totalled EUR 43.1m (previous year: EUR 47.5m).
The decline in financial result is mainly attributable to the lower dividend from Verbund AG compared to the previous year.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-431": { "value": "
32. Financial results
Financial results
EURm
2024/25
2023/241)
Income from investments
Dividend payments
136.1
198.7
thereof Verbund AG
122.9
182.1
thereof Verbund Hydro Power GmbH
10.5
13.2
thereof Wiener B\u00f6rse AG
2.0
1.7
thereof other companies
0.8
1.6
Valuation results/disposals
0.7
0.5
Total income from investments
136.8
199.1
Interest results
Interest income on financial assets
2.6
1.9
Other interest income
3.2
5.3
Total interest income
5.8
7.3
Interest expense on financial liabilities
-33.3
-37.6
Interest expense personnel provisions
-11.1
-12.8
Other interest expense
-9.8
-9.9
Total interest expense
-54.2
-60.4
Total interest results
-48.4
-53.1
Other financial results
Results from changes in exchange rates and the disposal of securities
from non-current financial assets
0.1
4.7
Results from changes in exchange rates and the disposal of current financial assets
2.4
4.5
Currency gains/losses
-5.6
-0.1
Other financial results
-1.7
-9.5
Total other financial results
-4.8
-0.4
Financial results
83.6
145.6
1) The comparative information was adjusted due to a discontinued operation.
Interest income on financial assets includes interest from investment funds whose investment focus is on fixed-interest securities,
as well as the interest component from leasing business. Other interest income includes income from cash and cash equivalents
and securities held as current financial assets.
Interest income on financial assets recognised using the effective interest method amounted to EUR\u00a04.3m (prior year: EUR\u00a06.4m).
The interest expense on financial liabilities represents regular interest payments on issued bonds and bank loans.
Other interest expense includes the interest expense for lease liabilities, the accrued interest expense on non-current provisions,
expenses for current loans as well as leasing costs for biomass equipment, distribution and heating networks. The interest expense
on liabilities not designated at fair value through profit or loss totalled EUR 43.1m (previous year: EUR 47.5m).
The decline in financial result is mainly attributable to the lower dividend from Verbund AG compared to the previous year.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-430": { "value": "
32. Financial results
Financial results
EURm
2024/25
2023/241)
Income from investments
Dividend payments
136.1
198.7
thereof Verbund AG
122.9
182.1
thereof Verbund Hydro Power GmbH
10.5
13.2
thereof Wiener B\u00f6rse AG
2.0
1.7
thereof other companies
0.8
1.6
Valuation results/disposals
0.7
0.5
Total income from investments
136.8
199.1
Interest results
Interest income on financial assets
2.6
1.9
Other interest income
3.2
5.3
Total interest income
5.8
7.3
Interest expense on financial liabilities
-33.3
-37.6
Interest expense personnel provisions
-11.1
-12.8
Other interest expense
-9.8
-9.9
Total interest expense
-54.2
-60.4
Total interest results
-48.4
-53.1
Other financial results
Results from changes in exchange rates and the disposal of securities
from non-current financial assets
0.1
4.7
Results from changes in exchange rates and the disposal of current financial assets
2.4
4.5
Currency gains/losses
-5.6
-0.1
Other financial results
-1.7
-9.5
Total other financial results
-4.8
-0.4
Financial results
83.6
145.6
1) The comparative information was adjusted due to a discontinued operation.
Interest income on financial assets includes interest from investment funds whose investment focus is on fixed-interest securities,
as well as the interest component from leasing business. Other interest income includes income from cash and cash equivalents
and securities held as current financial assets.
Interest income on financial assets recognised using the effective interest method amounted to EUR\u00a04.3m (prior year: EUR\u00a06.4m).
.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-429": { "value": "
32. Financial results
Financial results
EURm
2024/25
2023/241)
Income from investments
Dividend payments
136.1
198.7
thereof Verbund AG
122.9
182.1
thereof Verbund Hydro Power GmbH
10.5
13.2
thereof Wiener B\u00f6rse AG
2.0
1.7
thereof other companies
0.8
1.6
Valuation results/disposals
0.7
0.5
Total income from investments
136.8
199.1
Interest results
Interest income on financial assets
2.6
1.9
Other interest income
3.2
5.3
Total interest income
5.8
7.3
Interest expense on financial liabilities
-33.3
-37.6
Interest expense personnel provisions
-11.1
-12.8
Other interest expense
-9.8
-9.9
Total interest expense
-54.2
-60.4
Total interest results
-48.4
-53.1
Other financial results
Results from changes in exchange rates and the disposal of securities
from non-current financial assets
0.1
4.7
Results from changes in exchange rates and the disposal of current financial assets
2.4
4.5
Currency gains/losses
-5.6
-0.1
Other financial results
-1.7
-9.5
Total other financial results
-4.8
-0.4
Financial results
83.6
145.6
The interest expense on financial liabilities represents regular interest payments on issued bonds and bank loans.
Other interest expense includes the interest expense for lease liabilities, the accrued interest expense on non-current provisions,
expenses for current loans as well as leasing costs for biomass equipment, distribution and heating networks. The interest expense
on liabilities not designated at fair value through profit or loss totalled EUR 43.1m (previous year: EUR 47.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-434": { "value": "
Financial results
EURm
2024/25
2023/241)
Income from investments
Dividend payments
136.1
198.7
thereof Verbund AG
122.9
182.1
thereof Verbund Hydro Power GmbH
10.5
13.2
thereof Wiener B\u00f6rse AG
2.0
1.7
thereof other companies
0.8
1.6
Valuation results/disposals
0.7
0.5
Total income from investments
136.8
199.1
Interest results
Interest income on financial assets
2.6
1.9
Other interest income
3.2
5.3
Total interest income
5.8
7.3
Interest expense on financial liabilities
-33.3
-37.6
Interest expense personnel provisions
-11.1
-12.8
Other interest expense
-9.8
-9.9
Total interest expense
-54.2
-60.4
Total interest results
-48.4
-53.1
Other financial results
Results from changes in exchange rates and the disposal of securities
from non-current financial assets
0.1
4.7
Results from changes in exchange rates and the disposal of current financial assets
2.4
4.5
Currency gains/losses
-5.6
-0.1
Other financial results
-1.7
-9.5
Total other financial results
-4.8
-0.4
Financial results
83.6
145.6
1) The comparative information was adjusted due to a discontinued operation.
Interest income on financial assets includes interest from investment funds whose investment focus is on fixed-interest securities,
as well as the interest component from leasing business. Other interest income includes income from cash and cash equivalents
and securities held as current financial assets.
Interest income on financial assets recognised using the effective interest method amounted to EUR\u00a04.3m (prior year: EUR\u00a06.4m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-433": { "value": "
Financial results
EURm
2024/25
2023/241)
Income from investments
Dividend payments
136.1
198.7
thereof Verbund AG
122.9
182.1
thereof Verbund Hydro Power GmbH
10.5
13.2
thereof Wiener B\u00f6rse AG
2.0
1.7
thereof other companies
0.8
1.6
Valuation results/disposals
0.7
0.5
Total income from investments
136.8
199.1
Interest results
Interest income on financial assets
2.6
1.9
Other interest income
3.2
5.3
Total interest income
5.8
7.3
Interest expense on financial liabilities
-33.3
-37.6
Interest expense personnel provisions
-11.1
-12.8
Other interest expense
-9.8
-9.9
Total interest expense
-54.2
-60.4
Total interest results
-48.4
-53.1
Other financial results
Results from changes in exchange rates and the disposal of securities
from non-current financial assets
0.1
4.7
Results from changes in exchange rates and the disposal of current financial assets
2.4
4.5
Currency gains/losses
-5.6
-0.1
Other financial results
-1.7
-9.5
Total other financial results
-4.8
-0.4
Financial results
83.6
145.6
.
The interest expense on financial liabilities represents regular interest payments on issued bonds and bank loans.
Other interest expense includes the interest expense for lease liabilities, the accrued interest expense on non-current provisions,
expenses for current loans as well as leasing costs for biomass equipment, distribution and heating networks. The interest expense
on liabilities not designated at fair value through profit or loss totalled EUR 43.1m (previous year: EUR 47.5m).
The decline in financial result is mainly attributable to the lower dividend from Verbund AG compared to the previous year.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-435": { "value": "
33. Income tax expense
Income tax expense
EURm
2024/25
2023/241)
Current income tax income and expense
14.8
26.4
thereof Austrian companies
1.5
12.3
thereof foreign companies
13.4
14.1
Deferred tax income and expense
50.6
5.8
thereof Austrian companies
53.2
7.0
thereof foreign companies
-2.4
-1.2
Total
65.6
32.1
1) The comparative information was adjusted due to a discontinued operation.
Calculation of the effective tax rate
2024/25
2023/241)
%
EURm
%
EURm
Result before income tax
574.4
549.9
Income tax rate / income tax expense at nominal tax rate
23.0
132.1
23.0
126.5
\u2013
Different corporate income tax rates in other countries
-2.2
-12.4
-2.7
-14.7
\u2013
Effect of tax rate change
0.0
\u2014
0.0
-0.2
\u2013
Tax-free income from investments
-10.4
-59.8
-16.1
-88.4
\u2013/+
Revaluation of deferred taxes
-0.1
-0.4
1.0
5.3
+
Impairment of goodwill
\u2014
\u2014
\u2014
0.3
+/\u2013
Tax share valuations
0.9
4.9
-0.2
-0.9
+
Non-deductible expenses and other items2)
1.2
6.7
1.6
8.5
\u2013
Other tax-free income
-0.2
-1.3
-0.3
-1.7
+
Aperiodic tax increases
0.1
0.5
0.5
3.0
\u2013
Other items
-0.8
-4.8
-1.0
-5.5
Effective tax rate/effective tax expense
11.4
65.6
5.8
32.1
1) The comparative information was adjusted due to a discontinued operation.
2) Of which deferred taxes not recognised arising from the elimination of intragroup income of the continuing operations from business with the discontinued operation in the amount
of EUR 3.3m (previous year: EUR 5.5m)
The effective tax burden on EVN for the 2024/25 financial year amounts to 11.4% of earnings before taxes (previous year: 5.8%).
The effective tax rate is a weighted average of the effective local income tax rates of all consolidated subsidiaries (see note
51.\u00a0Deferred taxes).
The rules of the minimum taxation act (Austrian Minimum Taxation Act) are initially applicable to EVN for the 2024/25 financial
year. Based on the latest available data from country-by-country reporting, a calculation of the temporary safe harbour
rules for Pillar II purposes was carried out. The results show that the safe harbour rules are met and utilised in all jurisdictions,
apart from Bulgaria and North Macedonia. Detailed Pillar II calculations were therefore only carried out for Bulgaria and
North\u00a0Macedonia and resulted in a combined top-up tax of EUR 0.2m (previous year: EUR 0.0m).
51. Deferred taxes
Deferred taxes
EURm
30.09.2025
30.09.2024
Deferred tax assets
Employee-related provisions
-23.1
-29.5
Tax loss carryforwards
-1.1
-1.5
Investment depreciation
-6.0
-12.0
Property, plant and equipment
-15.2
-14.8
Intangible assets
-0.1
\u2014
Provisions
-12.4
-13.8
Financial instruments
-0.9
-1.0
Other assets
-21.3
-24.0
Other liabilities
-22.1
-21.5
Deferred tax liabilities
Property, plant and equipment
196.8
153.1
Intangible assets
7.8
4.5
Investments
569.1
683.2
Provisions
\u2014
0.7
Financial instruments
1.5
6.2
Other assets
0.3
4.0
Other liabilities
1.9
1.6
Total
675.2
735.2
thereof deferred tax assets
-18.5
-31.1
thereof deferred tax liabilities
693.7
766.3
Deferred taxes developed as follows:
Changes in deferred taxes
EURm
2024/25
2023/24
Deferred taxes on 1.10
735.2
735.1
\u2013
Changes recognised directly in equity resulting from currency translation differences
and other changes
-5.5
-2.3
\u2013
Changes in deferred taxes recognised through profit and loss
50.6
4.8
\u2013
Changes in deferred taxes recognised directly in equity from the valuation reserve
-105.0
-2.4
Deferred taxes on 30.09.
675.2
735.2
Losses for which deferred tax assets have been recognised can be utilised within the next few years on the basis of tax profit
planning. Deferred tax assets relating to loss carryforwards and interest carryforwards amounting to EUR 0.6m (previous year:
EUR\u00a080.0m) were not capitalised as their utilisation cannot be expected within a foreseeable period of time. Of this amount,
no\u00a0loss carryforwards will expire in the next five years (previous year: EUR 8.8m). The remaining non-capitalised loss carryforwards
can be carried forward indefinitely. Of the non-capitalised loss and interest carryforwards, EUR 71.7m in the previous year relate
to\u00a0the discontinued operation. In the 2024/25 financial year, loss and interest carryforwards, including the discontinued operation,
amount to EUR 33.4m.
Deferred tax liabilities of EUR 96.0m (previous year: EUR 134.2m) for temporary differences amounting to EUR 389.2m (previous
year: EUR 511.3m) were not recognised, as these will not be realised in the foreseeable future. These temporary differences
arise\u00a0from differences between the tax base of the participation interest and the proportional share of equity owned less retained
earnings, respectively between the tax base of the participation interest and the carrying amount of the equity accounted
investees (outside basis differences). Of the outside basis differences, EUR 24.8m (for temporary differences of EUR 82.0m) in
the\u00a0previous year relate to the discontinued operation. In the 2024/25 financial year, outside basis differences, including the
discontinued operation, amount to EUR 120.8m (for temporary differences of EUR 471.3m).
The changes recorded under other comprehensive income are primarily attributable to financial instruments (EUR -124.1m;
previous year: EUR -35.0m), associates (EUR 14.3m; previous year: EUR 39.0m) and employee-related provisions (EUR 4.8m;
previous year: EUR -6.4m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-437": { "value": "
34. Earnings per share
Earnings per share were calculated by dividing Group net result (= proportional share of net result attributable to EVN\u00a0AG
shareholders) by the weighted average number of ordinary shares outstanding in 2024/25, i.\u00a0e. 178,283,361 (previous year:
178,259,311) (see note 48.\u00a0Treasury shares). This amount may be diluted by so-called potential shares arising from stock
options or convertible bonds. Since EVN does not have any such shares, there is no difference between basic and diluted
earnings per share. Based on the Group net result of EUR 436.7m for the 2024/25 financial year (previous year: EUR\u00a0471.7m),
earnings per share equalled EUR 2.45 (previous year: EUR\u00a02.65).", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-436": { "value": "
34. Earnings per share
Earnings per share were calculated by dividing Group net result (= proportional share of net result attributable to EVN\u00a0AG
shareholders) by the weighted average number of ordinary shares outstanding in 2024/25, i.\u00a0e. 178,283,361 (previous year:
178,259,311) (see note 48.\u00a0Treasury shares). This amount may be diluted by so-called potential shares arising from stock
options or convertible bonds. Since EVN does not have any such shares, there is no difference between basic and diluted
earnings per share. Based on the Group net result of EUR 436.7m for the 2024/25 financial year (previous year: EUR\u00a0471.7m),
earnings per share equalled EUR 2.45 (previous year: EUR\u00a02.65).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-440": { "value": "
35. Intangible assets
Rights and software include electricity procurement rights, transportation rights for natural gas pipelines and other rights
(primarily software licenses). Other intangible assets primarily include the customer bases of the North Macedonian electricity
supply company.
Reconciliation of intangible assets
2024/25 financial year
EURm
Goodwill
Rights and
software
Other intangible
assets
Total
Gross value 30.09.2024
216.2
592.3
60.1
868.6
Additions
\u2014
69.1
\u2014
69.1
Disposals
\u2014
-11.4
\u2014
-11.4
Transfers
\u2014
-0.3
\u2014
-0.3
Change in the scope of consolidation
0.2
-27.9
\u2014
-27.7
Reclassification of discontinued operations
-52.9
-7.7
\u2014
-60.6
Gross value 30.09.2025
163.5
614.1
60.1
837.7
Accumulated amortisation 30.09.2024
-214.4
-340.1
-51.7
-606.2
Scheduled amortisation
\u2014
-18.1
-1.8
-19.9
Impairment losses
\u2014
-0.3
\u2014
-0.3
Disposals
\u2014
11.5
\u2014
11.5
Change in the scope of consolidation
-0.2
27.9
\u2014
27.7
Reclassification of discontinued operations
52.9
7.2
\u2014
60.0
Accumulated amortisation 30.09.2025
-161.7
-312.1
-53.4
-527.2
Net value 30.09.2024
1.8
252.2
8.4
262.4
Net value 30.09.2025
1.8
302.0
6.6
310.4
2023/24 financial year
EURm
Goodwill
Rights and
software
Other intangible
assets
Total
Gross value 30.09.2023
216.2
524.1
60.1
800.3
Additions
\u2014
54.9
\u2014
54.9
Disposals
\u2014
-4.6
\u2014
-4.6
Transfers\u00b9\u207e
\u2014
17.6
\u2014
17.6
Change in the scope of consolidation
\u2014
0.3
\u2014
0.3
Gross value 30.09.2024
216.2
592.3
60.1
868.6
Accumulated amortisation 30.09.2023
-213.2
-326.0
-49.9
-589.1
Scheduled amortisation
\u2014
-18.3
-1.8
-20.1
Impairment losses
-1.2
-0.5
\u2014
-1.7
Disposals
\u2014
4.6
\u2014
4.6
Accumulated amortisation 30.09.2024
-214.4
-340.1
-51.7
-606.2
Net value 30.09.2023
3.0
198.1
10.2
211.2
Net value 30.09.2024
1.8
252.2
8.4
262.4
1) The transfers mainly relate to the reclassification of property, plant and equipment to intangible assets,as the classification as rights is more appropriate.
In the 2023/24 financial year, the goodwill of EUR\u00a01.2m allocated to the D\u00fcrnrohr/Zwentendorf energy hub CGU\u00a0(Generation
Segment) was fully impaired. In addition, property, plant and equipment of this CGU were impaired by EUR\u00a017.3m.
The rights include EVN\u2019s electricity procurement rights to the Danube power plants in Freudenau, Melk and Greifenstein.
The carrying amount totalled EUR\u00a032.2m as of 30\u00a0September\u00a02025 (previous year: EUR 34.9m) and will be amortised over the
expected remaining operating life of the power plants.
A total of EUR\u00a02.0m was invested in research and development during 2024/25 (previous year: EUR\u00a06.6m). Of this total,
EUR\u00a00.0m was capitalised (previous year: EUR\u00a04.2m)", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-439": { "value": "
35. Intangible assets
Rights and software include electricity procurement rights, transportation rights for natural gas pipelines and other rights
(primarily software licenses). Other intangible assets primarily include the customer bases of the North Macedonian electricity
supply company.
Reconciliation of intangible assets
2024/25 financial year
EURm
Goodwill
Rights and
software
Other intangible
assets
Total
Gross value 30.09.2024
216.2
592.3
60.1
868.6
Additions
\u2014
69.1
\u2014
69.1
Disposals
\u2014
-11.4
\u2014
-11.4
Transfers
\u2014
-0.3
\u2014
-0.3
Change in the scope of consolidation
0.2
-27.9
\u2014
-27.7
Reclassification of discontinued operations
-52.9
-7.7
\u2014
-60.6
Gross value 30.09.2025
163.5
614.1
60.1
837.7
Accumulated amortisation 30.09.2024
-214.4
-340.1
-51.7
-606.2
Scheduled amortisation
\u2014
-18.1
-1.8
-19.9
Impairment losses
\u2014
-0.3
\u2014
-0.3
Disposals
\u2014
11.5
\u2014
11.5
Change in the scope of consolidation
-0.2
27.9
\u2014
27.7
Reclassification of discontinued operations
52.9
7.2
\u2014
60.0
Accumulated amortisation 30.09.2025
-161.7
-312.1
-53.4
-527.2
Net value 30.09.2024
1.8
252.2
8.4
262.4
Net value 30.09.2025
1.8
302.0
6.6
310.4
2023/24 financial year
EURm
Goodwill
Rights and
software
Other intangible
assets
Total
Gross value 30.09.2023
216.2
524.1
60.1
800.3
Additions
\u2014
54.9
\u2014
54.9
Disposals
\u2014
-4.6
\u2014
-4.6
Transfers\u00b9\u207e
\u2014
17.6
\u2014
17.6
Change in the scope of consolidation
\u2014
0.3
\u2014
0.3
Gross value 30.09.2024
216.2
592.3
60.1
868.6
Accumulated amortisation 30.09.2023
-213.2
-326.0
-49.9
-589.1
Scheduled amortisation
\u2014
-18.3
-1.8
-20.1
Impairment losses
-1.2
-0.5
\u2014
-1.7
Disposals
\u2014
4.6
\u2014
4.6
Accumulated amortisation 30.09.2024
-214.4
-340.1
-51.7
-606.2
Net value 30.09.2023
3.0
198.1
10.2
211.2
Net value 30.09.2024
1.8
252.2
8.4
262.4
1) The transfers mainly relate to the reclassification of property, plant and equipment to intangible assets,as the classification as rights is more appropriate.
In the 2023/24 financial year, the goodwill of EUR\u00a01.2m allocated to the D\u00fcrnrohr/Zwentendorf energy hub CGU\u00a0(Generation
Segment) was fully impaired. In addition, property, plant and equipment of this CGU were impaired by EUR\u00a017.3m.
The rights include EVN\u2019s electricity procurement rights to the Danube power plants in Freudenau, Melk and Greifenstein.
The carrying amount totalled EUR\u00a032.2m as of 30\u00a0September\u00a02025 (previous year: EUR 34.9m) and will be amortised over the
expected remaining operating life of the power plants.
A total of EUR\u00a02.0m was invested in research and development during 2024/25 (previous year: EUR\u00a06.6m). Of this total,
EUR\u00a00.0m was capitalised (previous year: EUR\u00a04.2m)", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-438": { "value": "
35. Intangible assets
Rights and software include electricity procurement rights, transportation rights for natural gas pipelines and other rights
(primarily software licenses). Other intangible assets primarily include the customer bases of the North Macedonian electricity
supply company.
Reconciliation of intangible assets
2024/25 financial year
EURm
Goodwill
Rights and
software
Other intangible
assets
Total
Gross value 30.09.2024
216.2
592.3
60.1
868.6
Additions
\u2014
69.1
\u2014
69.1
Disposals
\u2014
-11.4
\u2014
-11.4
Transfers
\u2014
-0.3
\u2014
-0.3
Change in the scope of consolidation
0.2
-27.9
\u2014
-27.7
Reclassification of discontinued operations
-52.9
-7.7
\u2014
-60.6
Gross value 30.09.2025
163.5
614.1
60.1
837.7
Accumulated amortisation 30.09.2024
-214.4
-340.1
-51.7
-606.2
Scheduled amortisation
\u2014
-18.1
-1.8
-19.9
Impairment losses
\u2014
-0.3
\u2014
-0.3
Disposals
\u2014
11.5
\u2014
11.5
Change in the scope of consolidation
-0.2
27.9
\u2014
27.7
Reclassification of discontinued operations
52.9
7.2
\u2014
60.0
Accumulated amortisation 30.09.2025
-161.7
-312.1
-53.4
-527.2
Net value 30.09.2024
1.8
252.2
8.4
262.4
Net value 30.09.2025
1.8
302.0
6.6
310.4
2023/24 financial year
EURm
Goodwill
Rights and
software
Other intangible
assets
Total
Gross value 30.09.2023
216.2
524.1
60.1
800.3
Additions
\u2014
54.9
\u2014
54.9
Disposals
\u2014
-4.6
\u2014
-4.6
Transfers\u00b9\u207e
\u2014
17.6
\u2014
17.6
Change in the scope of consolidation
\u2014
0.3
\u2014
0.3
Gross value 30.09.2024
216.2
592.3
60.1
868.6
Accumulated amortisation 30.09.2023
-213.2
-326.0
-49.9
-589.1
Scheduled amortisation
\u2014
-18.3
-1.8
-20.1
Impairment losses
-1.2
-0.5
\u2014
-1.7
Disposals
\u2014
4.6
\u2014
4.6
Accumulated amortisation 30.09.2024
-214.4
-340.1
-51.7
-606.2
Net value 30.09.2023
3.0
198.1
10.2
211.2
Net value 30.09.2024
1.8
252.2
8.4
262.4
1) The transfers mainly relate to the reclassification of property, plant and equipment to intangible assets,as the classification as rights is more appropriate.
In the 2023/24 financial year, the goodwill of EUR\u00a01.2m allocated to the D\u00fcrnrohr/Zwentendorf energy hub CGU\u00a0(Generation
Segment) was fully impaired. In addition, property, plant and equipment of this CGU were impaired by EUR\u00a017.3m.
The rights include EVN\u2019s electricity procurement rights to the Danube power plants in Freudenau, Melk and Greifenstein.
The carrying amount totalled EUR\u00a032.2m as of 30\u00a0September\u00a02025 (previous year: EUR 34.9m) and will be amortised over the
expected remaining operating life of the power plants.
A total of EUR\u00a02.0m was invested in research and development during 2024/25 (previous year: EUR\u00a06.6m). Of this total,
EUR\u00a00.0m was capitalised (previous year: EUR\u00a04.2m)", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-441": { "value": "
35. Intangible assets
Rights and software include electricity procurement rights, transportation rights for natural gas pipelines and other rights
(primarily software licenses). Other intangible assets primarily include the customer bases of the North Macedonian electricity
supply company.
Reconciliation of intangible assets
2024/25 financial year
EURm
Goodwill
Rights and
software
Other intangible
assets
Total
Gross value 30.09.2024
216.2
592.3
60.1
868.6
Additions
\u2014
69.1
\u2014
69.1
Disposals
\u2014
-11.4
\u2014
-11.4
Transfers
\u2014
-0.3
\u2014
-0.3
Change in the scope of consolidation
0.2
-27.9
\u2014
-27.7
Reclassification of discontinued operations
-52.9
-7.7
\u2014
-60.6
Gross value 30.09.2025
163.5
614.1
60.1
837.7
Accumulated amortisation 30.09.2024
-214.4
-340.1
-51.7
-606.2
Scheduled amortisation
\u2014
-18.1
-1.8
-19.9
Impairment losses
\u2014
-0.3
\u2014
-0.3
Disposals
\u2014
11.5
\u2014
11.5
Change in the scope of consolidation
-0.2
27.9
\u2014
27.7
Reclassification of discontinued operations
52.9
7.2
\u2014
60.0
Accumulated amortisation 30.09.2025
-161.7
-312.1
-53.4
-527.2
Net value 30.09.2024
1.8
252.2
8.4
262.4
Net value 30.09.2025
1.8
302.0
6.6
310.4
2023/24 financial year
EURm
Goodwill
Rights and
software
Other intangible
assets
Total
Gross value 30.09.2023
216.2
524.1
60.1
800.3
Additions
\u2014
54.9
\u2014
54.9
Disposals
\u2014
-4.6
\u2014
-4.6
Transfers\u00b9\u207e
\u2014
17.6
\u2014
17.6
Change in the scope of consolidation
\u2014
0.3
\u2014
0.3
Gross value 30.09.2024
216.2
592.3
60.1
868.6
Accumulated amortisation 30.09.2023
-213.2
-326.0
-49.9
-589.1
Scheduled amortisation
\u2014
-18.3
-1.8
-20.1
Impairment losses
-1.2
-0.5
\u2014
-1.7
Disposals
\u2014
4.6
\u2014
4.6
Accumulated amortisation 30.09.2024
-214.4
-340.1
-51.7
-606.2
Net value 30.09.2023
3.0
198.1
10.2
211.2
Net value 30.09.2024
1.8
252.2
8.4
262.4
1) The transfers mainly relate to the reclassification of property, plant and equipment to intangible assets,as the classification as rights is more appropriate.
36. Property, plant and equipment
Reconciliation of property, plant and equipment
2024/25 financial year
EURm
Land and
buildings
Lines
Technical
equipment
Meters
Other plants,
tools and
equipment
Equipment
under
construction
Total
Gross value 30.09.2024
1,118.3
5,336.2
3,151.3
344.1
298.2
510.3
10,758.4
Currency translation differences
-0.4
-1.4
-1.2
-0.3
-0.2
-0.2
-3.7
Additions
49.5
195.1
129.3
31.0
48.2
419.8
872.8
Disposals
-14.6
-18.4
-60.4
-10.5
-35.6
-5.3
-144.8
Transfers
42.3
127.2
166.3
0.1
8.0
-309.0
34.9
Change in the scope of
consolidation
\u2014
\u2014
\u2014
\u2014
0.1
-1.0
-0.9
Reclassification of discontinued
operations
-14.2
\u2014
-14.2
\u2014
-10.0
\u2014
-38.4
Gross value 30.09.2025
1,180.9
5,638.7
3,371.2
364.4
308.6
614.6
11,478.4
Kumulierte Abschreibungen
30.09.2024
-630.9
-2,944.4
-2,153.7
-161.7
-194.5
-10.7
-6,095.8
Currency translation differences
0.3
0.7
0.9
0.1
0.1
\u2014
2.2
Scheduled depreciation
-31.6
-144.4
-100.9
-27.5
-35.6
\u2014
-340.1
Impairment losses
-21.1
-3.0
-34.2
-0.5
-1.4
-2.6
-62.8
Revaluation
0.5
3.6
1.0
\u2014
\u2014
\u2014
5.0
Disposals
13.9
18.1
59.2
10.1
35.2
4.2
140.7
Transfers
0.1
\u2014
-34.6
\u2014
\u2014
\u2014
-34.6
Change in the scope of consolidation
\u2014
\u2014
\u2014
\u2014
-0.1
1.0
0.9
Reclassification of discontinued
operations
8.2
\u2014
3.0
\u2014
5.4
\u2014
16.7
Accumulated amortisation
30.09.2025
-660.8
-3,069.4
-2,259.4
-179.5
-190.9
-8.0
-6,367.9
Net value 30.09.2024
487.5
2,391.9
997.7
182.4
103.7
499.6
4,662.7
Net value 30.09.2025
520.1
2,569.4
1,111.8
184.9
117.8
606.5
5,110.5
2023/24 financial year
EURm
Land and
buildings
Lines
Technical
equipment
Meters
Other plants,
tools and
equipment
Equipment
under
construction
Total
Gross value 30.09.2023
1,084.0
5,163.9
2,966.1
328.7
273.6
409.7
10,225.9
Currency translation differences
\u2014
0.1
-0.9
\u2014
\u2014
\u2014
-0.7
Additions
24.1
163.0
122.9
23.9
43.1
336.7
713.7
Disposals
-4.0
-90.3
-59.1
-10.0
-22.8
-3.5
-189.7
Transfers\u00b9\u207e
12.7
99.5
97.1
1.5
4.1
-232.7
-17.6
Change in the scope of consolidation
1.5
\u2014
25.2
\u2014
0.1
\u2014
26.8
Gross value 30.09.2024
1,118.3
5,336.2
3,151.3
344.1
298.2
510.3
10,758.5
Gross value 30.09.2024
-595.1
-2,904.8
-2,100.4
-143.7
-185.3
-10.9
-5,940.2
Currency translation differences
\u2014
\u2014
0.9
\u2014
\u2014
\u2014
0.8
Scheduled depreciation
-31.5
-137.5
-91.1
-26.4
-31.3
\u2014
-317.9
Impairment losses
-7.9
-1.9
-11.6
\u2014
-0.2
-2.0
-23.6
Revaluation
0.1
0.1
0.1
\u2014
\u2014
\u2014
0.3
Disposals
3.6
90.0
58.4
8.4
22.1
2.3
184.8
Transfers
\u2014
9.8
-9.9
\u2014
0.1
\u2014
\u2014
Accumulated amortisation
30.09.2024
-630.9
-2,944.4
-2,153.7
-161.7
-194.5
-10.7
-6,095.8
Net value 30.09.2023
488.8
2,259.2
865.6
185.0
88.3
398.8
4,285.7
Net value 30.09.2024
487.5
2,391.9
997.7
182.4
103.7
499.6
4,662.7
1) The transfers mainly relate to the reclassification of property, plant and equipment to intangible assets, as the classification as rights is more appropriate.
EVN as the lessee
The most important application area for the EVN Group is formed by lease and easement agreements, as well as leased commercial
and warehouse space which are assumed to be based on long-term leases. Rights of use totalling EUR\u00a0117.7m (previous year:
EUR\u00a097.5m) were contrasted by lease liabilities with a present value of EUR\u00a092.4m (previous year: EUR\u00a078.8m) as of 30\u00a0Septem-
ber\u00a02025. The short-term portion of the lease liabilities equalled EUR\u00a08.4m (previous year: EUR\u00a08.5m).
In connection with subsequent measurement, the rights of use are amortised on a systematic basis over the shorter of the useful
life and the remaining term of the lease. The conclusion of new agreements and the recognition of changes in estimates and
modifications in 2024/25 led to an addition of EUR\u00a033.0m (previous year: EUR\u00a09.8m). Rights of use from lease agreements are
reported as part of property, plant and equipment in accordance with IFRS\u00a016; the development and amortisation of these rights
of use are allocated to the following asset classes:
2024/25 financial year
EURm
Land and
buildings
Lines
Technical
equipment
Other plants, tools
and equipment
Total
Rights of use 30.09.2024
75.2
21.3
0.2
0.8
97.5
Additions
25.1
7.2
0.2
0.5
33.0
Scheduled depreciation
-6.6
-0.8
-0.2
-0.5
-8.1
Disposals
-0.1
\u2014
\u2014
-0.1
-0.2
Transfers
\u2014
\u2014
\u2014
\u2014
\u2014
Change in the scope of consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
Reclassification of discontinued operations
-4.7
\u2014
0.1
\u2014
-4.5
Rights of use 30.09.2025
88.9
27.7
0.3
0.8
117.7
2023/24 financial year
EURm
Land and
buildings
Lines
Technical
equipment
Other plants, tools
and equipment
Total
Rights of use 30.09.2023
76.5
17.7
0.1
1.3
95.6
Additions
5.1
4.0
0.4
0.2
9.8
Scheduled depreciation
-7.3
-0.7
-0.3
-0.4
-8.7
Disposals
\u2014
\u2014
\u2014
-0.3
-0.3
Transfers
0.2
0.2
\u2014
\u2014
0.4
Change in the scope of consolidation
0.6
\u2014
\u2014
\u2014
0.7
Rights of use 30.09.2024
75.2
21.3
0.2
0.8
97.5
37. Investments in equity accounted investees
The companies included in the consolidated financial statements at equity are listed in the notes under EVN\u2019s investments
starting on page\u00a096. Note 64.\u00a0Disclosures of interests in other entities contains financial information on joint ventures and
associates that are included at equity in EVN\u2019s consolidated financial statements.
All investments in equity accounted investees were recognised at their proportional share of IFRS income or loss based on an
interim or annual report with a balance sheet date that does not precede the balance sheet date of EVN by more than three
months. There were no listed market prices for the investments in equity accounted investees included in the consolidated
financial statements.
Reconciliation of investments in equity accounted investees
2024/25 financial year
EURm
Gross value 30.09.2024
1,289.5
Additions
\u2014
Disposals
\u2014
Reclassification of discontinued operations
-28.9
Gross value 30.09.2025
1,260.7
Accumulated amortisation 30.09.2024
-145.6
Currency translation differences
\u2014
Proportional share of results
128.6
Dividends
-117.6
Changes recognised in other comprehensive income
61.0
Reclassification of discontinued operations
-51.6
Accumulated amortisation 30.09.2024
-125.3
Net value 30.09.2024
1,144.0
Net value 30.09.2025
1,135.4
2023/24 financial year
EURm
Gross value 30.09.2023
1,292.2
Additions
\u2014
Disposals
\u2014
Change in the scope of consolidation
-2.7
Gross value 30.09.2024
1,289.5
Accumulated amortisation 30.09.2023
-188.9
Currency translation differences
-1.2
Change in the scope of consolidation
-3.7
Revaluation
18.3
Proportional share of results
12.5
Dividends
-140.8
Changes recognised in other comprehensive income
158.2
Accumulated amortisation 30.09.2024
-145.6
Net value 30.09.2023
1,103.4
Net value 30.09.2024
1,144.0
43. Assets and liabilities held for sale
On 10 December 2024, EVN and STRABAG SE reached an agreement on the key points of a possible sale of material parts of the
EVN Group\u2019s international project business and negotiated binding transaction documents. As of 31 December 2024, the criteria
have therefore been met to report the available-for-sale parts of the international project business in the consolidated financial
statements in the Environment Segment as held for sale in accordance with IFRS 5. This reclassification specifically involves WTE
Wassertechnik\u00a0GmbH, which is headquartered in Essen, Germany, together with its subsidiaries, which are involved in either the
operation of plants in Austria, Germany, Slovenia, Cyprus and Kuwait, or the construction of plants for drinking water supplies,
wastewater disposal and thermal sewage sludge utilisation in Germany, Romania, North Macedonia, Croatia, Bahrain and Kuwait.
As this is a significant line of business that covers almost the entire Environment Segment, it is classified as a discontinued
operation.
On 18 June 2025, the binding transaction documents were finalised and the purchase agreement was signed. The closing is
subject to the granting of necessary approvals and consents from third parties as well as the fulfilment of customary market
conditions and is expected to take place by March 2026. As at 30 September 2025, discontinued operations comprised the
following assets and liabilities after consolidation of all intragroup receivables and liabilities:
Assets and liabilities held for sale of the discontinued operation
EURm
30.09.2025
Non-current assets
Intangible assets
0.3
Property, plant and equipment
18.1
Investments in equity accounted investees
69.1
Other investments
0.4
Deferred tax assets
2.7
Other non-current assets
5.7
Current assets
Inventories
2.3
Trade and other receivables
460.6
Cash and cash equivalents
46.9
Assets held for sale
606.1
Non-current liabilities
Loans and borrowings
3.4
Provisions
2.5
Other liabilities
2.4
Current liabilities
Loans and borrowings
0.4
Tax liabilities
11.0
Trade payables
78.2
Provisions
21.5
Other liabilities
92.5
Liabilities held for sale
211.8
As a result, assets from the discontinued operation of EUR 606.1m and liabilities from the discontinued operation of EUR 211.8m
are reported in EVN AG\u2019s consolidated statement of financial position as at 30 September 2025. Intragroup receivables from the
discontinued operation amounting to EUR 3.4m and intragroup liabilities from the discontinued operation amounting to
EUR\u00a0314.8m were eliminated as part of debt consolidation in accordance with IFRS 10. If the intragroup receivables and liabilities
were recognised, the total assets and liabilities of the discontinued operation would increase to EUR 609.6m and EUR 526.6m,
respectively.
The current receivables of the discontinued operation include contract assets from project business services not yet invoiced in
the amount of EUR 199.3m.
A purchase price of EUR 100m has been agreed with STRABAG, which will be payable immediately upon closing. In addition, part
of the intragroup cash pooling receivables from the WTE Group will be taken over by STRABAG, and the remaining part of the
intragroup cash pooling receivables from the WTE Group will be contributed to WTE as equity prior to closing. The contribution is
defined as an earn-out purchase price and will be repaid by STRABAG through future cash inflows from defined projects. The
amount of the earn-out purchase price depends both on the status of the cash pooling receivables at the time of closing and on
the expected cash flows from the defined projects. The expected transaction price less the costs of disposal for the discontinued
operation is below the net assets as at 30 September 2025. The valuation in accordance with IFRS 5.15 thus results in an
impairment loss of EUR 15.4m, primarily due to a discount effect on cash flows. The impairment is reported in the result of the
discontinued operation. The impairment calculated as of the reporting date depends significantly on the amount and timing of the
expected cash inflows from the projects defined for the earn-out.
As at 30 September 2025, the discontinued operation includes cumulative income in other comprehensive income (OCI)
amounting to EUR 34.2m. At the closing date, this amount is to be reclassified to the consolidated statement of operations. This
mainly comprises currency translation differences (EUR 14.1m), cash flow hedges (EUR \u20137.7m) and cumulative income from Umm
Al Hayman Wastewater Treatment Company, which is accounted for using the equity method (EUR 27.8m). In the 2024/25
financial year, the following amounts were recognised in other comprehensive income (OCI) before taxes: EUR \u20131.6m from
currency translation differences, EUR 18.2m from cash flow hedges and EUR \u20134.5m from changes in the company accounted for
at equity that are not recognised through profit or loss.
The following overview shows the income and expenses of the discontinued operation for the financial year 2024/25 and
for 2023/24.
Income and expenses of the discontinued operation
EURm
30.09.2025
30.09.2024
Revenue
254.5
367.4
Operating expenses
-245.2
-337.5
Share of results from equity accounted investees operational
7.3
6.6
EBTDA
16.7
36.5
Depreciation and amortisation
-3.4
-14.6
Results from operating activities (EBIT)
13.2
21.9
Financial results
-17.2
-10.2
Earnings before income taxes and valuation result
-4.0
11.7
Income taxes from continuing operations IAS 12.81 h (ii)
-0.4
-1.3
Valuation result at fair value less costs to sell
-15.4
\u2014
Income taxes arising from the discontinuation of the business
in accordance with IAS 12.81 h (i)
\u2014
\u2014
Income after income taxes
-19.7
10.4
of which share of earnings attributable to shareholders of EVN AG
-19.7
10.4
Revenue expected to be realised in the future in connection with performance obligations that have not yet been fulfilled or
have only been partially fulfilled as at 30 September 2025 amounts to EUR 470.0m as at the reporting date (previous year:
EUR\u00a0599.0m). Revenue is recognised on the basis of the percentage of completion and will mainly be realised within the next
five years, depending on the projects.
The following cash flows can be allocated to the discontinued operation:
Cash flow discontinued operation
EURm
30.09.2025
30.09.2024
Cash flow from operating activities
-11.3
23.0
Cash flow from investing activities
-0.4
-0.2
Cash flow from financing activities
-3.1
-18.4
Cash flow
-14.8
4.4
The cash flow figures do not include intragroup transactions between discontinued and continuing operations amounting to
EUR\u00a0\u201310.5m (previous year: EUR \u201325.9m). From a consolidated perspective, the cash and cash equivalents of the discontinued
operation amounted to EUR 46.9m as at 30 September 2025 (previous year: EUR 13.6m). This does not include intragroup cash
pooling receivables and cash pooling liabilities, as these are consolidated in the consolidated financial statements. After taking
these intragroup receivables and liabilities into account, the cash and cash equivalents fund amounted to EUR \u2013264.5m as at
30\u00a0September 2025 (previous year: EUR \u2013239.2m).
50. Non-current loans and borrowings
Breakdown of non-current loans and borrowings
Nominal
interest rate
(%)
Term
Nominal amount
Carrying
amount
30.09.2025
Carrying
amount
30.09.2024
Fair Value
30.09.2025
EURm
EURm
EURm
Bonds
469.9
469.7
434.3
\u00a0 EUR bond
4.125
2012-2032
100.0 EURm
99.1
98.9
105.5
\u00a0 EUR bond
4.125
2012-2032
25.0 EURm
24.8
24.8
26.4
\u00a0 EUR bond
0.850
2020-2035
101.0 EURm
101.0
101.0
77.2
\u00a0 Registered bond
2.005
2022-2034
5.0 EURm
5.0
5.0
4.5
\u00a0 Registered bond
2.440
2022-2037
150.0 EURm
150.0
150.0
130.9
\u00a0 Registered bond
3.900
2022-2038
90.0 EURm
90.0
90.0
89.9
Bank loans (incl. promissory note
loans)\u00b9\u207e
0.778 - 6.70
until 2070
\u2014
730.0
518.1
728.1
Total
1,199.9
987.8
1,162.4
1) In the 2024/25 financial year, a reclassification was made to current financial liabilities in the amount of EUR 58.5m.
Reconciliation of provisions for pensions
EURm
2024/25
2023/24
Present value of pension obligations (DBO) as of 1.10
191.5
177.0
+
Service costs
0.2
-0.4
+
Interest costs
6.5
7.6
\u2013
Payments
-12.3
-12.2
+/\u2013
Actuarial loss/gain
-19.5
19.5
thereof
Financial assumptions
-12.5
18.5
Assumptions based on experience
-6.9
1.0
Reclassification of discontinued operations
-1.6
\u2014
Present value of pension obligations (DBO) as of\u00a0 30.09.
164.9
191.5
Reconciliation of the provision for severance payments
EURm
2024/25
2023/24
Present value of severance payment obligations (DBO) as of 1.10
77.6
74.1
+
Service costs
2.4
2.4
+
Interest costs
2.8
3.3
\u2013
Severance payments
-8.6
-7.7
\u2013
Transfers
-0.1
0.1
+/\u2013
Actuarial loss/gain
-0.6
5.4
thereof
Financial assumptions
\u2014
3.6
Assumptions based on experience
-0.6
1.8
Reclassification of discontinued operations
-0.8
\u2014
Present value of severance payment obligations (DBO) as of 30.09.
72.7
77.6
Reconciliation of other non-current provisions
EURm
Service
anniversary
bonuses
Rents for
network access
Process costs
and risk
Environmental
and disposal
risks
Other
non-current
provisions
Total
Carrying amount 01.10.2024
22.3
3.7
4.5
63.3
4.6
98.4
Interest expense
0.9
\u2014
0.1
1.2
\u2014
2.2
Use
-0.2
\u2014
-0.1
\u2014
-0.2
-2.1
Release
-0.1
\u2014
-0.2
-1.4
-0.5
-2.2
Additions
0.5
0.4
1.7
3.9
2.5
10.5
Reclassification
0.1
\u2014
-0.6
-2.3
-0.8
-3.7
Reclassification of discontinued
operations
-0.1
\u2014
\u2014
\u2014
\u2014
-0.1
Carrying amount 30.09.2025
23.5
4.1
5.4
64.6
5.5
103.0
57. Current provisions
Reconciliation of current provisions
EURm
Personnel
entitlements
Process risks
Other current
provisions
Total
Carrying amount 01.10.2024
97.4
1.8
27.0
126.1
Currency translation effects
\u2014
\u2014
\u2014
\u2014
Use
-12.5
P
r
o
c
e
s
s
r
i
s
k
s
-0.2
-10.7
-23.5
Release
\u2014
-0.1
-1.3
-1.4
Additions
23.3
0.1
8.4
31.8
Reclassification
-1.6
0.6
0.7
-0.3
Reclassification of discontinued operations
-6.4
\u2014
-15.0
-21.5
Carrying amount 30.09.2025
100.2
2.1
9.0
111.3
The provisions for personnel entitlements comprise special payments not yet due, outstanding leave and liabilities resulting from
a\u00a0voluntary early retirement programme for employees. The provisions for legally binding agreements totalled EUR 2.6m as of
the balance sheet date (previous year: EUR 2.8m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-442": { "value": "
A total of EUR\u00a02.0m was invested in research and development during 2024/25 (previous year: EUR\u00a06.6m). Of this total,
EUR\u00a00.0m was capitalised (previous year: EUR\u00a04.2m)", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-443": { "value": "
Land and buildings included land with a value of EUR\u00a085.2m (previous year: EUR\u00a076.0m).
As in the previous year, no property, plant and equipment or intangible assets were pledged as collateral as of 30\u00a0September\u00a02025.
.s of 30 September 2025, as in the previous year, no receivables were pledged as collateral for EVN\u2019s own liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-444": { "value": "
EVN as the lessee
The most important application area for the EVN Group is formed by lease and easement agreements, as well as leased commercial
and warehouse space which are assumed to be based on long-term leases. Rights of use totalling EUR\u00a0117.7m (previous year:
EUR\u00a097.5m) were contrasted by lease liabilities with a present value of EUR\u00a092.4m (previous year: EUR\u00a078.8m) as of 30\u00a0Septem-
ber\u00a02025. The short-term portion of the lease liabilities equalled EUR\u00a08.4m (previous year: EUR\u00a08.5m).
In connection with subsequent measurement, the rights of use are amortised on a systematic basis over the shorter of the useful
life and the remaining term of the lease. The conclusion of new agreements and the recognition of changes in estimates and
modifications in 2024/25 led to an addition of EUR\u00a033.0m (previous year: EUR\u00a09.8m). Rights of use from lease agreements are
reported as part of property, plant and equipment in accordance with IFRS\u00a016; the development and amortisation of these rights
of use are allocated to the following asset classes:
2024/25 financial year
EURm
Land and
buildings
Lines
Technical
equipment
Other plants, tools
and equipment
Total
Rights of use 30.09.2024
75.2
21.3
0.2
0.8
97.5
Additions
25.1
7.2
0.2
0.5
33.0
Scheduled depreciation
-6.6
-0.8
-0.2
-0.5
-8.1
Disposals
-0.1
\u2014
\u2014
-0.1
-0.2
Transfers
\u2014
\u2014
\u2014
\u2014
\u2014
Change in the scope of consolidation
\u2014
\u2014
\u2014
\u2014
\u2014
Reclassification of discontinued operations
-4.7
\u2014
0.1
\u2014
-4.5
Rights of use 30.09.2025
88.9
27.7
0.3
0.8
117.7
2023/24 financial year
EURm
Land and
buildings
Lines
Technical
equipment
Other plants, tools
and equipment
Total
Rights of use 30.09.2023
76.5
17.7
0.1
1.3
95.6
Additions
5.1
4.0
0.4
0.2
9.8
Scheduled depreciation
-7.3
-0.7
-0.3
-0.4
-8.7
Disposals
\u2014
\u2014
\u2014
-0.3
-0.3
Transfers
0.2
0.2
\u2014
\u2014
0.4
Change in the scope of consolidation
0.6
\u2014
\u2014
\u2014
0.7
Rights of use 30.09.2024
75.2
21.3
0.2
0.8
97.5
The determination of the rights of use and corresponding lease liabilities includes all sufficiently probable cash outflows.
The cash outflows from leases totalled EUR 31.8m (previous year: EUR\u00a021.1m) in 2024/25. The consolidated statement of
operations contains EUR\u00a05.9m (previous year: EUR\u00a03.7m) of expenses from unrecognised leases, which include expenses
from low-value leases, expenses from short-term leases (less than 12\u00a0months) and expenses from variable lease payments that
were not included in the lease liability. The interest expense for lease liabilities totalled EUR\u00a02.0m (previous year: EUR\u00a01.4m) in
2024/25. The difference between the cash outflows presented here and the payments for lease liabilities resulted primarily from
advance rental payments made in 2024/25. These advance payments are not reported under cash flow from financing activities
because they are not related to lease liabilities; they are instead included under cash flow from investing activities.
Other non-current liabilities
EURm
30.09.2025
30.09.2024
Liabilities from derivative transactions
0.6
0.4
Leasing liabilities
83.9
70.2
Remaining other non-current liabilities
14.1
13.1
Total
98.7
83.8
Term to maturity of other
non-current liabilities
Remaining term to maturity as of 30.09.2025
Remaining term to maturity as of 30.09.2024
EURm
<5 years
>5 years
Total
<5 years
>5 years
Total
Liabilities from derivative transactions
0.6
\u2014
0.6
0.4
\u2014
0.4
Leasing liabilities
24.2
59.7
83.9
35.4
34.9
70.2
Remaining other non-current liabilities
12.2
1.9
14.1
11.1
2.0
13.1
Total
37.1
61.6
98.7
46.9
36.9
83.8
Other current liabilities
EURm
30.09.2025
30.09.2024
Financial liabilities
Liabilities to investments in equity accounted investees
135.7
79.5
Liabilities to non-consolidated subsidiaries
19.6
14.5
Deferred interest expenses
13.1
12.3
Liabilities arising from derivative transactions
3.5
9.3
Leasing liabilities
8.4
8.5
Other financial liabilities
43.6
102.8
223.9
226.9
Other liabilities
Contract liabilities
68.1
108.1
Deferred income from network subsidies
74.4
71.0
Liabilities relating to social security
12.5
12.8
Energy taxes
30.6
2.0
Value added tax
6.8
14.7
Other taxes and duties
22.0
16.2
214.5
225.0
Total
438.4
451.9
Cash flow from financing activities
2024/25 financial year
EURm
Current
financial liabilities
Non-current
financial liabilities
Leasing liabilities
thereof
discontinued
operations
Total
Balance on\u00a0 01.10.2024
126.1
987.8
78.8
11.2
1,192.7
Payments received
\u2014
240.0
\u2014
\u2014
240.0
Payments made
-121.1
-6.5
-15.8
-3.0
-143.4
Reclassification of liquid funds
1.5
\u2014
\u2014
\u2014
1.5
Currency translation
\u2014
-0.1
\u2014
\u2014
-0.1
Change in fair value
\u2014
\u2014
\u2014
\u2014
\u2014
Other changes
\u2014
\u2014
33.0
0.3
33.0
Reclassifications
18.0
-18.0
\u2014
\u2014
\u2014
Balance on 30.09.2025
24.5
1,203.3
95.9
8.5
1,323.7
2023/24 financial year
EURm
Current
financial liabilities
Non-current
financial liabilities
Leasing liabilities
thereof
discontinued
operations
Total
Balance on 01.10.2023
343.2
1,103.5
80.2
\u2014
1,526.8
Payments received
\u2014
\u2014
\u2014
\u2014
\u2014
Payments made
-293.2
\u2014
-11.8
\u2014
-305.0
Reclassification of liquid funds
-50.0
\u2014
\u2014
\u2014
-50.0
Currency translation
\u2014
0.9
\u2014
\u2014
0.9
Change in fair value
\u2014
-0.9
\u2014
\u2014
-0.9
Change in costs for the procurement
of funds
\u2014
0.5
\u2014
\u2014
0.5
Other changes
0.8
9.2
10.4
\u2014
20.4
Reclassifications
125.2
-125.2
\u2014
\u2014
\u2014
Balance on 30.09.2024
126.1
987.8
78.8
\u2014
1,192.7
Expected occurrence of cash flows of loans
and borrowings and other liabilities
30.09.2025
Contractually stipulated payment flows
EURm
Carrying
amount
Total
payment flows
<1 year
1\u20135 years
> 5 years
Bonds
469.9
605.8
13.3
53.1
539.4
Bank loans
751.4
940.7
43.5
314.6
582.5
Lease liabilities
92.4
116.7
8.7
31.5
76.5
Liabilities arising from derivative transactions\u00b9\u207e
4.1
4.1
3.5
0.6
\u2014
Total
1,317.7
1,667.4
69.0
399.9
1,198.5
30.09.2024
Contractually stipulated payment flows
EURm
Carrying
amount
Total
payment flows
<1 year
1\u20135 years
> 5 years
Bonds
469.7
570.6
10.6
39.1
520.9
Bank loans
644.2
753.1
143.7
187.2
422.2
Lease liabilities
78.8
98.7
8.9
28.7
61.1
Liabilities arising from derivative transactions\u00b9\u207e
9.7
10.2
9.8
0.4
\u2014
Liabilities from contract costs
5.2
5.2
5.2
\u2014
\u2014
Total
1,207.5
1,437.7
178.1
255.3
1,004.3
Capital management1)
EURm
30.09.2025
30.09.2024
Non-current loans and borrowings and leasing liabilities
1,289.6
1,058.1
Current loans and borrowings2)
32.6
134.6
Cash and cash equivalents
-135.1
-78.8
Non-current and current securities
-269.9
-250.5
Non-current and current loans receivable
-28.2
-30.3
Net financial debt
888.9
833.1
Non-current personnel provisions3\u207e
266.9
296.2
Net debt
1,155.9
1,129.3
Funds from operations
901.8
945.2
Equity
6,658.8
6,730.6
Gearing (%)
17.3
16.8
Net debt coverage (%)
78.0
83.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-445": { "value": "
38. Other investments
The position \u201cother investments\u201d consists mainly of holdings in affiliates and associates, which are not consolidated due to
immateriality, as well as miscellaneous stakes of less than 20.0% that were not included at equity.
The shares in affiliates and associates which are not consolidated due to immateriality are measured at cost less any necessary
impairment losses and totalled EUR 7.5m in 2024/25 (previous year: EUR 3.8m). The other investments classified as FVOCI consist
primarily of shares in Verbund AG with a value of EUR 2,716.3m (previous year: EUR 3,269.2m) and miscellaneous other invest-
ments of EUR 167.7m (previous year: EUR 161.7m). The valuation adjustments were recorded under other comprehensive income,
the dividends were recorded in the consolidated statement of operations (also see note 32.\u00a0Financial results).
EVN AG and Wiener Stadtwerke Holding AG entered into an agreement on 22\u00a0September\u00a02010 for the syndication of their
directly and indirectly held shareholdings in Verbund AG. This agreement gives the two companies joint control over approx-
imately 26% of the voting shares in Verbund AG. In spite of the syndicate agreement, the scope of possible influence over the
financial and business policies of Verbund AG is very limited. The requirements for classification as a controlling influence
(IAS\u00a028) are therefore not met and the shares in Verbund AG are therefore accounted by applying IFRS\u00a09.
The valuation of the investment in Verbund Hydro Power AG in 2024/25 based on the discounted cash flow method resulted
in a reversal of impairment losses of EUR\u00a09.0m in the Generation Segment. The recoverable amount was determined on the basis
of fair value less costs to sell (Level\u00a03 according to IFRS 13) and amounted to EUR\u00a0135.1m. A WACC after tax of 5.35% was
used as the discount rate, which corresponds to an iteratively derived WACC before tax of 7.33%. The present value model
underlying the valuation is based on publicly available information from the annual financial statements and, according to
available data for electricity prices, forecasts the development of the years up to 2050 and a perpetual yield without a growth rate.
In the Networks Segment, the valuation of the investment in AGGM Austrian Gas Grid Management AG based on the discounted
cash flow method resulted in the recognition of a write-up of EUR\u00a00.3m. The recoverable amount was determined on the basis
of fair value less costs to sell (Level\u00a03 according to IFRS\u00a013) and amounted to EUR 3.6m. A WACC after tax of 4.91% was used as
the discount rate. The present value model underlying the valuation is based on a perpetual yield without a growth rate which,
in turn, was developed from the average trend of data from the publicly available annual financial statements for 2021\u20132024 and
a forecast for the 2025 financial year.
In the All Other Segments, the valuation of the investment in Wiener B\u00f6rse AG based on the discounted cash flow method
resulted in a write-up of EUR\u00a00.9m in 2024/25. The recoverable amount was determined on the basis of fair value less costs to sell
(Level\u00a03 according to IFRS\u00a013) and amounted to EUR 28.8m. A WACC after tax of 6.35% was used as the discount rate. The
present value model underlying the valuation includes forecasted distributions for the coming year as well as a perpetual yield
without a growth rate
39. Other non-current assets
Other non-current assets
EURm
30.09.2025
30.09.2024
Non-current financial assets
Securities
82.8
78.5
Loans receivable
24.1
26.0
Lease receivables
2.8
8.7
Receivables arising from derivative transactions
0.3
1.1
Receivables and other assets
21.6
23.0
Non-current other assets
Contract assets
4.8
3.8
Contract costs
\u2014
5.2
Primary energy reserves
0.1
0.8
Remaining other non-current assets
6.4
10.3
Total
142.9
157.5
Securities reported under other non-current assets consist mainly of shares in investment funds and serve as coverage for the
provisions for pensions and similar obligations as required by Austrian tax law. The carrying amounts correspond to the fair value
as of the balance sheet date.
Lease receivables relate to the PPP projects that will remain in EVN\u2019s environmental business. The decrease compared with the
previous year is mainly attributable to the reclassification to assets held for sale (see also note 43.\u00a0Assets and liabilities held
for sale).
The reconciliation of the future minimum lease payments to their present value is as follows:
Terms to maturity of
non-current lease receivables
Remaining term to maturity as of 30.09.2025
Remaining term to maturity as of 30.09.2024
EURm
Principal
components
Interest
components
Total
Principal
components
Interest
components
Total
<5 years
2.8
0.2
2.9
8.7
0.6
9.3
>5 years
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
2.8
0.2
2.9
8.7
0.6
9.3
The total of the principal components corresponds to the capitalised value of the lease receivables. The interest components
correspond to the proportionate share of the interest component of the total lease payment and do not represent discounted
amounts. The interest components of the lease payments in 2024/25 were reported as interest income on non-current assets.
Receivables and other assets include claims from trade receivables in North Macedonia that are reported under non-current
assets\u00a0as a result of instalment plan agreements. In addition, non-current receivables from the Bulgarian Post in the amount of
EUR\u00a016.5m are included.
The contract costs reported under this position in the previous year represented costs for obtaining contracts, as defined in
IFRS\u00a015.91, and were related to the international project business. Contract costs totalling EUR 86.7m were capitalised in 2019/20
and amortised on a systematic basis up to the classification as a discontinued operation on 31 December 2024 in line with the
expected timing of the underlying contract and depending on how the goods or services were scheduled for transfer to the
customer. The carrying amount was therefore reduced by EUR 2.6m in 2024/25. The residual carrying amount was reclassified
to\u00a0assets held for sale (see notes 31. Depreciation and amortisation and effects from impairment tests and
43.\u00a0Assets\u00a0and liabilities held for sale).
41. Trade and other receivables
Trade and other receivables
EURm
30.09.2025
30.09.2024
Financial assets
Trade accounts receivable
259.7
250.2
Receivables from investments in equity accounted investees
22.6
40.6
Receivables from non-consolidated subsidiaries
0.3
1.6
Receivables from employees
\u2014
0.1
Receivables arising from derivative transactions
5.0
25.8
Lease receivables
0.7
2.0
Other receivables and assets
83.9
109.3
372.3
429.5
Other receivables
Taxes and levies receivable
35.3
68.9
Prepayments
27.8
109.0
Contract assets
\u2014
229.6
63.2
407.4
Total
435.5
837.1
Trade accounts receivable relate mainly to electricity, natural gas and heating customers. Notes to impairment losses and default
risks for trade receivables can be found in note 61. Risk management.
Receivables from investments in equity accounted investees and receivables from non-consolidated subsidiaries arise primarily from
intragroup transactions related to energy supplies as well as Group financing and services provided to those companies.
Receivables from derivative transactions include positive market values of derivatives in the energy sector. Other receivables and
assets include receivables from insurance companies and short-term loans.
The reduction in advance payments made and contract assets is attributable to the intended sale of the international project
business. As a result of its classification as a discontinued operation, it was reclassified to the item \u201cAssets held for sale\u201d (see
note 43. Assets and liabilities held for sale).
As of 30 September 2025, as in the previous year, no receivables were pledged as collateral for EVN\u2019s own liabilities.
42. Securities and other financial investments
Composition of securities and other financial investments
EURm
30.09.2025
30.09.2024
Funds
187.1
159.9
thereof cash funds
186.9
159.7
thereof other fund products
0.2
0.2
Time deposits and other restricted cash
\u2014
12.1
Total
187.1
172.0
Due to the development of stock market prices, a reversal of impairment losses amounting to EUR\u00a00.9m (previous year: EUR\u00a00.7m)
was recognised in profit or loss in the 2024/25 financial year.
50. Non-current loans and borrowings
Breakdown of non-current loans and borrowings
Nominal
interest rate
(%)
Term
Nominal amount
Carrying
amount
30.09.2025
Carrying
amount
30.09.2024
Fair Value
30.09.2025
EURm
EURm
EURm
Bonds
469.9
469.7
434.3
\u00a0 EUR bond
4.125
2012-2032
100.0 EURm
99.1
98.9
105.5
\u00a0 EUR bond
4.125
2012-2032
25.0 EURm
24.8
24.8
26.4
\u00a0 EUR bond
0.850
2020-2035
101.0 EURm
101.0
101.0
77.2
\u00a0 Registered bond
2.005
2022-2034
5.0 EURm
5.0
5.0
4.5
\u00a0 Registered bond
2.440
2022-2037
150.0 EURm
150.0
150.0
130.9
\u00a0 Registered bond
3.900
2022-2038
90.0 EURm
90.0
90.0
89.9
Bank loans (incl. promissory note
loans)\u00b9\u207e
0.778 - 6.70
until 2070
\u2014
730.0
518.1
728.1
Total
1,199.9
987.8
1,162.4
1) In the 2024/25 financial year, a reclassification was made to current financial liabilities in the amount of EUR 58.5m.
The maturity structure of the non-current loans and borrowings is as follows:
Maturity of non-current
loans and borrowings
Remaining term to maturity as of 30.09.2025
Remaining term to maturity as of 30.09.2024
EURm
<5 years
>5 years
Total
<5 years
>5 years
Total
Bonds
\u2014
469.9
469.9
\u2014
469.7
469.7
thereof fixed interest
\u2014
469.9
469.9
\u2014
469.7
469.7
thereof variable interest
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Bank loans
233.3
496.7
730.0
136.6
381.5
518.2
thereof fixed interest
232.0
386.5
618.5
131.7
276.5
408.2
thereof variable interest
1.3
110.2
111.5
4.9
105.0
109.9
Total
233.3
966.6
1,199.9
136.6
851.2
987.8
Bonds
All bonds involve bullet repayment on maturity.
The bonds are carried at amortised cost. Foreign currency liabilities are translated at the exchange rate in effect on the balance
sheet date. In accordance with IFRS 9, hedged liabilities are adjusted to reflect the corresponding change in the fair value of the
hedged risk in cases where hedge accounting is applied (see note 63. Reporting on financial instruments).
Bank loans
The loans consist of immaterial general borrowings from banks, as well as loans which are subsidised in part by interest and
redemption grants from the Austrian Environment and Water Industry Fund. This position also includes EUR 337.0m (previous
year: EUR 247.0m) of promissory note loans that were issued in October 2012, April 2020, July 2022 and in February 2025.
Accrued interest is reported under other current liabilities.
54. Other non-current liabilities
Other non-current liabilities
EURm
30.09.2025
30.09.2024
Liabilities from derivative transactions
0.6
0.4
Leasing liabilities
83.9
70.2
Remaining other non-current liabilities
14.1
13.1
Total
98.7
83.8
The liabilities from derivative transactions include the negative fair values from contracts in the energy sector and from forward
exchange transactions in connection with the international project business.
The remaining other non-current liabilities include accrued long-term electricity delivery obligations, accrued liabilities for
contract costs incurred and long-term compensation payments received.
Term to maturity of other
non-current liabilities
Remaining term to maturity as of 30.09.2025
Remaining term to maturity as of 30.09.2024
EURm
<5 years
>5 years
Total
<5 years
>5 years
Total
Liabilities from derivative transactions
0.6
\u2014
0.6
0.4
\u2014
0.4
Leasing liabilities
24.2
59.7
83.9
35.4
34.9
70.2
Remaining other non-current liabilities
12.2
1.9
14.1
11.1
2.0
13.1
Total
37.1
61.6
98.7
46.9
36.9
83.8
C
55. Current loans and borrowings
Bank overdrafts are included under cash and cash equivalents in the consolidated statement of cash flows.
Current loans and borrowings
EURm
30.09.2025
30.09.2024
Bank loans
21.4
126.1
Bank overdrafts and other current loans
1.5
\u2014
Total
22.9
126.1
Loans amounting to EUR 7.3m (previous year: EUR 117.3m) were reclassified to current financial liabilities as they are due within
the next 12 months.
58. Other current liabilities
Other current liabilities
EURm
30.09.2025
30.09.2024
Financial liabilities
Liabilities to investments in equity accounted investees
135.7
79.5
Liabilities to non-consolidated subsidiaries
19.6
14.5
Deferred interest expenses
13.1
12.3
Liabilities arising from derivative transactions
3.5
9.3
Leasing liabilities
8.4
8.5
Other financial liabilities
43.6
102.8
223.9
226.9
Other liabilities
Contract liabilities
68.1
108.1
Deferred income from network subsidies
74.4
71.0
Liabilities relating to social security
12.5
12.8
Energy taxes
30.6
2.0
Value added tax
6.8
14.7
Other taxes and duties
22.0
16.2
214.5
225.0
Total
438.4
451.9
The liabilities to investments in equity accounted investees consist primarily of cash pooling balances between EVN AG and these
companies as well as amounts due to EnergieAllianz for the distribution and procurement of electricity.
The decrease in contract liabilities is attributable to a reclassification to assets and liabilities held for sale in connection with the
sale of the international project business (see note 43. Assets and liabilities held for sale).
Other financial liabilities include, in particular, liabilities related to capitalised contract costs, energy deferrals, liabilities to employees
and deposits received.
Expected occurrence of cash flows of loans
and borrowings and other liabilities
30.09.2025
Contractually stipulated payment flows
EURm
Carrying
amount
Total
payment flows
<1 year
1\u20135 years
> 5 years
Bonds
469.9
605.8
13.3
53.1
539.4
Bank loans
751.4
940.7
43.5
314.6
582.5
Lease liabilities
92.4
116.7
8.7
31.5
76.5
Liabilities arising from derivative transactions\u00b9\u207e
4.1
4.1
3.5
0.6
\u2014
Total
1,317.7
1,667.4
69.0
399.9
1,198.5
30.09.2024
Contractually stipulated payment flows
EURm
Carrying
amount
Total
payment flows
<1 year
1\u20135 years
> 5 years
Bonds
469.7
570.6
10.6
39.1
520.9
Bank loans
644.2
753.1
143.7
187.2
422.2
Lease liabilities
78.8
98.7
8.9
28.7
61.1
Liabilities arising from derivative transactions\u00b9\u207e
9.7
10.2
9.8
0.4
\u2014
Liabilities from contract costs
5.2
5.2
5.2
\u2014
\u2014
Total
1,207.5
1,437.7
178.1
255.3
1,004.3
1) All financial liabilities not shown in the table are current and the associated cash flows are therefore due within one year.
Major financial instruments covered by the ECL model
30.09.2025
EURm
Equivalent S&P
Default
probability (%)\u00b9\u207e
Loans
receivable
Lease
receivables
Bank deposits\u00b2\u207e \u00b3\u207e
Calculated
impairment\u2074\u207e
EVN rating class 1
AAA
\u2014
\u2014
\u2014
\u2014
\u2014
EVN rating class 2
Up to AA\u2013
\u2014
\u2014
\u2014
\u2014
\u2014
EVN rating class 3
Up to\u00a0 A\u2013
0.05
26.4
3.5
40.3
\u2014
EVN rating class 4
Up to\u00a0 BBB\u2013
0.21
\u2014
\u2014
40.9
\u2014
EVN rating class 5a
Up to\u00a0 BB\u2013
0.87
\u2014
\u2014
6.1
\u2014
EVN rating class 5b
Up to\u00a0 B\u2013
5.16
\u2014
\u2014
2.5
\u2014
EVN rating class 5c
Up to\u00a0 D
26.12
\u2014
\u2014
\u2014
\u2014
No rating
\u2014
1.8
\u2014
\u2014
\u2014
Total
\u2014
28.2
3.5
89.7
\u2014
30.09.2024
EURm
Equivalent S&P
Default
probability(%)\u00b9\u207e
Loans
receivable
Lease
receivables
Bank deposits\u00b2\u207e \u00b3\u207e
Calculated
impairment\u2074\u207e
EVN rating class 1
AAA
\u2014
\u2014
3.8
\u2014
\u2014
EVN rating class 2
Up to\u00a0 AA\u2013
0.07
\u2014
\u2014
\u2014
\u2014
EVN rating class 3
Up to\u00a0 A\u2013
0.07
29.1
6.9
55.5
\u2014
EVN rating class 4
Up to BBB\u2013
0.33
\u2014
\u2014
27.1
\u2014
EVN rating class 5a
Up to\u00a0 BB\u2013
1.48
\u2014
\u2014
6.0
\u2014
EVN rating class 5b
Up to\u00a0 B\u2013
6.78
\u2014
\u2014
2.2
\u2014
EVN rating class 5c
Up to\u00a0 D
25.98
\u2014
\u2014
\u2014
\u2014
No rating
\u2014
1.3
\u2014
\u2014
\u2014
Total
\u2014
30.3
10.7
90.8
\u2014
1) Assumed loss ratio (60% for banks, 80% for corporates)
2) Due to the daily maturity, a one-day probability of default is applied to account balances;
for money market deposits, the PoD of the average volume-weighted residual term is taken into account.
3) Bank balances also include restricted cash in the amount of EUR 0.0m (previous year: EUR 12.1m).
4) The calculated impairments are not recognised in the balance sheet due to their minor magnitude.
EVN uses the practical expedient provided by IFRS 9.B5.5.35 for trade receivables and calculates the expected credit losses
with a provision matrix. The input factors include analyses of default incidents in previous financial years based on different
regional characteristics for the core markets. These factors form the basis for the development of a provision matrix with
different time ranges.:
Expected credit losses in Austria
30.09.2025
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20130.1
0.0
95.0
94.9
\u2014
Up to 89 days overdue
0.0\u20130.6
1.0
9.6
9.6
0.1
Up to 179 days overdue
6.3\u201334.1
9.2
2.7
2.4
0.2
Up to 359 days overdue
8.6\u201326.5
8.9
5.9
5.4
0.5
>360 days overdue
12.4\u2013100.0
30.9
14.1
9.7
4.4
Total
127.3
122.0
5.3
30.09.2024
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20130.1
0.1
43.7
43.7
\u2014
Up to 89 days overdue
0.1\u20130.6
0.8
9.6
9.5
0.1
Up to 179 days overdue
4.6\u201319.7
12.0
2.2
1.9
0.3
Up to 359 days overdue
7.9\u201355.2
16.4
3.3
2.8
0.5
>360 days overdue
15.5\u2013100.0
34.3
12.5
8.2
4.3
Total
71.3
66.1
5.2
Expected credit losses in Bulgaria
30.09.2025
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20132.0
0.1
65.7
65.6
0.1
Up to 89 days overdue
0.0\u201360.3
8.6
4.7
4.3
0.4
Up to 179 days overdue
5.6\u201360.6
30.8
1.1
0.7
0.3
Up to 359 days overdue
56.0\u2013100.0
72.3
1.2
0.3
0.9
>360 days overdue
100.0
100.0
13.7
\u2014
13.7
Total
86.4
70.9
15.4
30.09.2024
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20132.7
0.4
47.8
47.6
0.2
Up to 89 days overdue
2.1\u2013100.0
6.5
7.9
7.4
0.5
Up to 179 days overdue
28.4\u2013100.0
63.8
1.2
0.4
0.7
Up to 359 days overdue
63.2\u2013100.0
87.8
1.4
0.2
1.2
>360 days overdue
100.0
100.0
14.3
\u2014
14.3
Total
72.5
55.6
17.0
Expected credit losses in
North Macedonia
30.09.2025
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.4\u2013100.0
64.7
148.3
52.3
96.0
thereof instalment
agreements
17.5\u2013100.0
88.5
87.4
10.1
77.3
thereof without instalment
agreements
0.4\u201336.6
30.7
61.0
42.2
18.7
Up to 89 days overdue
2.4\u2013100.0
10.1
20.8
18.7
2.1
Up to 179 days overdue
42.3\u2013100.0
78.9
6.3
1.3
5.0
Up to 359 days overdue
52.6\u2013100.0
94.6
9.5
0.5
9.0
>360 days overdue
100.0
100.0
162.0
\u2014
162.0
Total
347.0
72.9
274.1
30.09.2024
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.4\u2013100.0
55.2
145.3
65.1
80.2
thereof instalment
agreements
17.5\u2013100.0
88.5
87.7
10.1
77.5
thereof without instalment
agreements
0.4\u201336.6
4.7
57.6
54.9
2.7
Up to 89 days overdue
2.4\u2013100.0
9.7
23.6
21.3
2.3
Up to 179 days overdue
42.3\u2013100.0
80.5
6.6
1.3
5.3
Up to 359 days overdue
52.6\u2013100.0
92.2
10.9
0.5
10.4
>360 days overdue
100.0
100.0
169.7
\u2014
169.7
Total
356.1
88.2
267.9
The overview of expected credit losses in North Macedonia includes both current and non-current trade receivables. Following the
conclusion of instalment agreements with customers in North Macedonia, existing trade receivables were reclassified as non-
current. These receivables are not considered part of overdue receivables and, consequently, this category carries a higher average
probability of default than the category \u201cup to 89 days overdue\u201d.
In the financial year 2024/25, impairments of EUR 8.7m (previous year: EUR 36.7m) were recognised for trade receivables.
The impairments mainly resulted from expected credit losses under consideration of a provision matrix. As in the previous year,
no impairment of contract assets was necessary.
The following table shows the development of impairment losses to trade receivables in 2024/25:
Impairment losses \u2013 trade receivables
EURm
2024/25
2023/24
Balance on 1.10
305.4
286.7
Additions
8.7
36.7
Disposal
-19.3
-17.9
Balance on 30.09.
294.8
305.4
The Group\u2019s maximum default risk for the items reported on the consolidated statement of financial position as of 30 September
2025 and 30 September 2024 reflect the carrying amounts shown in notes 39. Other non-current assets, 41. Trade and
other receivables and 42. Securities and other financial investments, excluding financial guarantees
63. Reporting on financial instruments
Fair value generally reflects the listed price on the balance sheet date. If this price is not available, fair value is calculated in
accordance with financial methods, e.\u00a0g. by discounting the expected cash flows at the prevailing market interest rate. The input
factors required for the calculations are explained below.
The fair value of shares in unlisted subsidiaries and other investments is based on discounted expected cash flows or comparable
transactions. For financial instruments listed on an active market, the trading price as of the balance sheet date represents fair
value. Most of the receivables, cash and cash equivalents, and current financial liabilities have short terms to maturity. Therefore,
the carrying value of these instruments as of the balance sheet date approximately corresponds to fair value. The fair value of
bonds is calculated as the present value of the discounted future cash flows based on prevailing market interest rates.
The following table shows the financial instruments carried at fair value and their classification in the fair value hierarchy
according to IFRS\u00a013.
Level 1 input factors are observable parameters such as quoted prices for identical assets or liabilities. These prices are used
for valuation purposes without modification. Level 2 input factors represent other observable parameters which must be adjusted to
reflect the specific characteristics of the valuation object. Examples of the parameters used to measure the financial instruments
classified under Level 2 are forward price curves derived from market prices, exchange rates, interest structure curves and the
counterparty credit risk. Level 3 input factors are non-observable factors which reflect the assumptions that would be used by a
market participant to determine an appropriate price. There were no reclassifications between the various levels during the
reporting period.
Information on classes and
categories of financial
instruments
30.09.2025
30.09.2024
EURm
Measurement
category
Fair value
hierarchy
(IFRS 13)
Carrying
amount
Fair value
Carrying
amount
Fair value
Classes
Non-current assets
Other investments\u00b9\u207e
Investments
FVOCI
Level 3
167.7
167.7
161.7
161.7
Investments
FVOCI
Level 1
2,716.3
2,716.3
3,269.2
3,269.2
Investments
FVTPL
Level 3
18.0
18.0
11.2
11.2
Other non-current assets
Securities
FVTPL
Level 1
82.8
82.8
78.5
78.5
Loans reveivable
AC
Level 2
24.1
23.5
26.0
26.5
Lease receivables
AC
Level 2
2.8
2.8
8.7
8.7
Receivables arising from
derivative transactions
FVTPL
Level 2
0.3
0.3
1.1
1.1
Trade and other receivables
AC
21.6
21.6
23.0
23.0
Current assets
Current receivables and
other current assets
Trade and other receivables
AC
367.3
367.3
403.9
403.9
Receivables arising from
derivative transactions
FVTPL
Level 2
5.0
5.0
25.8
25.8
Securities and other financial investments
FVTPL
Level 1
187.1
187.1
172.0
172.0
Cash and cash equivalents
Cash on hand and cash at banks
AC
89.8
89.8
78.8
78.8
Non-current liabilities
Non-current loans and borrowings
Bonds
AC
Level 2
469.9
434.3
469.7
436.4
Bank loans
AC
Level 2
730.0
728.1
518.2
514.4
1) See note 10. Other investments
30.09.2025
30.09.2024
EURm
Measurement
category
Fair value
hierarchy
(IFRS 13)
Carrying
amount
Fair value
Carrying
amount
Fair value
Classes
Other non-current liabilities
Other liabilities
AC
14.1
14.1
13.1
13.1
Liabilities arising from
derivative transactions
FVTPL
Level 2
0.6
0.6
0.4
0.4
Liabilities arising from
derivative transactions
FVTPL
Level 3
\u2014
\u2014
\u2014
\u2014
Current liabilities
Current loans and borrowings
AC
22.9
22.9
126.1
126.1
Trade payables
AC
427.4
427.4
495.3
495.3
Other current liabilities
Other financial liabilities
AC
220.4
220.4
217.6
217.6
Liabilities arising from
derivative transactions
FVTPL
Level 2
3.4
3.4
8.9
8.9
Liabilities arising from
derivative transactions
FVTPL
Level 3
0.1
0.1
0.4
0.4
thereof aggregated to
measurement categories
Fair value through
other comprehensive income
FVOCI
2,884.0
\u2014
3,430.9
\u2014
Financial assets designated at fair value
through profit or loss
FVTPL
293.2
\u2014
288.6
\u2014
Financial assets and liabilities at
amortised cost
AC
2,390.3
\u2014
2,380.3
\u2014
Financial liabilities designated at
fair value through profit or loss
FVTPL
4.1
\u2014
9.7
\u2014
The above table with information on the classes and categories of financial instruments shows cash flow hedges (portfolio
hedge \u2013 electricity) together with derivative financial instruments that are carried at fair value through profit or loss. A separate
presentation is not possible due to the offsetting of derivative financial instruments based on conventional netting agreements
in the energy business (see note 9. Financial instruments). The valuation category FVTPL therefore includes positive fair values
of EUR\u00a05.9m (previous year: EUR 20.5m) and negative fair values of EUR \u20135.2m (previous year: EUR \u20132.2m) which were
measured at fair value through other comprehensive income (FVOCI).
Net results by measurement category\u00b9\u207e
2024/25
2023/24
EURm
Net result
Thereof impairment
losses
Net result
Thereof impairment
losses
Classes
Fair value through other comprehensive income
(FVOCI)
\u2014
\u2014
\u2014
\u2014
Financial assets at amortised cost (AC)
-16.0
-8.7
-55.1
-43.1
Financial assets and liabilities at fair value through
profit or loss (FVTPL)
3.4
\u2014
5.9
\u2014
Financial assets and liabilities (hedging)
\u2014
\u2014
-0.2
\u2014
Financial liabilities at amortised cost (AC)
\u2014
\u2014
0.2
\u2014
Total
-12.6
-8.7
-49.1
-43.1
1) The net results only involve changes to the consolidated statement of operations; interest expense/income and dividends are not included.
Derivative financial instruments and hedging transactions
Derivative financial instruments are used primarily to hedge the company\u2019s liquidity, exchange rate, price and interest rate risks.
The operative goal is to ensure the long-term continuity of the Group\u2019s earnings. All derivative financial instruments are integrated
in a risk management system as soon as the respective contracts are concluded. This allows for the preparation of a daily overview
of all main risk indicators.
The nominal values represent the separate totals of the items classified as financial derivatives on the balance sheet date. These
are reference values which, however, do not provide a measure of the risk incurred by the company through the use of these
financial instruments. In particular, potential risk factors include fluctuations in the underlying market parameters and the credit
risk of the contracting parties. Derivative financial instruments are recognised at their fair values.
Derivative financial instruments comprise the following:
Derivative financial instruments
30.09.2025
30.09.2024
Nominal value\u00b9\u207e
Fair values\u00b2\u207e
Nominal value\u00b9\u207e
Fair values\u00b2\u207e
Purchases
Disposals
Positive
Negative
Net
Purchases
Disposals
Positive
Negative
Net
Forward exchange transactions3 )
KWD4\u207e
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
80.5
3.8
-4.8
-1.0
USD4\u207e
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
23.2
0.1
-0.5
-0.4
BHD
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6.7
\u2014
-0.3
-0.3
RON
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4.0
\u2014
\u2014
\u2014
Derivatives energy
Futures electricity
67.6\u00a0 GWh
180.0\u00a0 GWh
0.7
-0.4
0.3
375.9\u00a0 GWh
234.0\u00a0 GWh
5.3
\u2014
5.3
Forwards/swaps electricity
598.8\u00a0 GWh
630.2\u00a0 GWh
0.2
-0.2
-0.1
761.4\u00a0 GWh
183.0\u00a0 GWh
0.8
-0.5
0.3
Futures natural gas
377.2\u00a0 GWh
43.2\u00a0 GWh
0.2
-0.5
-0.3
68.1\u00a0 GWh
281.1\u00a0 GWh
0.3
-2.0
-1.6
Forwards/swaps natural gas
\u2014
375.9\u00a0 GWh
0.5
\u2014
0.5
65.9\u00a0 GWh
598.5\u00a0 GWh
0.5
-4.0
-3.5
Futures electricity4\u207e
97.9\u00a0 GWh
899.3\u00a0 GWh
3.9
-2.3
1.6
35.2\u00a0 GWh
576.0\u00a0 GWh
9.9
-2.2
7.8
Forwards/swaps electricity4\u207e
\u2014
198.1\u00a0 GWh
0.4
-0.4
0.1
\u2014
55.2\u00a0 GWh
10.2
\u2014
10.2
Futures natural gas4\u207e
105.2\u00a0 GWh
\u2014
\u2014
-0.7
-0.7
\u2014
\u2014
Forwards/swaps natural gas4\u207e
104.8\u00a0 GWh
\u2014
\u2014
-0.6
-0.6
297.1\u00a0 GWh
\u2014
0.4
\u2014
0.4
Total before netting
\u2014
\u2014
5.9
-5.1
0.7
\u2014
\u2014
31.4
-14.2
17.2
Recognition of offsetting clauses
-0.6
0.6
\u2014
\u2014
\u2014
-4.5
4.5
\u2014
EEX settlement of variation margins on futures
\u2014
0.5
0.5
\u2014
\u2014
\u2014
\u2014
\u2014
Total after netting out
\u2014
\u2014
5.3
-4.1
1.2
\u2014
\u2014
26.9
-9.7
17.2
1) In m nominal currency; energy related in GWh
2) In EURm
3) Forward exchange transactions are included in the discontinued operation (see note 43. Assets and liabilities held for sale).
4) Designated as a hedge in accordance with IFRS 9
).
EVN uses hedges to manage earnings volatility. The underlying transaction and the hedge are designed to ensure a match
between the parameters relevant for measurement (critical terms match). In order to gauge the effectiveness, the underlying
transactions are recorded in the treasury management system as hypothetical derivates and evaluated to determine whether
the relationship with the respective hedges was or will be effective. Possible sources of ineffectiveness are, for example,
timing shifts or a change in the volume of an existing underlying transaction as well as adjustments for the credit risk of hedges
and underlying transactions. All measures are based on internal guidelines.
The EVN Group uses derivative financial instruments within the framework of cash flow hedge accounting to hedge the price risk
from planned future revenues from electricity sales and to hedge the price risk from planned future costs from gas purchases.
In addition, accounting rules for hedging relationships in accordance with IFRS 9 are applied to hedge the currency risk arising
from the Umm Al Hayman wastewater treatment project, which is, however, attributed to the discontinued operation.
Therefore, the receivables and liabilities were reclassified to assets and liabilities held for sale (see note 43. Assets and liabilities
held for sale).
Umm Al Hayman
In the year the contract was accepted, EVN designated forward exchange transactions on a forward basis to hedge planned net
cash flows in foreign currency from the Umm Al Hayman project. It is the Group's policy that the critical terms of the forward
exchange transaction correspond as closely as possible to the hedged underlying transaction.
EVN establishes the existence of an economic relationship between the hedging instrument and the hedged transaction based
on the currency, amount and timing of the respective cash flows. The dollar-offset derivative method is used to evaluate
whether the derivative designated in each hedge will presumably be, and was, effective in offsetting changes in the cash flows
from the hedged transaction.
Portfolio hedge electricity
EVN implements a portfolio hedge to hedge the risk from the marketing of the Group\u2019s own electricity production. Under cash
flow hedge accounting as defined by IFRS 9, derivative financial instruments (electricity forwards and electricity future contracts)
are used to hedge the price risk from planned future income from electricity sales at variable prices. The underlying transaction
represents the portfolio of future, highly probable sales of electricity produced by the EVN Group in Austria.
Evaluating the effectiveness of the hedge involves demonstrating an economic relationship between the underlying transaction
and the hedging instrument. In addition, the default risk may not have a dominant influence on the changes in value. The
prospective effectiveness assessment principally takes place on a qualitative basis in accordance with the critical terms match
method, which compares the key conditions of the hedging instrument with the underlying transaction. In order to minimise
the risk of ineffectiveness from over-hedging, the hedges are not concluded for the total planned sales volumes. The major
conditions between the hedging instruments and planned cash flows agree, and it is therefore assumed that the changes in the
value of the hedging instruments will be offset in full by the changes in future cash flows. The hedged risks to which both the
underlying transaction and hedging instrument are exposed therefore have an opposite influence on the value of the underlying
transaction and hedging instrument.
For hedges of electricity deliveries to foreign markets, the change in the value of the hedging instruments may not always fully offset
the change in the value of future cash flows. The higher liquidity on the German market has created a situation where futures are
increasingly being concluded in this market. The electricity price in Austria consists of a German electricity price plus a DE/AT spread.
The futures products concluded in Germany therefore represent a hedge for the German price component included in the Austrian
electricity prices.
If the hedge and the underlying transaction take place on the same market, complete coverage is principally ensured between the
underlying transaction and the hedging instrument. If hedges are concluded on the German market due to a lack of sufficient
liquidity, the risk component of the German price alone represents the underlying transaction for the hedging relationship \u2013 and in
that way, achieves full coverage between the underlying transaction and the hedging instrument.
The ineffectiveness of hedges can be caused by changes in the credit risk of the counterparty or by a reduction in the expected
electricity delivery volume.
Gas procurement
EVN applies the rules for hedge accounting as defined in IFRS 9 and uses derivative financial instruments to hedge the price risk
from planned future costs for the procurement of gas at variable prices. The purpose of this price risk hedging is to fix the
cash outflows for the use of natural gas in electricity and heat production.
The underlying transaction is formed by a portfolio of future, highly probably purchases of gas for electricity and heat production
in the EVN Group. EVN generally uses swaps, forwards and futures. Derivatives are only designated as hedging instruments when
the settlement date and the volume correspond to the future highly probably transaction.
Evaluating the effectiveness of the hedge involves demonstrating an economic relationship between the underlying transaction
and the hedging instrument. In addition, default risk may not have a dominant influence on the changes in value. The prospective
effectiveness assessment is based on the critical terms match method, which compares the terms, volumes and price basis of
both instruments. If these conditions agree, it can be assumed that the changes in value of the hedge will be completely offset by
future cash flows.
Possible sources of ineffectiveness are a reduction in the volume of the expected transaction and an increased risk of default
through a deterioration in the counterparty\u2019s credit standing. These risks are minimised by hedging less than 100% of the volume,
the progressive conclusion of hedging instruments and strict counterparty management.
Disclosures on hedging relationships
The information on hedging relationships in financial year 2024/25 does not include the hedging instruments allocated to
the discontinued operation. These are forward exchange transactions in USD and KWD to hedge the net cash flows of the
Umm\u00a0Al\u00a0Hayman project. As of 30 September 2025, the reserve from these cash flow hedges amounted to EUR \u201311.0m.
Upon closing of the sale of the discontinued operation, this reserve is to be recognised in the profit and loss account (see note
43.\u00a0Assets and liabilities held for sale).
Cash flow hedging instruments
30.09.2025
EURm
Carrying
amount
Balance sheet position
Nominal
amount
Change in fair value
Portfolio hedge electricity
4.3
Other current/non-current receivables
643,6 GWh
5.7
Portfolio hedge electricity
-2.6
Other current/non-current liabilities
551,6 GWh
-0.4
Gas procurement hedge
\u2014
Other current/non-current receivables
0,0 GWh
-0.4
Gas procurement hedge
-1.3
Other current/non-current liabilities
210.0 GWh
\u2014
30.09.2024
EURm
Carrying
amount
Balance sheet position
Nominal
amount
Change in fair value
FX forwards (KWD/EUR)
-1.0
Other current/non-current liabilities
80.51)
10.0
FX forwards (USD/EUR)
-0.4
Other current/non-current liabilities
23.22)
0.7
FX forwards (BHD/EUR)
\u2014
Other current/non-current liabilities
\u2014 3)
0.6
Portfolio hedge electricity
20.1
Other current/non-current receivables
484,5 GWh
-51.4
Portfolio hedge electricity4)
-2.2
Other current/non-current liabilities
182,0 GWh
-0.3
Gas procurement hedge
0.4
Other current/non-current receivables
297.1 GWh
0.4
1) Nominal amount in KWDm
2) Nominal amount in USDm
3) Nominal amount in BHDm
4) EUR 0.7m negative market value recognised in the consolidated statement of operations at the beginning of the hedging relationship
Cash flow hedges \u2013 underlying transactions
30.09.2025
EURm
Change in fair value
Reserve for measurement
of cash flow hedges
Portfolio hedge electricity
-3.6
1.7
Gas procurement
0.4
-1.3
30.09.2024
EURm
Change in fair value
Reserve for measurement
of cash flow hedges
Payments in KWD (Firm commitment)
-9.9
-12.3
Payments in USD (Firm commitment)
-1.0
-16.9
Payments in BHD (Firm commitment)
-0.6
\u2014
Portfolio hedge electricity
133.9
19.7
Gas procurement
-0.8
0.4
Effects on the statement of comprehensive income,
statement of financial position and statement of operations
30.09.2025
EURm
Hedge gains/losses
recognised
in other compre-
hensiveincome
Ineffectiveness
recognised to
profit or loss
Positions for which
ineffectiveness
was recognised
Reclassification
from OCI to
statement of
operations
Positions for which
reclassification was
recognised
Basis adjustment
Portfolio hedge
electricity
3.6
\u2014
\u2014
21.5
Revenue
\u2014
Gas procurement
-0.4
\u2014
\u2014
1.3
Gas procurement
\u2014
30.09.2024
EURm
Hedge gains/losses
recognised
in other compre-
hensive income
Ineffectiveness
recognised to
profit or loss
Positions for which
ineffectiveness
was recognised
Reclassification
from OCI to
statement of
operations
Positions for which
reclassification was
recognised
Basis adjustment
DBO project (KWD)
9.9
\u2014
\u2014
-0.2
Revenue
\u2014
BOT project (USD)
1.0
\u2014
\u2014
-0.2
Revenue
\u2014
Project Tubli (BHD)
0.6
\u2014
\u2014
0.3
Revenue
\u2014
Portfolio hedge
electricity
-134.0
\u2014
\u2014
84.3
Revenue
\u2014
Gas procurement
0.8
\u2014
\u2014
0.4
Gas procurement
\u2014
Expected occurrence of cash flows from
forward exchange transactions
30.09.2025
Million foreign currency or exchange rate, GWh or EUR/MWh
<1 year
> 1 year
Hedging instruments portfolio hedge electricity
Nominal value in GWH
698.5
301.0
Average hedge price in EUR/MWh
92.6
91.3
Hedging instruments gas procurement
Nominal value in GWH
188.1
21.9
Average hedge price in EUR/MWh
40.2
36.7
30.09.2024
Million foreign currency or exchange rate, GWh or EUR/MWh
<1 year
> 1 year
USD
Nominal amount in USD
23.2
\u2014
Average USD/EUR forward rate
1.1432
\u2014
KWD
Nominal amount in KWD
80.5
\u2014
Average KWD/EUR forward rate
0.3435
\u2014
BHD
Nominal amount in BHD
457.3
138.8
Average BHD/EUR forward rate
123.7
88.9
Hedging instruments electricity
Nominal value in GWH
192.3
104.8
Average hedge price in EUR/MWh
38.5
39.1
Hedging instruments gas procurement
Nominal value in GWH
192.3
104.8
Average hedge price in EUR/MWh
38.5
39.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-446": { "value": "
The valuation of the investment in Verbund Hydro Power AG in 2024/25 based on the discounted cash flow method resulted
in a reversal of impairment losses of EUR\u00a09.0m in the Generation Segment. The recoverable amount was determined on the basis
of fair value less costs to sell (Level\u00a03 according to IFRS 13) and amounted to EUR\u00a0135.1m. A WACC after tax of 5.35% was
used as the discount rate, which corresponds to an iteratively derived WACC before tax of 7.33%. The present value model
underlying the valuation is based on publicly available information from the annual financial statements and, according to
available data for electricity prices, forecasts the development of the years up to 2050 and a perpetual yield without a growth rate.
In the Networks Segment, the valuation of the investment in AGGM Austrian Gas Grid Management AG based on the discounted
cash flow method resulted in the recognition of a write-up of EUR\u00a00.3m. The recoverable amount was determined on the basis
of fair value less costs to sell (Level\u00a03 according to IFRS\u00a013) and amounted to EUR 3.6m. A WACC after tax of 4.91% was used as
the discount rate. The present value model underlying the valuation is based on a perpetual yield without a growth rate which,
in turn, was developed from the average trend of data from the publicly available annual financial statements for 2021\u20132024 and
a forecast for the 2025 financial year.
In the All Other Segments, the valuation of the investment in Wiener B\u00f6rse AG based on the discounted cash flow method
resulted in a write-up of EUR\u00a00.9m in 2024/25. The recoverable amount was determined on the basis of fair value less costs to sell
(Level\u00a03 according to IFRS\u00a013) and amounted to EUR 28.8m. A WACC after tax of 6.35% was used as the discount rate. The
present value model underlying the valuation includes forecasted distributions for the coming year as well as a perpetual yield
without a growth rate
A purchase price of EUR 100m has been agreed with STRABAG, which will be payable immediately upon closing. In addition, part
of the intragroup cash pooling receivables from the WTE Group will be taken over by STRABAG, and the remaining part of the
intragroup cash pooling receivables from the WTE Group will be contributed to WTE as equity prior to closing. The contribution is
defined as an earn-out purchase price and will be repaid by STRABAG through future cash inflows from defined projects. The
amount of the earn-out purchase price depends both on the status of the cash pooling receivables at the time of closing and on
the expected cash flows from the defined projects. The expected transaction price less the costs of disposal for the discontinued
operation is below the net assets as at 30 September 2025. The valuation in accordance with IFRS 5.15 thus results in an
impairment loss of EUR 15.4m, primarily due to a discount effect on cash flows. The impairment is reported in the result of the
discontinued operation. The impairment calculated as of the reporting date depends significantly on the amount and timing of the
expected cash inflows from the projects defined for the earn-out.
63. Reporting on financial instruments
Fair value generally reflects the listed price on the balance sheet date. If this price is not available, fair value is calculated in
accordance with financial methods, e.\u00a0g. by discounting the expected cash flows at the prevailing market interest rate. The input
factors required for the calculations are explained below.
The fair value of shares in unlisted subsidiaries and other investments is based on discounted expected cash flows or comparable
transactions. For financial instruments listed on an active market, the trading price as of the balance sheet date represents fair
value. Most of the receivables, cash and cash equivalents, and current financial liabilities have short terms to maturity. Therefore,
the carrying value of these instruments as of the balance sheet date approximately corresponds to fair value. The fair value of
bonds is calculated as the present value of the discounted future cash flows based on prevailing market interest rates.
The following table shows the financial instruments carried at fair value and their classification in the fair value hierarchy
according to IFRS\u00a013.
Level 1 input factors are observable parameters such as quoted prices for identical assets or liabilities. These prices are used
for valuation purposes without modification. Level 2 input factors represent other observable parameters which must be adjusted to
reflect the specific characteristics of the valuation object. Examples of the parameters used to measure the financial instruments
classified under Level 2 are forward price curves derived from market prices, exchange rates, interest structure curves and the
counterparty credit risk. Level 3 input factors are non-observable factors which reflect the assumptions that would be used by a
market participant to determine an appropriate price. There were no reclassifications between the various levels during the
reporting period.
Information on classes and
categories of financial
instruments
30.09.2025
30.09.2024
EURm
Measurement
category
Fair value
hierarchy
(IFRS 13)
Carrying
amount
Fair value
Carrying
amount
Fair value
Classes
Non-current assets
Other investments\u00b9\u207e
Investments
FVOCI
Level 3
167.7
167.7
161.7
161.7
Investments
FVOCI
Level 1
2,716.3
2,716.3
3,269.2
3,269.2
Investments
FVTPL
Level 3
18.0
18.0
11.2
11.2
Other non-current assets
Securities
FVTPL
Level 1
82.8
82.8
78.5
78.5
Loans reveivable
AC
Level 2
24.1
23.5
26.0
26.5
Lease receivables
AC
Level 2
2.8
2.8
8.7
8.7
Receivables arising from
derivative transactions
FVTPL
Level 2
0.3
0.3
1.1
1.1
Trade and other receivables
AC
21.6
21.6
23.0
23.0
Current assets
Current receivables and
other current assets
Trade and other receivables
AC
367.3
367.3
403.9
403.9
Receivables arising from
derivative transactions
FVTPL
Level 2
5.0
5.0
25.8
25.8
Securities and other financial investments
FVTPL
Level 1
187.1
187.1
172.0
172.0
Cash and cash equivalents
Cash on hand and cash at banks
AC
89.8
89.8
78.8
78.8
Non-current liabilities
Non-current loans and borrowings
Bonds
AC
Level 2
469.9
434.3
469.7
436.4
Bank loans
AC
Level 2
730.0
728.1
518.2
514.4
1) See note 10. Other investments
30.09.2025
30.09.2024
EURm
Measurement
category
Fair value
hierarchy
(IFRS 13)
Carrying
amount
Fair value
Carrying
amount
Fair value
Classes
Other non-current liabilities
Other liabilities
AC
14.1
14.1
13.1
13.1
Liabilities arising from
derivative transactions
FVTPL
Level 2
0.6
0.6
0.4
0.4
Liabilities arising from
derivative transactions
FVTPL
Level 3
\u2014
\u2014
\u2014
\u2014
Current liabilities
Current loans and borrowings
AC
22.9
22.9
126.1
126.1
Trade payables
AC
427.4
427.4
495.3
495.3
Other current liabilities
Other financial liabilities
AC
220.4
220.4
217.6
217.6
Liabilities arising from
derivative transactions
FVTPL
Level 2
3.4
3.4
8.9
8.9
Liabilities arising from
derivative transactions
FVTPL
Level 3
0.1
0.1
0.4
0.4
thereof aggregated to
measurement categories
Fair value through
other comprehensive income
FVOCI
2,884.0
\u2014
3,430.9
\u2014
Financial assets designated at fair value
through profit or loss
FVTPL
293.2
\u2014
288.6
\u2014
Financial assets and liabilities at
amortised cost
AC
2,390.3
\u2014
2,380.3
\u2014
Financial liabilities designated at
fair value through profit or loss
FVTPL
4.1
\u2014
9.7
\u2014
Net results by measurement category\u00b9\u207e
2024/25
2023/24
EURm
Net result
Thereof impairment
losses
Net result
Thereof impairment
losses
Classes
Fair value through other comprehensive income
(FVOCI)
\u2014
\u2014
\u2014
\u2014
Financial assets at amortised cost (AC)
-16.0
-8.7
-55.1
-43.1
Financial assets and liabilities at fair value through
profit or loss (FVTPL)
3.4
\u2014
5.9
\u2014
Financial assets and liabilities (hedging)
\u2014
\u2014
-0.2
\u2014
Financial liabilities at amortised cost (AC)
\u2014
\u2014
0.2
\u2014
Total
-12.6
-8.7
-49.1
-43.1
1) The net results only involve changes to the consolidated statement of operations; interest expense/income and dividends are not included.
Derivative financial instruments and hedging transactions
Derivative financial instruments are used primarily to hedge the company\u2019s liquidity, exchange rate, price and interest rate risks.
The operative goal is to ensure the long-term continuity of the Group\u2019s earnings. All derivative financial instruments are integrated
in a risk management system as soon as the respective contracts are concluded. This allows for the preparation of a daily overview
of all main risk indicators.
The nominal values represent the separate totals of the items classified as financial derivatives on the balance sheet date. These
are reference values which, however, do not provide a measure of the risk incurred by the company through the use of these
financial instruments. In particular, potential risk factors include fluctuations in the underlying market parameters and the credit
risk of the contracting parties. Derivative financial instruments are recognised at their fair values.
Derivative financial instruments comprise the following:
Derivative financial instruments
30.09.2025
30.09.2024
Nominal value\u00b9\u207e
Fair values\u00b2\u207e
Nominal value\u00b9\u207e
Fair values\u00b2\u207e
Purchases
Disposals
Positive
Negative
Net
Purchases
Disposals
Positive
Negative
Net
Forward exchange transactions3 )
KWD4\u207e
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
80.5
3.8
-4.8
-1.0
USD4\u207e
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
23.2
0.1
-0.5
-0.4
BHD
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6.7
\u2014
-0.3
-0.3
RON
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
4.0
\u2014
\u2014
\u2014
Derivatives energy
Futures electricity
67.6\u00a0 GWh
180.0\u00a0 GWh
0.7
-0.4
0.3
375.9\u00a0 GWh
234.0\u00a0 GWh
5.3
\u2014
5.3
Forwards/swaps electricity
598.8\u00a0 GWh
630.2\u00a0 GWh
0.2
-0.2
-0.1
761.4\u00a0 GWh
183.0\u00a0 GWh
0.8
-0.5
0.3
Futures natural gas
377.2\u00a0 GWh
43.2\u00a0 GWh
0.2
-0.5
-0.3
68.1\u00a0 GWh
281.1\u00a0 GWh
0.3
-2.0
-1.6
Forwards/swaps natural gas
\u2014
375.9\u00a0 GWh
0.5
\u2014
0.5
65.9\u00a0 GWh
598.5\u00a0 GWh
0.5
-4.0
-3.5
Futures electricity4\u207e
97.9\u00a0 GWh
899.3\u00a0 GWh
3.9
-2.3
1.6
35.2\u00a0 GWh
576.0\u00a0 GWh
9.9
-2.2
7.8
Forwards/swaps electricity4\u207e
\u2014
198.1\u00a0 GWh
0.4
-0.4
0.1
\u2014
55.2\u00a0 GWh
10.2
\u2014
10.2
Futures natural gas4\u207e
105.2\u00a0 GWh
\u2014
\u2014
-0.7
-0.7
\u2014
\u2014
Forwards/swaps natural gas4\u207e
104.8\u00a0 GWh
\u2014
\u2014
-0.6
-0.6
297.1\u00a0 GWh
\u2014
0.4
\u2014
0.4
Total before netting
\u2014
\u2014
5.9
-5.1
0.7
\u2014
\u2014
31.4
-14.2
17.2
Recognition of offsetting clauses
-0.6
0.6
\u2014
\u2014
\u2014
-4.5
4.5
\u2014
EEX settlement of variation margins on futures
\u2014
0.5
0.5
\u2014
\u2014
\u2014
\u2014
\u2014
Total after netting out
\u2014
\u2014
5.3
-4.1
1.2
\u2014
\u2014
26.9
-9.7
17.2
1) In m nominal currency; energy related in GWh
2) In EURm
3) Forward exchange transactions are included in the discontinued operation (see note 43. Assets and liabilities held for sale).
4) Designated as a hedge in accordance with IFRS 9
).
EVN uses hedges to manage earnings volatility. The underlying transaction and the hedge are designed to ensure a match
between the parameters relevant for measurement (critical terms match). In order to gauge the effectiveness, the underlying
transactions are recorded in the treasury management system as hypothetical derivates and evaluated to determine whether
the relationship with the respective hedges was or will be effective. Possible sources of ineffectiveness are, for example,
timing shifts or a change in the volume of an existing underlying transaction as well as adjustments for the credit risk of hedges
and underlying transactions. All measures are based on internal guidelines.
The EVN Group uses derivative financial instruments within the framework of cash flow hedge accounting to hedge the price risk
from planned future revenues from electricity sales and to hedge the price risk from planned future costs from gas purchases.
In addition, accounting rules for hedging relationships in accordance with IFRS 9 are applied to hedge the currency risk arising
from the Umm Al Hayman wastewater treatment project, which is, however, attributed to the discontinued operation.
Therefore, the receivables and liabilities were reclassified to assets and liabilities held for sale (see note 43. Assets and liabilities
held for sale).
Disclosures on hedging relationships
The information on hedging relationships in financial year 2024/25 does not include the hedging instruments allocated to
the discontinued operation. These are forward exchange transactions in USD and KWD to hedge the net cash flows of the
Umm\u00a0Al\u00a0Hayman project. As of 30 September 2025, the reserve from these cash flow hedges amounted to EUR \u201311.0m.
Upon closing of the sale of the discontinued operation, this reserve is to be recognised in the profit and loss account (see note
43.\u00a0Assets and liabilities held for sale).
Cash flow hedging instruments
30.09.2025
EURm
Carrying
amount
Balance sheet position
Nominal
amount
Change in fair value
Portfolio hedge electricity
4.3
Other current/non-current receivables
643,6 GWh
5.7
Portfolio hedge electricity
-2.6
Other current/non-current liabilities
551,6 GWh
-0.4
Gas procurement hedge
\u2014
Other current/non-current receivables
0,0 GWh
-0.4
Gas procurement hedge
-1.3
Other current/non-current liabilities
210.0 GWh
\u2014
30.09.2024
EURm
Carrying
amount
Balance sheet position
Nominal
amount
Change in fair value
FX forwards (KWD/EUR)
-1.0
Other current/non-current liabilities
80.51)
10.0
FX forwards (USD/EUR)
-0.4
Other current/non-current liabilities
23.22)
0.7
FX forwards (BHD/EUR)
\u2014
Other current/non-current liabilities
\u2014 3)
0.6
Portfolio hedge electricity
20.1
Other current/non-current receivables
484,5 GWh
-51.4
Portfolio hedge electricity4)
-2.2
Other current/non-current liabilities
182,0 GWh
-0.3
Gas procurement hedge
0.4
Other current/non-current receivables
297.1 GWh
0.4
1) Nominal amount in KWDm
2) Nominal amount in USDm
3) Nominal amount in BHDm
4) EUR 0.7m negative market value recognised in the consolidated statement of operations at the beginning of the hedging relationship
Cash flow hedges \u2013 underlying transactions
30.09.2025
EURm
Change in fair value
Reserve for measurement
of cash flow hedges
Portfolio hedge electricity
-3.6
1.7
Gas procurement
0.4
-1.3
30.09.2024
EURm
Change in fair value
Reserve for measurement
of cash flow hedges
Payments in KWD (Firm commitment)
-9.9
-12.3
Payments in USD (Firm commitment)
-1.0
-16.9
Payments in BHD (Firm commitment)
-0.6
\u2014
Portfolio hedge electricity
133.9
19.7
Gas procurement
-0.8
0.4
Effects on the statement of comprehensive income,
statement of financial position and statement of operations
30.09.2025
EURm
Hedge gains/losses
recognised
in other compre-
hensiveincome
Ineffectiveness
recognised to
profit or loss
Positions for which
ineffectiveness
was recognised
Reclassification
from OCI to
statement of
operations
Positions for which
reclassification was
recognised
Basis adjustment
Portfolio hedge
electricity
3.6
\u2014
\u2014
21.5
Revenue
\u2014
Gas procurement
-0.4
\u2014
\u2014
1.3
Gas procurement
\u2014
30.09.2024
EURm
Hedge gains/losses
recognised
in other compre-
hensive income
Ineffectiveness
recognised to
profit or loss
Positions for which
ineffectiveness
was recognised
Reclassification
from OCI to
statement of
operations
Positions for which
reclassification was
recognised
Basis adjustment
DBO project (KWD)
9.9
\u2014
\u2014
-0.2
Revenue
\u2014
BOT project (USD)
1.0
\u2014
\u2014
-0.2
Revenue
\u2014
Project Tubli (BHD)
0.6
\u2014
\u2014
0.3
Revenue
\u2014
Portfolio hedge
electricity
-134.0
\u2014
\u2014
84.3
Revenue
\u2014
Gas procurement
0.8
\u2014
\u2014
0.4
Gas procurement
\u2014
Expected occurrence of cash flows from
forward exchange transactions
30.09.2025
Million foreign currency or exchange rate, GWh or EUR/MWh
<1 year
> 1 year
Hedging instruments portfolio hedge electricity
Nominal value in GWH
698.5
301.0
Average hedge price in EUR/MWh
92.6
91.3
Hedging instruments gas procurement
Nominal value in GWH
188.1
21.9
Average hedge price in EUR/MWh
40.2
36.7
30.09.2024
Million foreign currency or exchange rate, GWh or EUR/MWh
<1 year
> 1 year
USD
Nominal amount in USD
23.2
\u2014
Average USD/EUR forward rate
1.1432
\u2014
KWD
Nominal amount in KWD
80.5
\u2014
Average KWD/EUR forward rate
0.3435
\u2014
BHD
Nominal amount in BHD
457.3
138.8
Average BHD/EUR forward rate
123.7
88.9
Hedging instruments electricity
Nominal value in GWH
192.3
104.8
Average hedge price in EUR/MWh
38.5
39.1
Hedging instruments gas procurement
Nominal value in GWH
192.3
104.8
Average hedge price in EUR/MWh
38.5
39.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-448": { "value": "
39. Other non-current assets
Other non-current assets
EURm
30.09.2025
30.09.2024
Non-current financial assets
Securities
82.8
78.5
Loans receivable
24.1
26.0
Lease receivables
2.8
8.7
Receivables arising from derivative transactions
0.3
1.1
Receivables and other assets
21.6
23.0
Non-current other assets
Contract assets
4.8
3.8
Contract costs
\u2014
5.2
Primary energy reserves
0.1
0.8
Remaining other non-current assets
6.4
10.3
Total
142.9
157.5
Securities reported under other non-current assets consist mainly of shares in investment funds and serve as coverage for the
provisions for pensions and similar obligations as required by Austrian tax law. The carrying amounts correspond to the fair value
as of the balance sheet date.
Lease receivables relate to the PPP projects that will remain in EVN\u2019s environmental business. The decrease compared with the
previous year is mainly attributable to the reclassification to assets held for sale (see also note 43.\u00a0Assets and liabilities held
for sale).
The reconciliation of the future minimum lease payments to their present value is as follows:
Terms to maturity of
non-current lease receivables
Remaining term to maturity as of 30.09.2025
Remaining term to maturity as of 30.09.2024
EURm
Principal
components
Interest
components
Total
Principal
components
Interest
components
Total
<5 years
2.8
0.2
2.9
8.7
0.6
9.3
>5 years
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
2.8
0.2
2.9
8.7
0.6
9.3
The total of the principal components corresponds to the capitalised value of the lease receivables. The interest components
correspond to the proportionate share of the interest component of the total lease payment and do not represent discounted
amounts. The interest components of the lease payments in 2024/25 were reported as interest income on non-current assets.
Receivables and other assets include claims from trade receivables in North Macedonia that are reported under non-current
assets\u00a0as a result of instalment plan agreements. In addition, non-current receivables from the Bulgarian Post in the amount of
EUR\u00a016.5m are included.
The contract costs reported under this position in the previous year represented costs for obtaining contracts, as defined in
IFRS\u00a015.91, and were related to the international project business. Contract costs totalling EUR 86.7m were capitalised in 2019/20
and amortised on a systematic basis up to the classification as a discontinued operation on 31 December 2024 in line with the
expected timing of the underlying contract and depending on how the goods or services were scheduled for transfer to the
customer. The carrying amount was therefore reduced by EUR 2.6m in 2024/25. The residual carrying amount was reclassified
to\u00a0assets held for sale (see notes 31. Depreciation and amortisation and effects from impairment tests and
43.\u00a0Assets\u00a0and liabilities held for sale).
41. Trade and other receivables
Trade and other receivables
EURm
30.09.2025
30.09.2024
Financial assets
Trade accounts receivable
259.7
250.2
Receivables from investments in equity accounted investees
22.6
40.6
Receivables from non-consolidated subsidiaries
0.3
1.6
Receivables from employees
\u2014
0.1
Receivables arising from derivative transactions
5.0
25.8
Lease receivables
0.7
2.0
Other receivables and assets
83.9
109.3
372.3
429.5
Other receivables
Taxes and levies receivable
35.3
68.9
Prepayments
27.8
109.0
Contract assets
\u2014
229.6
63.2
407.4
Total
435.5
837.1
Trade accounts receivable relate mainly to electricity, natural gas and heating customers. Notes to impairment losses and default
risks for trade receivables can be found in note 61. Risk management.
Receivables from investments in equity accounted investees and receivables from non-consolidated subsidiaries arise primarily from
intragroup transactions related to energy supplies as well as Group financing and services provided to those companies.
Receivables from derivative transactions include positive market values of derivatives in the energy sector. Other receivables and
assets include receivables from insurance companies and short-term loans.
The reduction in advance payments made and contract assets is attributable to the intended sale of the international project
business. As a result of its classification as a discontinued operation, it was reclassified to the item \u201cAssets held for sale\u201d (see
note 43. Assets and liabilities held for sale).
As of 30 September 2025, as in the previous year, no receivables were pledged as collateral for EVN\u2019s own liabilities.
42. Securities and other financial investments
Composition of securities and other financial investments
EURm
30.09.2025
30.09.2024
Funds
187.1
159.9
thereof cash funds
186.9
159.7
thereof other fund products
0.2
0.2
Time deposits and other restricted cash
\u2014
12.1
Total
187.1
172.0
Due to the development of stock market prices, a reversal of impairment losses amounting to EUR\u00a00.9m (previous year: EUR\u00a00.7m)
was recognised in profit or loss in the 2024/25 financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-447": { "value": "
39. Other non-current assets
Other non-current assets
EURm
30.09.2025
30.09.2024
Non-current financial assets
Securities
82.8
78.5
Loans receivable
24.1
26.0
Lease receivables
2.8
8.7
Receivables arising from derivative transactions
0.3
1.1
Receivables and other assets
21.6
23.0
Non-current other assets
Contract assets
4.8
3.8
Contract costs
\u2014
5.2
Primary energy reserves
0.1
0.8
Remaining other non-current assets
6.4
10.3
Total
142.9
157.5
Securities reported under other non-current assets consist mainly of shares in investment funds and serve as coverage for the
provisions for pensions and similar obligations as required by Austrian tax law. The carrying amounts correspond to the fair value
as of the balance sheet date.
Lease receivables relate to the PPP projects that will remain in EVN\u2019s environmental business. The decrease compared with the
previous year is mainly attributable to the reclassification to assets held for sale (see also note 43.\u00a0Assets and liabilities held
for sale).
The reconciliation of the future minimum lease payments to their present value is as follows:
Terms to maturity of
non-current lease receivables
Remaining term to maturity as of 30.09.2025
Remaining term to maturity as of 30.09.2024
EURm
Principal
components
Interest
components
Total
Principal
components
Interest
components
Total
<5 years
2.8
0.2
2.9
8.7
0.6
9.3
>5 years
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
2.8
0.2
2.9
8.7
0.6
9.3
The total of the principal components corresponds to the capitalised value of the lease receivables. The interest components
correspond to the proportionate share of the interest component of the total lease payment and do not represent discounted
amounts. The interest components of the lease payments in 2024/25 were reported as interest income on non-current assets.
Receivables and other assets include claims from trade receivables in North Macedonia that are reported under non-current
assets\u00a0as a result of instalment plan agreements. In addition, non-current receivables from the Bulgarian Post in the amount of
EUR\u00a016.5m are included.
The contract costs reported under this position in the previous year represented costs for obtaining contracts, as defined in
IFRS\u00a015.91, and were related to the international project business. Contract costs totalling EUR 86.7m were capitalised in 2019/20
and amortised on a systematic basis up to the classification as a discontinued operation on 31 December 2024 in line with the
expected timing of the underlying contract and depending on how the goods or services were scheduled for transfer to the
customer. The carrying amount was therefore reduced by EUR 2.6m in 2024/25. The residual carrying amount was reclassified
to\u00a0assets held for sale (see notes 31. Depreciation and amortisation and effects from impairment tests and
43.\u00a0Assets\u00a0and liabilities held for sale).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-449": { "value": "
Receivables and other assets include claims from trade receivables in North Macedonia that are reported under non-current
assets\u00a0as a result of instalment plan agreements. In addition, non-current receivables from the Bulgarian Post in the amount of
EUR\u00a016.5m are included.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-450": { "value": "
40. Inventories
Inventories
EURm
30.09.2025
30.09.2024
Primary energy inventories
10.8
47.3
CO2 emission certificates
14.3
11.3
Raw materials, supplies, consumables and other inventories
52.6
49.8
Customer orders not yet invoiced
8.7
7.7
Total
86.5
116.2
Primary energy inventories consist primarily of natural gas. Gas inventories totalled EUR 7.0m as of 30 September 2025
(previous year: EUR 40.9m).
Part of the natural gas inventories are measured according to the broker-trader exception because they are held exclusively
for\u00a0trading. Consequently, these natural gas inventories are measured at fair value (Level 1) less costs to sell. The fair value of
the\u00a0inventories held for trading totalled EUR 1.2m (previous year: EUR 5.7m) as of 30 September 2025. Negative changes in
the\u00a0market value resulted in a revaluation through profit or loss of EUR \u20130.3m (previous year: less than EUR 0.1m) as of
30\u00a0September\u00a02025.
The CO2 emission certificates relate exclusively to certificates purchased to fulfil the requirements of the Austrian Emission
Certificate Act and which have not yet been used. The corresponding obligation for any shortfall in the certificates is reported
under current provisions (see note 57. Current provisions).
Valuation allowances of EUR 0.1m were recognised to inventories in 2024/25 (previous year: EUR 0.2m) and were contrasted by
revaluations of EUR 1.5m (previous year: EUR 0.3m). The inventories are not subject to any restrictions on disposal or other
encumbrances.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-453": { "value": "
41. Trade and other receivables
Trade and other receivables
EURm
30.09.2025
30.09.2024
Financial assets
Trade accounts receivable
259.7
250.2
Receivables from investments in equity accounted investees
22.6
40.6
Receivables from non-consolidated subsidiaries
0.3
1.6
Receivables from employees
\u2014
0.1
Receivables arising from derivative transactions
5.0
25.8
Lease receivables
0.7
2.0
Other receivables and assets
83.9
109.3
372.3
429.5
Other receivables
Taxes and levies receivable
35.3
68.9
Prepayments
27.8
109.0
Contract assets
\u2014
229.6
63.2
407.4
Total
435.5
837.1
Trade accounts receivable relate mainly to electricity, natural gas and heating customers. Notes to impairment losses and default
risks for trade receivables can be found in note 61. Risk management.
Receivables from investments in equity accounted investees and receivables from non-consolidated subsidiaries arise primarily from
intragroup transactions related to energy supplies as well as Group financing and services provided to those companies.
Receivables from derivative transactions include positive market values of derivatives in the energy sector. Other receivables and
assets include receivables from insurance companies and short-term loans.
The reduction in advance payments made and contract assets is attributable to the intended sale of the international project
business. As a result of its classification as a discontinued operation, it was reclassified to the item \u201cAssets held for sale\u201d (see
note 43. Assets and liabilities held for sale).
As of 30 September 2025, as in the previous year, no receivables were pledged as collateral for EVN\u2019s own liabilities.
EVN uses the practical expedient provided by IFRS 9.B5.5.35 for trade receivables and calculates the expected credit losses
with a provision matrix. The input factors include analyses of default incidents in previous financial years based on different
regional characteristics for the core markets. These factors form the basis for the development of a provision matrix with
different time ranges.
In the current situation, it is particularly important to evaluate how the macroeconomic environment will influence the expected
credit losses on trade receivables. Despite the economic developments in recent years, there was no sharp rise in receivables
defaults by customers, in particular because of numerous government support measures. It is expected that there will be an
increasing number of insolvencies in Europe, and we therefore expect higher receivables defaults in the future. For this reason,
the EVN\u00a0Group recognised a EUR 4.1m (previous year: EUR 5.1m) higher impairment loss to trade receivables for the 2024/25
financial year via a forward-looking component.
:
Expected credit losses in Austria
30.09.2025
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20130.1
0.0
95.0
94.9
\u2014
Up to 89 days overdue
0.0\u20130.6
1.0
9.6
9.6
0.1
Up to 179 days overdue
6.3\u201334.1
9.2
2.7
2.4
0.2
Up to 359 days overdue
8.6\u201326.5
8.9
5.9
5.4
0.5
>360 days overdue
12.4\u2013100.0
30.9
14.1
9.7
4.4
Total
127.3
122.0
5.3
30.09.2024
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20130.1
0.1
43.7
43.7
\u2014
Up to 89 days overdue
0.1\u20130.6
0.8
9.6
9.5
0.1
Up to 179 days overdue
4.6\u201319.7
12.0
2.2
1.9
0.3
Up to 359 days overdue
7.9\u201355.2
16.4
3.3
2.8
0.5
>360 days overdue
15.5\u2013100.0
34.3
12.5
8.2
4.3
Total
71.3
66.1
5.2
Expected credit losses in Bulgaria
30.09.2025
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20132.0
0.1
65.7
65.6
0.1
Up to 89 days overdue
0.0\u201360.3
8.6
4.7
4.3
0.4
Up to 179 days overdue
5.6\u201360.6
30.8
1.1
0.7
0.3
Up to 359 days overdue
56.0\u2013100.0
72.3
1.2
0.3
0.9
>360 days overdue
100.0
100.0
13.7
\u2014
13.7
Total
86.4
70.9
15.4
30.09.2024
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20132.7
0.4
47.8
47.6
0.2
Up to 89 days overdue
2.1\u2013100.0
6.5
7.9
7.4
0.5
Up to 179 days overdue
28.4\u2013100.0
63.8
1.2
0.4
0.7
Up to 359 days overdue
63.2\u2013100.0
87.8
1.4
0.2
1.2
>360 days overdue
100.0
100.0
14.3
\u2014
14.3
Total
72.5
55.6
17.0
Expected credit losses in
North Macedonia
30.09.2025
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.4\u2013100.0
64.7
148.3
52.3
96.0
thereof instalment
agreements
17.5\u2013100.0
88.5
87.4
10.1
77.3
thereof without instalment
agreements
0.4\u201336.6
30.7
61.0
42.2
18.7
Up to 89 days overdue
2.4\u2013100.0
10.1
20.8
18.7
2.1
Up to 179 days overdue
42.3\u2013100.0
78.9
6.3
1.3
5.0
Up to 359 days overdue
52.6\u2013100.0
94.6
9.5
0.5
9.0
>360 days overdue
100.0
100.0
162.0
\u2014
162.0
Total
347.0
72.9
274.1
30.09.2024
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.4\u2013100.0
55.2
145.3
65.1
80.2
thereof instalment
agreements
17.5\u2013100.0
88.5
87.7
10.1
77.5
thereof without instalment
agreements
0.4\u201336.6
4.7
57.6
54.9
2.7
Up to 89 days overdue
2.4\u2013100.0
9.7
23.6
21.3
2.3
Up to 179 days overdue
42.3\u2013100.0
80.5
6.6
1.3
5.3
Up to 359 days overdue
52.6\u2013100.0
92.2
10.9
0.5
10.4
>360 days overdue
100.0
100.0
169.7
\u2014
169.7
Total
356.1
88.2
267.9
The overview of expected credit losses in North Macedonia includes both current and non-current trade receivables. Following the
conclusion of instalment agreements with customers in North Macedonia, existing trade receivables were reclassified as non-
current. These receivables are not considered part of overdue receivables and, consequently, this category carries a higher average
probability of default than the category \u201cup to 89 days overdue\u201d.
In the financial year 2024/25, impairments of EUR 8.7m (previous year: EUR 36.7m) were recognised for trade receivables.
The impairments mainly resulted from expected credit losses under consideration of a provision matrix. As in the previous year,
no impairment of contract assets was necessary.
The following table shows the development of impairment losses to trade receivables in 2024/25:
Impairment losses \u2013 trade receivables
EURm
2024/25
2023/24
Balance on 1.10
305.4
286.7
Additions
8.7
36.7
Disposal
-19.3
-17.9
Balance on 30.09.
294.8
305.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-452": { "value": "
41. Trade and other receivables
Trade and other receivables
EURm
30.09.2025
30.09.2024
Financial assets
Trade accounts receivable
259.7
250.2
Receivables from investments in equity accounted investees
22.6
40.6
Receivables from non-consolidated subsidiaries
0.3
1.6
Receivables from employees
\u2014
0.1
Receivables arising from derivative transactions
5.0
25.8
Lease receivables
0.7
2.0
Other receivables and assets
83.9
109.3
372.3
429.5
Other receivables
Taxes and levies receivable
35.3
68.9
Prepayments
27.8
109.0
Contract assets
\u2014
229.6
63.2
407.4
Total
435.5
837.1
Trade accounts receivable relate mainly to electricity, natural gas and heating customers. Notes to impairment losses and default
risks for trade receivables can be found in note 61. Risk management.
Receivables from investments in equity accounted investees and receivables from non-consolidated subsidiaries arise primarily from
intragroup transactions related to energy supplies as well as Group financing and services provided to those companies.
Receivables from derivative transactions include positive market values of derivatives in the energy sector. Other receivables and
assets include receivables from insurance companies and short-term loans.
The reduction in advance payments made and contract assets is attributable to the intended sale of the international project
business. As a result of its classification as a discontinued operation, it was reclassified to the item \u201cAssets held for sale\u201d (see
note 43. Assets and liabilities held for sale).
As of 30 September 2025, as in the previous year, no receivables were pledged as collateral for EVN\u2019s own liabilities.
42. Securities and other financial investments
Composition of securities and other financial investments
EURm
30.09.2025
30.09.2024
Funds
187.1
159.9
thereof cash funds
186.9
159.7
thereof other fund products
0.2
0.2
Time deposits and other restricted cash
\u2014
12.1
Total
187.1
172.0
Due to the development of stock market prices, a reversal of impairment losses amounting to EUR\u00a00.9m (previous year: EUR\u00a00.7m)
was recognised in profit or loss in the 2024/25 financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-451": { "value": "
41. Trade and other receivables
Trade and other receivables
EURm
30.09.2025
30.09.2024
Financial assets
Trade accounts receivable
259.7
250.2
Receivables from investments in equity accounted investees
22.6
40.6
Receivables from non-consolidated subsidiaries
0.3
1.6
Receivables from employees
\u2014
0.1
Receivables arising from derivative transactions
5.0
25.8
Lease receivables
0.7
2.0
Other receivables and assets
83.9
109.3
372.3
429.5
Other receivables
Taxes and levies receivable
35.3
68.9
Prepayments
27.8
109.0
Contract assets
\u2014
229.6
63.2
407.4
Total
435.5
837.1
Trade accounts receivable relate mainly to electricity, natural gas and heating customers. Notes to impairment losses and default
risks for trade receivables can be found in note 61. Risk management.
Receivables from investments in equity accounted investees and receivables from non-consolidated subsidiaries arise primarily from
intragroup transactions related to energy supplies as well as Group financing and services provided to those companies.
Receivables from derivative transactions include positive market values of derivatives in the energy sector. Other receivables and
assets include receivables from insurance companies and short-term loans.
The reduction in advance payments made and contract assets is attributable to the intended sale of the international project
business. As a result of its classification as a discontinued operation, it was reclassified to the item \u201cAssets held for sale\u201d (see
note 43. Assets and liabilities held for sale).
As of 30 September 2025, as in the previous year, no receivables were pledged as collateral for EVN\u2019s own liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-455": { "value": "
42. Securities and other financial investments
Composition of securities and other financial investments
EURm
30.09.2025
30.09.2024
Funds
187.1
159.9
thereof cash funds
186.9
159.7
thereof other fund products
0.2
0.2
Time deposits and other restricted cash
\u2014
12.1
Total
187.1
172.0
Due to the development of stock market prices, a reversal of impairment losses amounting to EUR\u00a00.9m (previous year: EUR\u00a00.7m)
was recognised in profit or loss in the 2024/25 financial year.
Cash and cash equivalents
EURm
30.09.2025
30.09.2024
Cash
89.8
65.2
thereof cash on hand
\u2014
0.1
thereof cash at banks
89.7
65.1
Bank overdrafts
-1.5
\u2014
Cash and cash equivalents of the discontinued operation1)
46.8
13.6
Total
135.1
78.8
1) These are consolidated figures that do not take into account intragroup cash pooling liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-454": { "value": "
42. Securities and other financial investments
Composition of securities and other financial investments
EURm
30.09.2025
30.09.2024
Funds
187.1
159.9
thereof cash funds
186.9
159.7
thereof other fund products
0.2
0.2
Time deposits and other restricted cash
\u2014
12.1
Total
187.1
172.0
Due to the development of stock market prices, a reversal of impairment losses amounting to EUR\u00a00.9m (previous year: EUR\u00a00.7m)
was recognised in profit or loss in the 2024/25 financial year.
63. Reporting on financial instruments
Fair value generally reflects the listed price on the balance sheet date. If this price is not available, fair value is calculated in
accordance with financial methods, e.\u00a0g. by discounting the expected cash flows at the prevailing market interest rate. The input
factors required for the calculations are explained below.
The fair value of shares in unlisted subsidiaries and other investments is based on discounted expected cash flows or comparable
transactions. For financial instruments listed on an active market, the trading price as of the balance sheet date represents fair
value. Most of the receivables, cash and cash equivalents, and current financial liabilities have short terms to maturity. Therefore,
the carrying value of these instruments as of the balance sheet date approximately corresponds to fair value. The fair value of
bonds is calculated as the present value of the discounted future cash flows based on prevailing market interest rates.
The following table shows the financial instruments carried at fair value and their classification in the fair value hierarchy
according to IFRS\u00a013.
Level 1 input factors are observable parameters such as quoted prices for identical assets or liabilities. These prices are used
for valuation purposes without modification. Level 2 input factors represent other observable parameters which must be adjusted to
reflect the specific characteristics of the valuation object. Examples of the parameters used to measure the financial instruments
classified under Level 2 are forward price curves derived from market prices, exchange rates, interest structure curves and the
counterparty credit risk. Level 3 input factors are non-observable factors which reflect the assumptions that would be used by a
market participant to determine an appropriate price. There were no reclassifications between the various levels during the
reporting period.
Information on classes and
categories of financial
instruments
30.09.2025
30.09.2024
EURm
Measurement
category
Fair value
hierarchy
(IFRS 13)
Carrying
amount
Fair value
Carrying
amount
Fair value
Classes
Non-current assets
Other investments\u00b9\u207e
Investments
FVOCI
Level 3
167.7
167.7
161.7
161.7
Investments
FVOCI
Level 1
2,716.3
2,716.3
3,269.2
3,269.2
Investments
FVTPL
Level 3
18.0
18.0
11.2
11.2
Other non-current assets
Securities
FVTPL
Level 1
82.8
82.8
78.5
78.5
Loans reveivable
AC
Level 2
24.1
23.5
26.0
26.5
Lease receivables
AC
Level 2
2.8
2.8
8.7
8.7
Receivables arising from
derivative transactions
FVTPL
Level 2
0.3
0.3
1.1
1.1
Trade and other receivables
AC
21.6
21.6
23.0
23.0
Current assets
Current receivables and
other current assets
Trade and other receivables
AC
367.3
367.3
403.9
403.9
Receivables arising from
derivative transactions
FVTPL
Level 2
5.0
5.0
25.8
25.8
Securities and other financial investments
FVTPL
Level 1
187.1
187.1
172.0
172.0
Cash and cash equivalents
Cash on hand and cash at banks
AC
89.8
89.8
78.8
78.8
Non-current liabilities
Non-current loans and borrowings
Bonds
AC
Level 2
469.9
434.3
469.7
436.4
Bank loans
AC
Level 2
730.0
728.1
518.2
514.4
1) See note 10. Other investments
30.09.2025
30.09.2024
EURm
Measurement
category
Fair value
hierarchy
(IFRS 13)
Carrying
amount
Fair value
Carrying
amount
Fair value
Classes
Other non-current liabilities
Other liabilities
AC
14.1
14.1
13.1
13.1
Liabilities arising from
derivative transactions
FVTPL
Level 2
0.6
0.6
0.4
0.4
Liabilities arising from
derivative transactions
FVTPL
Level 3
\u2014
\u2014
\u2014
\u2014
Current liabilities
Current loans and borrowings
AC
22.9
22.9
126.1
126.1
Trade payables
AC
427.4
427.4
495.3
495.3
Other current liabilities
Other financial liabilities
AC
220.4
220.4
217.6
217.6
Liabilities arising from
derivative transactions
FVTPL
Level 2
3.4
3.4
8.9
8.9
Liabilities arising from
derivative transactions
FVTPL
Level 3
0.1
0.1
0.4
0.4
thereof aggregated to
measurement categories
Fair value through
other comprehensive income
FVOCI
2,884.0
\u2014
3,430.9
\u2014
Financial assets designated at fair value
through profit or loss
FVTPL
293.2
\u2014
288.6
\u2014
Financial assets and liabilities at
amortised cost
AC
2,390.3
\u2014
2,380.3
\u2014
Financial liabilities designated at
fair value through profit or loss
FVTPL
4.1
\u2014
9.7
\u2014
The above table with information on the classes and categories of financial instruments shows cash flow hedges (portfolio
hedge \u2013 electricity) together with derivative financial instruments that are carried at fair value through profit or loss. A separate
presentation is not possible due to the offsetting of derivative financial instruments based on conventional netting agreements
in the energy business (see note 9. Financial instruments). The valuation category FVTPL therefore includes positive fair values
of EUR\u00a05.9m (previous year: EUR 20.5m) and negative fair values of EUR \u20135.2m (previous year: EUR \u20132.2m) which were
measured at fair value through other comprehensive income (FVOCI).
Net results by measurement category\u00b9\u207e
2024/25
2023/24
EURm
Net result
Thereof impairment
losses
Net result
Thereof impairment
losses
Classes
Fair value through other comprehensive income
(FVOCI)
\u2014
\u2014
\u2014
\u2014
Financial assets at amortised cost (AC)
-16.0
-8.7
-55.1
-43.1
Financial assets and liabilities at fair value through
profit or loss (FVTPL)
3.4
\u2014
5.9
\u2014
Financial assets and liabilities (hedging)
\u2014
\u2014
-0.2
\u2014
Financial liabilities at amortised cost (AC)
\u2014
\u2014
0.2
\u2014
Total
-12.6
-8.7
-49.1
-43.1
1) The net results only involve changes to the consolidated statement of operations; interest expense/income and dividends are not included.
Derivative financial instruments and hedging transactions
Derivative financial instruments are used primarily to hedge the company\u2019s liquidity, exchange rate, price and interest rate risks.
The operative goal is to ensure the long-term continuity of the Group\u2019s earnings. All derivative financial instruments are integrated
in a risk management system as soon as the respective contracts are concluded. This allows for the preparation of a daily overview
of all main risk indicators.
The nominal values represent the separate totals of the items classified as financial derivatives on the balance sheet date. These
are reference values which, however, do not provide a measure of the risk incurred by the company through the use of these
financial instruments. In particular, potential risk factors include fluctuations in the underlying market parameters and the credit
risk of the contracting parties. Derivative financial instruments are recognised at their fair values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-458": { "value": "
43. Assets and liabilities held for sale
On 10 December 2024, EVN and STRABAG SE reached an agreement on the key points of a possible sale of material parts of the
EVN Group\u2019s international project business and negotiated binding transaction documents. As of 31 December 2024, the criteria
have therefore been met to report the available-for-sale parts of the international project business in the consolidated financial
statements in the Environment Segment as held for sale in accordance with IFRS 5. This reclassification specifically involves WTE
Wassertechnik\u00a0GmbH, which is headquartered in Essen, Germany, together with its subsidiaries, which are involved in either the
operation of plants in Austria, Germany, Slovenia, Cyprus and Kuwait, or the construction of plants for drinking water supplies,
wastewater disposal and thermal sewage sludge utilisation in Germany, Romania, North Macedonia, Croatia, Bahrain and Kuwait.
As this is a significant line of business that covers almost the entire Environment Segment, it is classified as a discontinued
operation.
On 18 June 2025, the binding transaction documents were finalised and the purchase agreement was signed. The closing is
subject to the granting of necessary approvals and consents from third parties as well as the fulfilment of customary market
conditions and is expected to take place by March 2026. As at 30 September 2025, discontinued operations comprised the
following assets and liabilities after consolidation of all intragroup receivables and liabilities:
Assets and liabilities held for sale of the discontinued operation
EURm
30.09.2025
Non-current assets
Intangible assets
0.3
Property, plant and equipment
18.1
Investments in equity accounted investees
69.1
Other investments
0.4
Deferred tax assets
2.7
Other non-current assets
5.7
Current assets
Inventories
2.3
Trade and other receivables
460.6
Cash and cash equivalents
46.9
Assets held for sale
606.1
Non-current liabilities
Loans and borrowings
3.4
Provisions
2.5
Other liabilities
2.4
Current liabilities
Loans and borrowings
0.4
Tax liabilities
11.0
Trade payables
78.2
Provisions
21.5
Other liabilities
92.5
Liabilities held for sale
211.8
As a result, assets from the discontinued operation of EUR 606.1m and liabilities from the discontinued operation of EUR 211.8m
are reported in EVN AG\u2019s consolidated statement of financial position as at 30 September 2025. Intragroup receivables from the
discontinued operation amounting to EUR 3.4m and intragroup liabilities from the discontinued operation amounting to
EUR\u00a0314.8m were eliminated as part of debt consolidation in accordance with IFRS 10. If the intragroup receivables and liabilities
were recognised, the total assets and liabilities of the discontinued operation would increase to EUR 609.6m and EUR 526.6m,
respectively.
The current receivables of the discontinued operation include contract assets from project business services not yet invoiced in
the amount of EUR 199.3m.
A purchase price of EUR 100m has been agreed with STRABAG, which will be payable immediately upon closing. In addition, part
of the intragroup cash pooling receivables from the WTE Group will be taken over by STRABAG, and the remaining part of the
intragroup cash pooling receivables from the WTE Group will be contributed to WTE as equity prior to closing. The contribution is
defined as an earn-out purchase price and will be repaid by STRABAG through future cash inflows from defined projects. The
amount of the earn-out purchase price depends both on the status of the cash pooling receivables at the time of closing and on
the expected cash flows from the defined projects. The expected transaction price less the costs of disposal for the discontinued
operation is below the net assets as at 30 September 2025. The valuation in accordance with IFRS 5.15 thus results in an
impairment loss of EUR 15.4m, primarily due to a discount effect on cash flows. The impairment is reported in the result of the
discontinued operation. The impairment calculated as of the reporting date depends significantly on the amount and timing of the
expected cash inflows from the projects defined for the earn-out.
As at 30 September 2025, the discontinued operation includes cumulative income in other comprehensive income (OCI)
amounting to EUR 34.2m. At the closing date, this amount is to be reclassified to the consolidated statement of operations. This
mainly comprises currency translation differences (EUR 14.1m), cash flow hedges (EUR \u20137.7m) and cumulative income from Umm
Al Hayman Wastewater Treatment Company, which is accounted for using the equity method (EUR 27.8m). In the 2024/25
financial year, the following amounts were recognised in other comprehensive income (OCI) before taxes: EUR \u20131.6m from
currency translation differences, EUR 18.2m from cash flow hedges and EUR \u20134.5m from changes in the company accounted for
at equity that are not recognised through profit or loss.
The following overview shows the income and expenses of the discontinued operation for the financial year 2024/25 and
for 2023/24.
Income and expenses of the discontinued operation
EURm
30.09.2025
30.09.2024
Revenue
254.5
367.4
Operating expenses
-245.2
-337.5
Share of results from equity accounted investees operational
7.3
6.6
EBTDA
16.7
36.5
Depreciation and amortisation
-3.4
-14.6
Results from operating activities (EBIT)
13.2
21.9
Financial results
-17.2
-10.2
Earnings before income taxes and valuation result
-4.0
11.7
Income taxes from continuing operations IAS 12.81 h (ii)
-0.4
-1.3
Valuation result at fair value less costs to sell
-15.4
\u2014
Income taxes arising from the discontinuation of the business
in accordance with IAS 12.81 h (i)
\u2014
\u2014
Income after income taxes
-19.7
10.4
of which share of earnings attributable to shareholders of EVN AG
-19.7
10.4
Revenue expected to be realised in the future in connection with performance obligations that have not yet been fulfilled or
have only been partially fulfilled as at 30 September 2025 amounts to EUR 470.0m as at the reporting date (previous year:
EUR\u00a0599.0m). Revenue is recognised on the basis of the percentage of completion and will mainly be realised within the next
five years, depending on the projects.
The following cash flows can be allocated to the discontinued operation:
Cash flow discontinued operation
EURm
30.09.2025
30.09.2024
Cash flow from operating activities
-11.3
23.0
Cash flow from investing activities
-0.4
-0.2
Cash flow from financing activities
-3.1
-18.4
Cash flow
-14.8
4.4
The cash flow figures do not include intragroup transactions between discontinued and continuing operations amounting to
EUR\u00a0\u201310.5m (previous year: EUR \u201325.9m). From a consolidated perspective, the cash and cash equivalents of the discontinued
operation amounted to EUR 46.9m as at 30 September 2025 (previous year: EUR 13.6m). This does not include intragroup cash
pooling receivables and cash pooling liabilities, as these are consolidated in the consolidated financial statements. After taking
these intragroup receivables and liabilities into account, the cash and cash equivalents fund amounted to EUR \u2013264.5m as at
30\u00a0September 2025 (previous year: EUR \u2013239.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-457": { "value": "
43. Assets and liabilities held for sale
On 10 December 2024, EVN and STRABAG SE reached an agreement on the key points of a possible sale of material parts of the
EVN Group\u2019s international project business and negotiated binding transaction documents. As of 31 December 2024, the criteria
have therefore been met to report the available-for-sale parts of the international project business in the consolidated financial
statements in the Environment Segment as held for sale in accordance with IFRS 5. This reclassification specifically involves WTE
Wassertechnik\u00a0GmbH, which is headquartered in Essen, Germany, together with its subsidiaries, which are involved in either the
operation of plants in Austria, Germany, Slovenia, Cyprus and Kuwait, or the construction of plants for drinking water supplies,
wastewater disposal and thermal sewage sludge utilisation in Germany, Romania, North Macedonia, Croatia, Bahrain and Kuwait.
As this is a significant line of business that covers almost the entire Environment Segment, it is classified as a discontinued
operation.
On 18 June 2025, the binding transaction documents were finalised and the purchase agreement was signed. The closing is
subject to the granting of necessary approvals and consents from third parties as well as the fulfilment of customary market
conditions and is expected to take place by March 2026. As at 30 September 2025, discontinued operations comprised the
following assets and liabilities after consolidation of all intragroup receivables and liabilities:
Assets and liabilities held for sale of the discontinued operation
EURm
30.09.2025
Non-current assets
Intangible assets
0.3
Property, plant and equipment
18.1
Investments in equity accounted investees
69.1
Other investments
0.4
Deferred tax assets
2.7
Other non-current assets
5.7
Current assets
Inventories
2.3
Trade and other receivables
460.6
Cash and cash equivalents
46.9
Assets held for sale
606.1
Non-current liabilities
Loans and borrowings
3.4
Provisions
2.5
Other liabilities
2.4
Current liabilities
Loans and borrowings
0.4
Tax liabilities
11.0
Trade payables
78.2
Provisions
21.5
Other liabilities
92.5
Liabilities held for sale
211.8
As a result, assets from the discontinued operation of EUR 606.1m and liabilities from the discontinued operation of EUR 211.8m
are reported in EVN AG\u2019s consolidated statement of financial position as at 30 September 2025. Intragroup receivables from the
discontinued operation amounting to EUR 3.4m and intragroup liabilities from the discontinued operation amounting to
EUR\u00a0314.8m were eliminated as part of debt consolidation in accordance with IFRS 10. If the intragroup receivables and liabilities
were recognised, the total assets and liabilities of the discontinued operation would increase to EUR 609.6m and EUR 526.6m,
respectively.
The current receivables of the discontinued operation include contract assets from project business services not yet invoiced in
the amount of EUR 199.3m.
A purchase price of EUR 100m has been agreed with STRABAG, which will be payable immediately upon closing. In addition, part
of the intragroup cash pooling receivables from the WTE Group will be taken over by STRABAG, and the remaining part of the
intragroup cash pooling receivables from the WTE Group will be contributed to WTE as equity prior to closing. The contribution is
defined as an earn-out purchase price and will be repaid by STRABAG through future cash inflows from defined projects. The
amount of the earn-out purchase price depends both on the status of the cash pooling receivables at the time of closing and on
the expected cash flows from the defined projects. The expected transaction price less the costs of disposal for the discontinued
operation is below the net assets as at 30 September 2025. The valuation in accordance with IFRS 5.15 thus results in an
impairment loss of EUR 15.4m, primarily due to a discount effect on cash flows. The impairment is reported in the result of the
discontinued operation. The impairment calculated as of the reporting date depends significantly on the amount and timing of the
expected cash inflows from the projects defined for the earn-out.
As at 30 September 2025, the discontinued operation includes cumulative income in other comprehensive income (OCI)
amounting to EUR 34.2m. At the closing date, this amount is to be reclassified to the consolidated statement of operations. This
mainly comprises currency translation differences (EUR 14.1m), cash flow hedges (EUR \u20137.7m) and cumulative income from Umm
Al Hayman Wastewater Treatment Company, which is accounted for using the equity method (EUR 27.8m). In the 2024/25
financial year, the following amounts were recognised in other comprehensive income (OCI) before taxes: EUR \u20131.6m from
currency translation differences, EUR 18.2m from cash flow hedges and EUR \u20134.5m from changes in the company accounted for
at equity that are not recognised through profit or loss.
The following overview shows the income and expenses of the discontinued operation for the financial year 2024/25 and
for 2023/24.
Income and expenses of the discontinued operation
EURm
30.09.2025
30.09.2024
Revenue
254.5
367.4
Operating expenses
-245.2
-337.5
Share of results from equity accounted investees operational
7.3
6.6
EBTDA
16.7
36.5
Depreciation and amortisation
-3.4
-14.6
Results from operating activities (EBIT)
13.2
21.9
Financial results
-17.2
-10.2
Earnings before income taxes and valuation result
-4.0
11.7
Income taxes from continuing operations IAS 12.81 h (ii)
-0.4
-1.3
Valuation result at fair value less costs to sell
-15.4
\u2014
Income taxes arising from the discontinuation of the business
in accordance with IAS 12.81 h (i)
\u2014
\u2014
Income after income taxes
-19.7
10.4
of which share of earnings attributable to shareholders of EVN AG
-19.7
10.4
Revenue expected to be realised in the future in connection with performance obligations that have not yet been fulfilled or
have only been partially fulfilled as at 30 September 2025 amounts to EUR 470.0m as at the reporting date (previous year:
EUR\u00a0599.0m). Revenue is recognised on the basis of the percentage of completion and will mainly be realised within the next
five years, depending on the projects.
The following cash flows can be allocated to the discontinued operation:
Cash flow discontinued operation
EURm
30.09.2025
30.09.2024
Cash flow from operating activities
-11.3
23.0
Cash flow from investing activities
-0.4
-0.2
Cash flow from financing activities
-3.1
-18.4
Cash flow
-14.8
4.4
The cash flow figures do not include intragroup transactions between discontinued and continuing operations amounting to
EUR\u00a0\u201310.5m (previous year: EUR \u201325.9m). From a consolidated perspective, the cash and cash equivalents of the discontinued
operation amounted to EUR 46.9m as at 30 September 2025 (previous year: EUR 13.6m). This does not include intragroup cash
pooling receivables and cash pooling liabilities, as these are consolidated in the consolidated financial statements. After taking
these intragroup receivables and liabilities into account, the cash and cash equivalents fund amounted to EUR \u2013264.5m as at
30\u00a0September 2025 (previous year: EUR \u2013239.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-456": { "value": "
43. Assets and liabilities held for sale
On 10 December 2024, EVN and STRABAG SE reached an agreement on the key points of a possible sale of material parts of the
EVN Group\u2019s international project business and negotiated binding transaction documents. As of 31 December 2024, the criteria
have therefore been met to report the available-for-sale parts of the international project business in the consolidated financial
statements in the Environment Segment as held for sale in accordance with IFRS 5. This reclassification specifically involves WTE
Wassertechnik\u00a0GmbH, which is headquartered in Essen, Germany, together with its subsidiaries, which are involved in either the
operation of plants in Austria, Germany, Slovenia, Cyprus and Kuwait, or the construction of plants for drinking water supplies,
wastewater disposal and thermal sewage sludge utilisation in Germany, Romania, North Macedonia, Croatia, Bahrain and Kuwait.
As this is a significant line of business that covers almost the entire Environment Segment, it is classified as a discontinued
operation.
On 18 June 2025, the binding transaction documents were finalised and the purchase agreement was signed. The closing is
subject to the granting of necessary approvals and consents from third parties as well as the fulfilment of customary market
conditions and is expected to take place by March 2026. As at 30 September 2025, discontinued operations comprised the
following assets and liabilities after consolidation of all intragroup receivables and liabilities:
Assets and liabilities held for sale of the discontinued operation
EURm
30.09.2025
Non-current assets
Intangible assets
0.3
Property, plant and equipment
18.1
Investments in equity accounted investees
69.1
Other investments
0.4
Deferred tax assets
2.7
Other non-current assets
5.7
Current assets
Inventories
2.3
Trade and other receivables
460.6
Cash and cash equivalents
46.9
Assets held for sale
606.1
Non-current liabilities
Loans and borrowings
3.4
Provisions
2.5
Other liabilities
2.4
Current liabilities
Loans and borrowings
0.4
Tax liabilities
11.0
Trade payables
78.2
Provisions
21.5
Other liabilities
92.5
Liabilities held for sale
211.8
As a result, assets from the discontinued operation of EUR 606.1m and liabilities from the discontinued operation of EUR 211.8m
are reported in EVN AG\u2019s consolidated statement of financial position as at 30 September 2025. Intragroup receivables from the
discontinued operation amounting to EUR 3.4m and intragroup liabilities from the discontinued operation amounting to
EUR\u00a0314.8m were eliminated as part of debt consolidation in accordance with IFRS 10. If the intragroup receivables and liabilities
were recognised, the total assets and liabilities of the discontinued operation would increase to EUR 609.6m and EUR 526.6m,
respectively.
The current receivables of the discontinued operation include contract assets from project business services not yet invoiced in
the amount of EUR 199.3m.
A purchase price of EUR 100m has been agreed with STRABAG, which will be payable immediately upon closing. In addition, part
of the intragroup cash pooling receivables from the WTE Group will be taken over by STRABAG, and the remaining part of the
intragroup cash pooling receivables from the WTE Group will be contributed to WTE as equity prior to closing. The contribution is
defined as an earn-out purchase price and will be repaid by STRABAG through future cash inflows from defined projects. The
amount of the earn-out purchase price depends both on the status of the cash pooling receivables at the time of closing and on
the expected cash flows from the defined projects. The expected transaction price less the costs of disposal for the discontinued
operation is below the net assets as at 30 September 2025. The valuation in accordance with IFRS 5.15 thus results in an
impairment loss of EUR 15.4m, primarily due to a discount effect on cash flows. The impairment is reported in the result of the
discontinued operation. The impairment calculated as of the reporting date depends significantly on the amount and timing of the
expected cash inflows from the projects defined for the earn-out.
As at 30 September 2025, the discontinued operation includes cumulative income in other comprehensive income (OCI)
amounting to EUR 34.2m. At the closing date, this amount is to be reclassified to the consolidated statement of operations. This
mainly comprises currency translation differences (EUR 14.1m), cash flow hedges (EUR \u20137.7m) and cumulative income from Umm
Al Hayman Wastewater Treatment Company, which is accounted for using the equity method (EUR 27.8m). In the 2024/25
financial year, the following amounts were recognised in other comprehensive income (OCI) before taxes: EUR \u20131.6m from
currency translation differences, EUR 18.2m from cash flow hedges and EUR \u20134.5m from changes in the company accounted for
at equity that are not recognised through profit or loss.
The following overview shows the income and expenses of the discontinued operation for the financial year 2024/25 and
for 2023/24.
Income and expenses of the discontinued operation
EURm
30.09.2025
30.09.2024
Revenue
254.5
367.4
Operating expenses
-245.2
-337.5
Share of results from equity accounted investees operational
7.3
6.6
EBTDA
16.7
36.5
Depreciation and amortisation
-3.4
-14.6
Results from operating activities (EBIT)
13.2
21.9
Financial results
-17.2
-10.2
Earnings before income taxes and valuation result
-4.0
11.7
Income taxes from continuing operations IAS 12.81 h (ii)
-0.4
-1.3
Valuation result at fair value less costs to sell
-15.4
\u2014
Income taxes arising from the discontinuation of the business
in accordance with IAS 12.81 h (i)
\u2014
\u2014
Income after income taxes
-19.7
10.4
of which share of earnings attributable to shareholders of EVN AG
-19.7
10.4
Revenue expected to be realised in the future in connection with performance obligations that have not yet been fulfilled or
have only been partially fulfilled as at 30 September 2025 amounts to EUR 470.0m as at the reporting date (previous year:
EUR\u00a0599.0m). Revenue is recognised on the basis of the percentage of completion and will mainly be realised within the next
five years, depending on the projects.
The following cash flows can be allocated to the discontinued operation:
Cash flow discontinued operation
EURm
30.09.2025
30.09.2024
Cash flow from operating activities
-11.3
23.0
Cash flow from investing activities
-0.4
-0.2
Cash flow from financing activities
-3.1
-18.4
Cash flow
-14.8
4.4
The cash flow figures do not include intragroup transactions between discontinued and continuing operations amounting to
EUR\u00a0\u201310.5m (previous year: EUR \u201325.9m). From a consolidated perspective, the cash and cash equivalents of the discontinued
operation amounted to EUR 46.9m as at 30 September 2025 (previous year: EUR 13.6m). This does not include intragroup cash
pooling receivables and cash pooling liabilities, as these are consolidated in the consolidated financial statements. After taking
these intragroup receivables and liabilities into account, the cash and cash equivalents fund amounted to EUR \u2013264.5m as at
30\u00a0September 2025 (previous year: EUR \u2013239.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-459": { "value": "
44. Share capital
The share capital of EVN AG totals EUR 330.0m (previous year: EUR 330.0m) and is divided into 179,878,402 (previous year:
179,878,402) zero par value bearer shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-460": { "value": "
45. Share premium and capital reserves
The share premium and capital reserves comprise appropriated capital reserves of EUR 206.5m (previous year: EUR 205.9m)
from capital increases and unappropriated capital reserves of EUR 58.3m (previous year: EUR 58.3m), both in accordance with
Austrian stock corporation law.
46. Retained earnings
Retained earnings of EUR 3,961.7m (previous year: EUR 3,685.4m) comprise the proportional share of retained earnings
attributable to EVN AG and all other consolidated companies from the date of initial consolidation as well as the proportional
share of retained earnings from business combinations achieved in stages.
47. Valuation reserves
The valuation reserve contains changes in the market value of cash flow hedges and financial assets classified at fair value through
other comprehensive income (FVOCI), the IAS 19 remeasurements and the proportional share of changes in the equity of
investments in equity accounted investees.
In addition, the statement of comprehensive income includes EUR 0.2m (previous year: EUR 1.5m) for the share of changes in the
valuation reserves that are attributable to non-controlling interests (see Consolidated statement of comprehensive income).
The part of the valuation reserve attributable to equity accounted investees consists primarily of components from
cash flow hedges that were recorded under equity as well as remeasurements in accordance with IAS 19 and the valuation
of FVOCI instruments.
Valuation reserves
30.09.2025
30.09.2024
EURm
Before tax
Tax
After tax
Before tax
Tax
After tax
Items recognised under other
comprehensive income from
Financial assets classified at fair value
through other comprehensive income
2,423.6
-557.3
1,866.3
2,969.6
-682.9
2,286.7
Cash flow hedges
-10.7
3.3
-7.4
-9.2
4.7
-4.5
Remeasurements IAS 19
-108.3
23.9
-84.4
-128.1
28.7
-99.4
Investments in equity accounted investees
11.3
0.2
11.5
-45.2
14.5
-30.7
Total
2,315.9
-529.9
1,786.0
2,787.1
-635.0
2,152.2
With regard to cash flow hedges, EUR 17.3m (previous year: EUR 84.3m) was reclassified from other comprehensive income to
the consolidated statement of operations in the 2024/25 financial year. This results from the portfolio hedge for electricity
generation and gas purchases in the amount of EUR 22.8m and from the hedging of net cash flows from the international project
business, which is now allocated to the discontinued operation, in the amount of EUR -5.5m (see also notes 63. Reporting on
financial instruments and 43. Assets and liabilities held for sale).
As in the previous year, there were no inefficiencies in hedging relationships in the 2024/25 financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-461": { "value": "
Dividends are based on the result of EVN AG as reported in the annual financial statements and developed as follows:
Reconciliation of EVN AG\u2019s result for the period
EURm
2024/25
Reported result for the period 2024/25
496.9
Plus retained earnings from the 2023/24 financial year
0.7
Less additions to voluntary reserves
-337.0
Distributable result for the period
160.7
Proposed dividend
-160.5
Retained earnings for the 2025/26\u00a0 financial year
0.2
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-462": { "value": "
The 96th Annual General Meeting on 26 February 2025 approved a proposal by the Executive Board and the Supervisory Board to
distribute a dividend of EUR 0.90 per share for the 2023/24 financial year. This resulted in a total dividend payment of EUR\u00a0160.5m.
Ex-dividend day was 3 March 2025, dividend payment day was 6 March 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-463": { "value": "0.90", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-465": { "value": "
In addition, the statement of comprehensive income includes EUR 0.2m (previous year: EUR 1.5m) for the share of changes in the
valuation reserves that are attributable to non-controlling interests (see Consolidated statement of comprehensive income).
49. Non-controlling interests
The item non-controlling interests comprises the non-controlling interests in the equity of fully consolidated subsidiaries.
The following table provides information on each fully consolidated subsidiary of EVN with material non-controlling interests
before intragroup eliminations:
Non-controlling interests
30.09.2025
30.09.2024
EURm
RBG
BUHO
EVN Macedonia
RBG
BUHO
EVN Macedonia
Subsidiaries
Non-controlling interests (%)
49.97
26.37
10.00
49.97
26.37
10.00
Carrying amount of non-controlling interests
224.4
60.8
35.3
219.1
58.2
34.5
Result attributable to non-controlling interests
42.3
6.4
1.0
39.3
12.8
2.6
Dividends attributable to non-controlling
interests
37.8
3.0
\u2014
35.1
3.0
\u2014
Statement of financial position
Non-current assets
448.2
266.1
462.1
437.4
256.9
431.9
Current assets
0.7
11.2
82.4
0.8
10.6
59.3
Non-current liabilities
\u2014
0.9
102.0
\u2014
1.0
93.9
Current liabilities
0.2
\u2014
56.0
0.2
\u2014
19.1
2024/25
2023/24
Statement of operations
Revenue
\u2014
\u2014
0.2
\u2014
\u2014
0.3
Result after income tax
84.6
24.5
9.6
78.7
48.7
25.7
Net cash flows
Net cash flow from operating activities
75.4
12.2
35.5
70.8
11.6
57.6
Net cash flow from investing activities
\u2014
\u2014
-50.1
\u2014
\u2014
-50.1
Net cash flow from financing activities
-75.6
-11.6
-0.1
-70.3
-11.4
-10.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-464": { "value": "
In addition, the statement of comprehensive income includes EUR 0.2m (previous year: EUR 1.5m) for the share of changes in the
valuation reserves that are attributable to non-controlling interests (see Consolidated statement of comprehensive income).
The item non-controlling interests comprises the non-controlling interests in the equity of fully consolidated subsidiaries", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-466": { "value": "
48. Treasury shares
A total of 26,992 treasury shares were sold during the reporting year to permit their issue to entitled employees as a special
payment in accordance with a company agreement (previous year: 23,876 shares). EVN AG is not entitled to any rights arising
from treasury shares. In particular, these shares are not entitled to dividends.
The number of shares outstanding developed as follows:
Reconciliation of the number of
outstanding shares
Zero par
value shares
Treasury shares
Outstanding shares
30.09.2023
179,878,402
-1,623,070
178,255,332
Purchase of treasury shares
\u2014
\u2014
\u2014
Disposal of treasury shares
\u2014
23,876
23,876
30.09.2024
179,878,402
-1,599,194
178,279,208
Purchase of treasury shares
\u2014
\u2014
\u2014
Disposal of treasury shares
\u2014
26,992
26,992
30.09.2025
179,878,402
-1,572,202
178,306,200
The weighted average number of shares outstanding, which is used as the basis for calculating earnings per share,
equals\u00a0178,283,361 shares (previous year: 178,259,311 shares).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-468": { "value": "
50. Non-current loans and borrowings
Breakdown of non-current loans and borrowings
Nominal
interest rate
(%)
Term
Nominal amount
Carrying
amount
30.09.2025
Carrying
amount
30.09.2024
Fair Value
30.09.2025
EURm
EURm
EURm
Bonds
469.9
469.7
434.3
\u00a0 EUR bond
4.125
2012-2032
100.0 EURm
99.1
98.9
105.5
\u00a0 EUR bond
4.125
2012-2032
25.0 EURm
24.8
24.8
26.4
\u00a0 EUR bond
0.850
2020-2035
101.0 EURm
101.0
101.0
77.2
\u00a0 Registered bond
2.005
2022-2034
5.0 EURm
5.0
5.0
4.5
\u00a0 Registered bond
2.440
2022-2037
150.0 EURm
150.0
150.0
130.9
\u00a0 Registered bond
3.900
2022-2038
90.0 EURm
90.0
90.0
89.9
Bank loans (incl. promissory note
loans)\u00b9\u207e
0.778 - 6.70
until 2070
\u2014
730.0
518.1
728.1
Total
1,199.9
987.8
1,162.4
1) In the 2024/25 financial year, a reclassification was made to current financial liabilities in the amount of EUR 58.5m.
The maturity structure of the non-current loans and borrowings is as follows:
Maturity of non-current
loans and borrowings
Remaining term to maturity as of 30.09.2025
Remaining term to maturity as of 30.09.2024
EURm
<5 years
>5 years
Total
<5 years
>5 years
Total
Bonds
\u2014
469.9
469.9
\u2014
469.7
469.7
thereof fixed interest
\u2014
469.9
469.9
\u2014
469.7
469.7
thereof variable interest
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Bank loans
233.3
496.7
730.0
136.6
381.5
518.2
thereof fixed interest
232.0
386.5
618.5
131.7
276.5
408.2
thereof variable interest
1.3
110.2
111.5
4.9
105.0
109.9
Total
233.3
966.6
1,199.9
136.6
851.2
987.8
Bonds
All bonds involve bullet repayment on maturity.
The bonds are carried at amortised cost. Foreign currency liabilities are translated at the exchange rate in effect on the balance
sheet date. In accordance with IFRS 9, hedged liabilities are adjusted to reflect the corresponding change in the fair value of the
hedged risk in cases where hedge accounting is applied (see note 63. Reporting on financial instruments).
Bank loans
The loans consist of immaterial general borrowings from banks, as well as loans which are subsidised in part by interest and
redemption grants from the Austrian Environment and Water Industry Fund. This position also includes EUR 337.0m (previous
year: EUR 247.0m) of promissory note loans that were issued in October 2012, April 2020, July 2022 and in February 2025.
Accrued interest is reported under other current liabilities.
54. Other non-current liabilities
Other non-current liabilities
EURm
30.09.2025
30.09.2024
Liabilities from derivative transactions
0.6
0.4
Leasing liabilities
83.9
70.2
Remaining other non-current liabilities
14.1
13.1
Total
98.7
83.8
The liabilities from derivative transactions include the negative fair values from contracts in the energy sector and from forward
exchange transactions in connection with the international project business.
The remaining other non-current liabilities include accrued long-term electricity delivery obligations, accrued liabilities for
contract costs incurred and long-term compensation payments received.
Term to maturity of other
non-current liabilities
Remaining term to maturity as of 30.09.2025
Remaining term to maturity as of 30.09.2024
EURm
<5 years
>5 years
Total
<5 years
>5 years
Total
Liabilities from derivative transactions
0.6
\u2014
0.6
0.4
\u2014
0.4
Leasing liabilities
24.2
59.7
83.9
35.4
34.9
70.2
Remaining other non-current liabilities
12.2
1.9
14.1
11.1
2.0
13.1
Total
37.1
61.6
98.7
46.9
36.9
83.8
55. Current loans and borrowings
Bank overdrafts are included under cash and cash equivalents in the consolidated statement of cash flows.
Current loans and borrowings
EURm
30.09.2025
30.09.2024
Bank loans
21.4
126.1
Bank overdrafts and other current loans
1.5
\u2014
Total
22.9
126.1
Loans amounting to EUR 7.3m (previous year: EUR 117.3m) were reclassified to current financial liabilities as they are due within
the next 12 months.
58. Other current liabilities
Other current liabilities
EURm
30.09.2025
30.09.2024
Financial liabilities
Liabilities to investments in equity accounted investees
135.7
79.5
Liabilities to non-consolidated subsidiaries
19.6
14.5
Deferred interest expenses
13.1
12.3
Liabilities arising from derivative transactions
3.5
9.3
Leasing liabilities
8.4
8.5
Other financial liabilities
43.6
102.8
223.9
226.9
Other liabilities
Contract liabilities
68.1
108.1
Deferred income from network subsidies
74.4
71.0
Liabilities relating to social security
12.5
12.8
Energy taxes
30.6
2.0
Value added tax
6.8
14.7
Other taxes and duties
22.0
16.2
214.5
225.0
Total
438.4
451.9
The liabilities to investments in equity accounted investees consist primarily of cash pooling balances between EVN AG and these
companies as well as amounts due to EnergieAllianz for the distribution and procurement of electricity.
The decrease in contract liabilities is attributable to a reclassification to assets and liabilities held for sale in connection with the
sale of the international project business (see note 43. Assets and liabilities held for sale).
Other financial liabilities include, in particular, liabilities related to capitalised contract costs, energy deferrals, liabilities to employees
and deposits received.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-467": { "value": "
50. Non-current loans and borrowings
Breakdown of non-current loans and borrowings
Nominal
interest rate
(%)
Term
Nominal amount
Carrying
amount
30.09.2025
Carrying
amount
30.09.2024
Fair Value
30.09.2025
EURm
EURm
EURm
Bonds
469.9
469.7
434.3
\u00a0 EUR bond
4.125
2012-2032
100.0 EURm
99.1
98.9
105.5
\u00a0 EUR bond
4.125
2012-2032
25.0 EURm
24.8
24.8
26.4
\u00a0 EUR bond
0.850
2020-2035
101.0 EURm
101.0
101.0
77.2
\u00a0 Registered bond
2.005
2022-2034
5.0 EURm
5.0
5.0
4.5
\u00a0 Registered bond
2.440
2022-2037
150.0 EURm
150.0
150.0
130.9
\u00a0 Registered bond
3.900
2022-2038
90.0 EURm
90.0
90.0
89.9
Bank loans (incl. promissory note
loans)\u00b9\u207e
0.778 - 6.70
until 2070
\u2014
730.0
518.1
728.1
Total
1,199.9
987.8
1,162.4
1) In the 2024/25 financial year, a reclassification was made to current financial liabilities in the amount of EUR 58.5m.
The maturity structure of the non-current loans and borrowings is as follows:
Maturity of non-current
loans and borrowings
Remaining term to maturity as of 30.09.2025
Remaining term to maturity as of 30.09.2024
EURm
<5 years
>5 years
Total
<5 years
>5 years
Total
Bonds
\u2014
469.9
469.9
\u2014
469.7
469.7
thereof fixed interest
\u2014
469.9
469.9
\u2014
469.7
469.7
thereof variable interest
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Bank loans
233.3
496.7
730.0
136.6
381.5
518.2
thereof fixed interest
232.0
386.5
618.5
131.7
276.5
408.2
thereof variable interest
1.3
110.2
111.5
4.9
105.0
109.9
Total
233.3
966.6
1,199.9
136.6
851.2
987.8
Bonds
All bonds involve bullet repayment on maturity.
The bonds are carried at amortised cost. Foreign currency liabilities are translated at the exchange rate in effect on the balance
sheet date. In accordance with IFRS 9, hedged liabilities are adjusted to reflect the corresponding change in the fair value of the
hedged risk in cases where hedge accounting is applied (see note 63. Reporting on financial instruments).
Bank loans
The loans consist of immaterial general borrowings from banks, as well as loans which are subsidised in part by interest and
redemption grants from the Austrian Environment and Water Industry Fund. This position also includes EUR 337.0m (previous
year: EUR 247.0m) of promissory note loans that were issued in October 2012, April 2020, July 2022 and in February 2025.
Accrued interest is reported under other current liabilities.
55. Current loans and borrowings
Bank overdrafts are included under cash and cash equivalents in the consolidated statement of cash flows.
Current loans and borrowings
EURm
30.09.2025
30.09.2024
Bank loans
21.4
126.1
Bank overdrafts and other current loans
1.5
\u2014
Total
22.9
126.1
Loans amounting to EUR 7.3m (previous year: EUR 117.3m) were reclassified to current financial liabilities as they are due within
the next 12 months.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-469": { "value": "
51. Deferred taxes
Deferred taxes
EURm
30.09.2025
30.09.2024
Deferred tax assets
Employee-related provisions
-23.1
-29.5
Tax loss carryforwards
-1.1
-1.5
Investment depreciation
-6.0
-12.0
Property, plant and equipment
-15.2
-14.8
Intangible assets
-0.1
\u2014
Provisions
-12.4
-13.8
Financial instruments
-0.9
-1.0
Other assets
-21.3
-24.0
Other liabilities
-22.1
-21.5
Deferred tax liabilities
Property, plant and equipment
196.8
153.1
Intangible assets
7.8
4.5
Investments
569.1
683.2
Provisions
\u2014
0.7
Financial instruments
1.5
6.2
Other assets
0.3
4.0
Other liabilities
1.9
1.6
Total
675.2
735.2
thereof deferred tax assets
-18.5
-31.1
thereof deferred tax liabilities
693.7
766.3
Deferred taxes developed as follows:
Changes in deferred taxes
EURm
2024/25
2023/24
Deferred taxes on 1.10
735.2
735.1
\u2013
Changes recognised directly in equity resulting from currency translation differences
and other changes
-5.5
-2.3
\u2013
Changes in deferred taxes recognised through profit and loss
50.6
4.8
\u2013
Changes in deferred taxes recognised directly in equity from the valuation reserve
-105.0
-2.4
Deferred taxes on 30.09.
675.2
735.2
Losses for which deferred tax assets have been recognised can be utilised within the next few years on the basis of tax profit
planning. Deferred tax assets relating to loss carryforwards and interest carryforwards amounting to EUR 0.6m (previous year:
EUR\u00a080.0m) were not capitalised as their utilisation cannot be expected within a foreseeable period of time. Of this amount,
no\u00a0loss carryforwards will expire in the next five years (previous year: EUR 8.8m). The remaining non-capitalised loss carryforwards
can be carried forward indefinitely. Of the non-capitalised loss and interest carryforwards, EUR 71.7m in the previous year relate
to\u00a0the discontinued operation. In the 2024/25 financial year, loss and interest carryforwards, including the discontinued operation,
amount to EUR 33.4m.
Deferred tax liabilities of EUR 96.0m (previous year: EUR 134.2m) for temporary differences amounting to EUR 389.2m (previous
year: EUR 511.3m) were not recognised, as these will not be realised in the foreseeable future. These temporary differences
arise\u00a0from differences between the tax base of the participation interest and the proportional share of equity owned less retained
earnings, respectively between the tax base of the participation interest and the carrying amount of the equity accounted
investees (outside basis differences). Of the outside basis differences, EUR 24.8m (for temporary differences of EUR 82.0m) in
the\u00a0previous year relate to the discontinued operation. In the 2024/25 financial year, outside basis differences, including the
discontinued operation, amount to EUR 120.8m (for temporary differences of EUR 471.3m).
The changes recorded under other comprehensive income are primarily attributable to financial instruments (EUR -124.1m;
previous year: EUR -35.0m), associates (EUR 14.3m; previous year: EUR 39.0m) and employee-related provisions (EUR 4.8m;
previous year: EUR -6.4m).
Other current liabilities
EURm
30.09.2025
30.09.2024
Financial liabilities
Liabilities to investments in equity accounted investees
135.7
79.5
Liabilities to non-consolidated subsidiaries
19.6
14.5
Deferred interest expenses
13.1
12.3
Liabilities arising from derivative transactions
3.5
9.3
Leasing liabilities
8.4
8.5
Other financial liabilities
43.6
102.8
223.9
226.9
Other liabilities
Contract liabilities
68.1
108.1
Deferred income from network subsidies
74.4
71.0
Liabilities relating to social security
12.5
12.8
Energy taxes
30.6
2.0
Value added tax
6.8
14.7
Other taxes and duties
22.0
16.2
214.5
225.0
Total
438.4
451.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-470": { "value": "
52. Non-current provisions
Non-current provisions
EURm
30.09.2025
30.09.2024
Provisions for pensions
164.9
191.5
Provisions for pension-related obligations
27.0
27.1
Provisions for severance payments
72.7
77.6
Other non-current provisions
103.0
98.4
Total
367.6
394.6
The calculation of provisions for pensions and similar obligations and provisions for severance payments is mainly based on the
following calculation principles:
The discount rate for the measurement of the provision for pensions and pension-related obligations was set at 3.8% as of
30\u00a0September 2025 (previous year: 3.4%). Provisions for severance payments are measured at an interest rate of 3.2% (previous
year: 3.3%). The different discount rates result from the different duration of the personnel provisions.
The following parameters are applied:
\u2022 Austrian mortality tables AV\u00d6 2018-P \u2013 Rechnungsgrundlagen f\u00fcr die Pensionsversicherung
\u2022 Remuneration increases and pension increases for the following year: 2.5% (previous year: 4.0%)
\u2022 Remuneration increases and pension increases for the year 2027: 2.0% (previous year: 2.75%)
\u2022 Remuneration increases and pension increases for subsequent years: 2.0% (previous year: 2.25%)
Reconciliation of provisions for pensions
EURm
2024/25
2023/24
Present value of pension obligations (DBO) as of 1.10
191.5
177.0
+
Service costs
0.2
-0.4
+
Interest costs
6.5
7.6
\u2013
Payments
-12.3
-12.2
+/\u2013
Actuarial loss/gain
-19.5
19.5
thereof
Financial assumptions
-12.5
18.5
Assumptions based on experience
-6.9
1.0
Reclassification of discontinued operations
-1.6
\u2014
Present value of pension obligations (DBO) as of\u00a0 30.09.
164.9
191.5
As of 30 September 2025, the weighted average remaining term equalled 11.0 years for the pension obligations (previous year:
11.9 years). Pension payments are expected to total EUR 12.4m in 2025/26 (previous year: EUR 12.3m).
Reconciliation of the provisions
for pension-related obligations
EURm
2024/25
2023/24
Present value of the provisions for pension-related obligations (DBO) as of 1.10
27.1
23.6
+
Service costs
0.2
0.2
+
Interest costs
0.9
1.0
\u2013
Payments
-1.6
-1.3
+/\u2013
Actuarial loss/gain
0.3
3.6
thereof
Financial assumptions
-2.4
3.1
Assumptions based on experience
2.7
0.5
Present value of the provisions for pension-related obligations (DBO) as of 30.09.
27.0
27.1
As of 30 September 2025, the weighted average remaining term equalled 13.5 years for the pension-related obligations
(previous\u00a0year: 14.4 years). The payments for pension-related obligations are expected to total EUR 1.5m in 2025/26
(previous\u00a0year: EUR\u00a01.5m).
Reconciliation of the provision for severance payments
EURm
2024/25
2023/24
Present value of severance payment obligations (DBO) as of 1.10
77.6
74.1
+
Service costs
2.4
2.4
+
Interest costs
2.8
3.3
\u2013
Severance payments
-8.6
-7.7
\u2013
Transfers
-0.1
0.1
+/\u2013
Actuarial loss/gain
-0.6
5.4
thereof
Financial assumptions
\u2014
3.6
Assumptions based on experience
-0.6
1.8
Reclassification of discontinued operations
-0.8
\u2014
Present value of severance payment obligations (DBO) as of 30.09.
72.7
77.6
As of 30 September 2025, the weighted average remaining term of the severance payment obligations equalled 5.4 years
(previous year: 5.6 years). Severance payments are expected to total EUR 9.1m in 2025/26 (previous year: EUR 9.2m).
A change in the actuarial parameters (ceteris paribus) would have the following effect on the provisions for pensions,
pension-related obligations and severance payments:
Sensitivity analysis for provision
for pensions
30.09.2025
30.09.2024
%
Change in
assumption
Decrease in
assumption/
change in DBO
Increase in
assumption/
change in DBO
Decrease in
assumption/
change in DBO
Increase in
assumption/
change in DBO
Interest rate
0.5
5.72
-5.18
6.24
-5.57
Remuneration increases
1.0
-1.01
1.07
-1.20
1.33
Pension increases
1.0
-9.04
10.83
-9.55
11.59
Remaining life expectancy
1 year
-4.24
4.30
-4.38
4.46
Sensitivity analysis for provision
for pension-related obligations
30.09.2025
30.09.2024
%
Change in
assumption
Decrease in
assumption/
change in DBO
Increase in
assumption/
change in DBO
Decrease in
assumption/
change in DBO
Increase in
assumption/
change in DBO
Interest rate
0.5
6.93
-6.30
7.56
-6.73
Pension increases
1.0
-10.89
13.23
-11.49
14.19
Remaining life expectancy
1 year
-3.36
3.27
-3.48
3.50
Sensitivity analysis for provision
for severance payments
30.09.2025
30.09.2024
%
Change in
assumption
Decrease in
assumption/
change in DBO
Increase in
assumption/
change in DBO
Decrease in
assumption/
change in DBO
Increase in
assumption/
change in DBO
Interest rate
0.5
2.69
-2.56
2.83
-2.69
Remuneration increases
1.0
-5.17
5.63
-5.43
5.91
The sensitivity analysis was carried out separately for each key actuarial parameter. Only one parameter was changed at a time
during the examination, while the other variables remained constant (ceteris paribus). The method used to calculate the changed
obligation reflected the calculation of the actual obligation. The analytical capacity of this method is limited because the inter-
dependencies between the individual actuarial parameters are not taken into account. With respect to the severance compensation
obligations, a sensitivity analysis was not carried out for the remaining life expectancy because this parameter has only an
immaterial effect on the liability.
Reconciliation of other non-current provisions
EURm
Service
anniversary
bonuses
Rents for
network access
Process costs
and risk
Environmental
and disposal
risks
Other
non-current
provisions
Total
Carrying amount 01.10.2024
22.3
3.7
4.5
63.3
4.6
98.4
Interest expense
0.9
\u2014
0.1
1.2
\u2014
2.2
Use
-0.2
\u2014
-0.1
\u2014
-0.2
-2.1
Release
-0.1
\u2014
-0.2
-1.4
-0.5
-2.2
Additions
0.5
0.4
1.7
3.9
2.5
10.5
Reclassification
0.1
\u2014
-0.6
-2.3
-0.8
-3.7
Reclassification of discontinued
operations
-0.1
\u2014
\u2014
\u2014
\u2014
-0.1
Carrying amount 30.09.2025
23.5
4.1
5.4
64.6
5.5
103.0
Rents for network access involve provisions for rents to gain access to third-party facilities in Bulgaria. Various legal proceedings
and lawsuits, which for the most part arise from operating activities and are currently pending, are reported under process costs
and risks. Environmental and disposal risks primarily encompass the estimated costs for demolition or disposal as well as provisions
for environmental risks and risks related to contaminated sites. At the present time, the use of the provisions for environmental
and disposal risks is expected within a timeframe of one to 19 years. Reclassifications consist chiefly of a transfer from the current
to the non-current section due to the adjustment of estimates for the time required to meet renaturation obligations.
57. Current provisions
Reconciliation of current provisions
EURm
Personnel
entitlements
Process risks
Other current
provisions
Total
Carrying amount 01.10.2024
97.4
1.8
27.0
126.1
Currency translation effects
\u2014
\u2014
\u2014
\u2014
Use
-12.5
P
r
o
c
e
s
s
r
i
s
k
s
-0.2
-10.7
-23.5
Release
\u2014
-0.1
-1.3
-1.4
Additions
23.3
0.1
8.4
31.8
Reclassification
-1.6
0.6
0.7
-0.3
Reclassification of discontinued operations
-6.4
\u2014
-15.0
-21.5
Carrying amount 30.09.2025
100.2
2.1
9.0
111.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-471": { "value": "
Non-current provisions
EURm
30.09.2025
30.09.2024
Provisions for pensions
164.9
191.5
Provisions for pension-related obligations
27.0
27.1
Provisions for severance payments
72.7
77.6
Other non-current provisions
103.0
98.4
Total
367.6
394.6
Reconciliation of other non-current provisions
EURm
Service
anniversary
bonuses
Rents for
network access
Process costs
and risk
Environmental
and disposal
risks
Other
non-current
provisions
Total
Carrying amount 01.10.2024
22.3
3.7
4.5
63.3
4.6
98.4
Interest expense
0.9
\u2014
0.1
1.2
\u2014
2.2
Use
-0.2
\u2014
-0.1
\u2014
-0.2
-2.1
Release
-0.1
\u2014
-0.2
-1.4
-0.5
-2.2
Additions
0.5
0.4
1.7
3.9
2.5
10.5
Reclassification
0.1
\u2014
-0.6
-2.3
-0.8
-3.7
Reclassification of discontinued
operations
-0.1
\u2014
\u2014
\u2014
\u2014
-0.1
Carrying amount 30.09.2025
23.5
4.1
5.4
64.6
5.5
103.0
Reconciliation of current provisions
EURm
Personnel
entitlements
Process risks
Other current
provisions
Total
Carrying amount 01.10.2024
97.4
1.8
27.0
126.1
Currency translation effects
\u2014
\u2014
\u2014
\u2014
Use
-12.5
P
r
o
c
e
s
s
r
i
s
k
s
-0.2
-10.7
-23.5
Release
\u2014
-0.1
-1.3
-1.4
Additions
23.3
0.1
8.4
31.8
Reclassification
-1.6
0.6
0.7
-0.3
Reclassification of discontinued operations
-6.4
\u2014
-15.0
-21.5
Carrying amount 30.09.2025
100.2
2.1
9.0
111.3
65. Other obligations and risks
The commitments entered into by EVN and the related risks are as follows:
Other obligations and risks
EURm
30.09.2025
30.09.2024
Guarantees in connection with energy transaction
116.4
146.6
Guarantees in connection with projects in the Environment Segment1)
722.4
752.6
Guarantees related to the construction and operation of
Energy networks
5.7
3.7
Power plants
99.3
94.7
Order obligations for investments in intangible assets and property, plant and equipment
297.5
299.9
Further obligations arising from guarantees or other contractual contingent liabilities
0.1
0.1
Total
1,241.4
1,297.6
thereof in connection with equity accounted investees
77.5
111.5
1) These relate to liabilities of the continuing operations towards contractual partners of the discontinued operation.
Neither provisions nor liabilities were recognised for the above-mentioned items because claims to the fulfilment of obligations
or the actual occurrence of specific risks were not expected at the time these consolidated financial statements were prepared.
The above-mentioned obligations were contrasted by corresponding recourse claims of EUR 19.9m (previous year: EUR\u00a032.9m).
Other obligations and risks decreased by EUR 56.2m to EUR 1,241.4m compared to 30 September 2024. This change resulted
primarily from a reduction in guarantees related to energy transactions and guarantees for environmental projects.
Contingent liabilities relating to guarantees in connection with energy transactions are recognised in the amount of the actual
risk for EVN for those guarantees issued for the procurement or marketing of energy. This risk is measured by the changes
between the stipulated price and the actual market price, whereby EVN is only exposed to procurement risks when market prices
decline and to selling risks when market prices increase.
Accordingly, fluctuations in market prices may lead to a change in the risk exposure after the balance sheet date. The risk
assessment resulted in a contingent liability of EUR 116.4m (previous year: EUR 146.6m) as of 30 September 2025. The nominal
volume of the guarantees underlying this assessment was EUR 437.1m (previous year: EUR 549.6m). As of 31 October 2025,
the market price risk was EUR 129.8m based on an underlying nominal volume of EUR 446.0m.
Various legal proceedings and lawsuits related to operating activities are pending or claims may be filed against EVN in the future.
The attendant risks were analysed in relation to their probability of occurrence. The evaluation of possible claims showed that the
legal proceedings and lawsuits, individually and as a whole, would not have a material negative effect on EVN\u2019s business, liquidity,
profit or loss or financial position.
Additional obligations arising from guarantees and other contractual contingent liabilities consisted chiefly of outstanding
capital contributions to affiliates as well as liabilities for affiliates\u2019 loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-472": { "value": "
53. Deferred income from network subsidies
The investment subsidies are related primarily to heating plants, facilities operated by EVN Wasser, small hydropower plants and
wind power plants operated by EVN Naturkraft and facilities operated by network companies.
Deferred income from network subsidies
EURm
Network subsidies
(IFRS 15)
Network subsidies
(regulated business)
Investment subsidies
Total
Carrying amount 01.10.2024
66.3
589.7
70.1
726.1
Currency translation differences
0.0
-0.3
0.0
-0.3
Additions
10.3
103.9
20.5
134.7
Disposal
-0.3
0.0
0.0
-0.3
Reclassification
-6.8
-61.9
-5.7
-74.3
Carrying amount 30.09.2025
69.5
631.4
85.0
785.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-474": { "value": "
54. Other non-current liabilities
Other non-current liabilities
EURm
30.09.2025
30.09.2024
Liabilities from derivative transactions
0.6
0.4
Leasing liabilities
83.9
70.2
Remaining other non-current liabilities
14.1
13.1
Total
98.7
83.8
The liabilities from derivative transactions include the negative fair values from contracts in the energy sector and from forward
exchange transactions in connection with the international project business.
The remaining other non-current liabilities include accrued long-term electricity delivery obligations, accrued liabilities for
contract costs incurred and long-term compensation payments received.
Term to maturity of other
non-current liabilities
Remaining term to maturity as of 30.09.2025
Remaining term to maturity as of 30.09.2024
EURm
<5 years
>5 years
Total
<5 years
>5 years
Total
Liabilities from derivative transactions
0.6
\u2014
0.6
0.4
\u2014
0.4
Leasing liabilities
24.2
59.7
83.9
35.4
34.9
70.2
Remaining other non-current liabilities
12.2
1.9
14.1
11.1
2.0
13.1
Total
37.1
61.6
98.7
46.9
36.9
83.8
58. Other current liabilities
Other current liabilities
EURm
30.09.2025
30.09.2024
Financial liabilities
Liabilities to investments in equity accounted investees
135.7
79.5
Liabilities to non-consolidated subsidiaries
19.6
14.5
Deferred interest expenses
13.1
12.3
Liabilities arising from derivative transactions
3.5
9.3
Leasing liabilities
8.4
8.5
Other financial liabilities
43.6
102.8
223.9
226.9
Other liabilities
Contract liabilities
68.1
108.1
Deferred income from network subsidies
74.4
71.0
Liabilities relating to social security
12.5
12.8
Energy taxes
30.6
2.0
Value added tax
6.8
14.7
Other taxes and duties
22.0
16.2
214.5
225.0
Total
438.4
451.9
The liabilities to investments in equity accounted investees consist primarily of cash pooling balances between EVN AG and these
companies as well as amounts due to EnergieAllianz for the distribution and procurement of electricity.
The decrease in contract liabilities is attributable to a reclassification to assets and liabilities held for sale in connection with the
sale of the international project business (see note 43. Assets and liabilities held for sale).
Other financial liabilities include, in particular, liabilities related to capitalised contract costs, energy deferrals, liabilities to employees
and deposits received.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-473": { "value": "
54. Other non-current liabilities
Other non-current liabilities
EURm
30.09.2025
30.09.2024
Liabilities from derivative transactions
0.6
0.4
Leasing liabilities
83.9
70.2
Remaining other non-current liabilities
14.1
13.1
Total
98.7
83.8
The liabilities from derivative transactions include the negative fair values from contracts in the energy sector and from forward
exchange transactions in connection with the international project business.
The remaining other non-current liabilities include accrued long-term electricity delivery obligations, accrued liabilities for
contract costs incurred and long-term compensation payments received.
Term to maturity of other
non-current liabilities
Remaining term to maturity as of 30.09.2025
Remaining term to maturity as of 30.09.2024
EURm
<5 years
>5 years
Total
<5 years
>5 years
Total
Liabilities from derivative transactions
0.6
\u2014
0.6
0.4
\u2014
0.4
Leasing liabilities
24.2
59.7
83.9
35.4
34.9
70.2
Remaining other non-current liabilities
12.2
1.9
14.1
11.1
2.0
13.1
Total
37.1
61.6
98.7
46.9
36.9
83.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-475": { "value": "
54. Other non-current liabilities
Other non-current liabilities
EURm
30.09.2025
30.09.2024
Liabilities from derivative transactions
0.6
0.4
Leasing liabilities
83.9
70.2
Remaining other non-current liabilities
14.1
13.1
Total
98.7
83.8
he remaining other non-current liabilities include accrued long-term electricity delivery obligations, accrued liabilities for
contract costs incurred and long-term compensation payments received.
Term to maturity of other
non-current liabilities
Remaining term to maturity as of 30.09.2025
Remaining term to maturity as of 30.09.2024
EURm
<5 years
>5 years
Total
<5 years
>5 years
Total
Liabilities from derivative transactions
0.6
\u2014
0.6
0.4
\u2014
0.4
Leasing liabilities
24.2
59.7
83.9
35.4
34.9
70.2
Remaining other non-current liabilities
12.2
1.9
14.1
11.1
2.0
13.1
Total
37.1
61.6
98.7
46.9
36.9
83.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-476": { "value": "
56. Trade payables
Trade payables include obligations resulting from outstanding invoices amounting to EUR 86.4m (previous year: EUR 131.9m).
58. Other current liabilities
Other current liabilities
EURm
30.09.2025
30.09.2024
Financial liabilities
Liabilities to investments in equity accounted investees
135.7
79.5
Liabilities to non-consolidated subsidiaries
19.6
14.5
Deferred interest expenses
13.1
12.3
Liabilities arising from derivative transactions
3.5
9.3
Leasing liabilities
8.4
8.5
Other financial liabilities
43.6
102.8
223.9
226.9
Other liabilities
Contract liabilities
68.1
108.1
Deferred income from network subsidies
74.4
71.0
Liabilities relating to social security
12.5
12.8
Energy taxes
30.6
2.0
Value added tax
6.8
14.7
Other taxes and duties
22.0
16.2
214.5
225.0
Total
438.4
451.9
The liabilities to investments in equity accounted investees consist primarily of cash pooling balances between EVN AG and these
companies as well as amounts due to EnergieAllianz for the distribution and procurement of electricity.
The decrease in contract liabilities is attributable to a reclassification to assets and liabilities held for sale in connection with the
sale of the international project business (see note 43. Assets and liabilities held for sale).
Other financial liabilities include, in particular, liabilities related to capitalised contract costs, energy deferrals, liabilities to employees
and deposits received.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-477": { "value": "
58. Other current liabilities
Other current liabilities
EURm
30.09.2025
30.09.2024
Financial liabilities
Liabilities to investments in equity accounted investees
135.7
79.5
Liabilities to non-consolidated subsidiaries
19.6
14.5
Deferred interest expenses
13.1
12.3
Liabilities arising from derivative transactions
3.5
9.3
Leasing liabilities
8.4
8.5
Other financial liabilities
43.6
102.8
223.9
226.9
Other liabilities
Contract liabilities
68.1
108.1
Deferred income from network subsidies
74.4
71.0
Liabilities relating to social security
12.5
12.8
Energy taxes
30.6
2.0
Value added tax
6.8
14.7
Other taxes and duties
22.0
16.2
214.5
225.0
Total
438.4
451.9
The liabilities to investments in equity accounted investees consist primarily of cash pooling balances between EVN AG and these
companies as well as amounts due to EnergieAllianz for the distribution and procurement of electricity.
The decrease in contract liabilities is attributable to a reclassification to assets and liabilities held for sale in connection with the
sale of the international project business (see note 43. Assets and liabilities held for sale).
Other financial liabilities include, in particular, liabilities related to capitalised contract costs, energy deferrals, liabilities to employees
and deposits received.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-478": { "value": "
Other current liabilities
EURm
30.09.2025
30.09.2024
Financial liabilities
Liabilities to investments in equity accounted investees
135.7
79.5
Liabilities to non-consolidated subsidiaries
19.6
14.5
Deferred interest expenses
13.1
12.3
Liabilities arising from derivative transactions
3.5
9.3
Leasing liabilities
8.4
8.5
Other financial liabilities
43.6
102.8
223.9
226.9
Other liabilities
Contract liabilities
68.1
108.1
Deferred income from network subsidies
74.4
71.0
Liabilities relating to social security
12.5
12.8
Energy taxes
30.6
2.0
Value added tax
6.8
14.7
Other taxes and duties
22.0
16.2
214.5
225.0
Total
438.4
451.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-479": { "value": "
Segment reporting
Segment reporting
Energy
Generation
Networks
South East Europe
Environment
All Other Segments
Consolidation\u00b9\u207e
Total
EURm
2024/25
2023/241)
2024/25
2023/241)
2024/25
2023/241)
2024/25
2023/241)
2024/25
2023/241) 2)
2024/25
2023/241)
2024/25
2023/241) 2)
2024/25
2023/242)
External revenue
631.4
780.3
118.5
120.7
661.1
565.2
1,508.2
1,335.8
51.5
60.8
29.3
26.4
\u2014
\u2014
3,000.0
2,889.2
Internal revenue
(between segments)
17.6
19.5
229.9
305.3
81.1
78.5
0.3
2.5
0.1
0.5
121.4
95.8
-450.4
-502.1
\u2014
\u2014
Total revenue
649.0
799.8
348.4
426.0
742.2
643.7
1,508.5
1,338.3
51.5
61.3
150.8
122.2
-450.5
-502.1
3,000.0
2,889.2
Operating expenses
-577.5
-703.4
-161.9
-212.7
-391.3
-381.7
-1,328.7
-1,139.6
-42.7
-77.4
-163.3
-134.0
446.0
498.2
-2,219.5
-2,150.5
Share of results from
equity accounted investees
operational
9.9
-156.5
14.6
43.7
\u2014
\u2014
\u2014
\u2014
-4.2
10.6
108.3
126.3
\u2014
\u2014
128.6
24.2
EBITDA
81.4
-60.1
201.1
257.0
350.9
262.0
179.8
198.8
4.6
-5.5
95.8
114.6
-4.5
-3.9
909.1
762.9
Depreciation and amortisation
-23.4
-30.0
-108.9
-67.5
-186.4
-168.8
-91.6
-84.0
-9.4
-9.2
-3.0
-2.8
4.5
3.9
-418.2
-358.6
thereof impairment losses
\u2014
-4.2
-58.8
-21.0
-4.4
\u2014
\u2014
\u2014
\u2014
-0.1
\u2014
\u2014
\u2014
\u2014
-63.2
-25.2
thereof revaluation
5.0
0.3
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
5.0
0.3
Results from operating
activities (EBIT)
58.1
-90.1
92.1
189.5
164.4
93.2
88.2
114.7
-4.7
-14.7
92.8
111.7
\u2014
\u2014
490.9
404.3
EBIT margin (%)
8.9
-11.3
26.4
44.5
22.2
14.5
5.8
8.6
-9.2
-24.1
61.5
91.4
0.0
0.0
16.4
14.0
Interest income
1.1
1.0
2.9
8.3
0.6
0.6
3.0
5.3
1.4
3.1
54.7
52.8
-57.9
-63.8
5.8
7.3
Interest expense
-6.6
-6.0
-5.4
-5.7
-35.6
-30.7
-2.7
-3.8
-16.0
-19.4
-45.7
-58.6
57.9
63.8
-54.2
-60.4
Financial results
-4.9
-4.9
-2.4
4.0
-34.8
-29.7
0.2
1.5
-19.8
-22.4
396.8
308.3
-251.6
-111.2
83.6
145.6
Result before income tax
53.2
-95.0
89.7
193.4
129.6
63.5
88.4
116.2
-24.6
-37.1
489.6
420.0
-251.6
-111.2
574.4
549.9
Goodwill
\u2014
\u2014
\u2014
1.6
1.8
1.8
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1.8
1.8
Carrying value of investments
in equity accounted investees
120.6
49.8
215.9
230.3
\u2014
\u2014
\u2014
\u2014
82.0
167.3
716.9
696.6
\u2014
\u2014
1,135.4
1,144.0
Total assets
787.2
643.3
1,105.2
1,068.2
3,171.5
2,756.8
1,522.4
1,449.3
994.4
1,011.1
5,859.4
6,200.0
-2,409.4
-2,215.2
11,030.7
10,913.6
Total liabilities
524.7
477.6
432.0
432.6
2,237.0
2,019.4
585.1
531.3
735.0
670.4
2,183.8
2,321.2
-2,325.7
-2,269.5
4,371.8
4,183.0
Investments3)
117.3
89.9
134.2
87.5
472.4
399.8
166.2
147.2
25.2
30.7
3.0
2.5
-8.4
-4.6
909.8
753.0
1) Comparative periods were adjusted due to changes in the Group\u2019s internal financing structure.
2) The comparative information was adjusted due to a discontinued operation.
3) In intangible assets and property, plant and equipment
Segment information by product \u2013 revenue
EURm
2024/25
2023/24
Electricity
2,261.6
2,125.5
Natural gas
162.0
222.5
Heat
253.9
237.5
Environmental services
50.9
54.3
Others
271.5
249.4
Total
3,000.0
2,889.2
Segment information by country \u2013 revenue\u00b9\u207e
EURm
2024/25
2023/24
Austria
1,488.1
1,540.4
Bulgaria
923.4
798.1
North Macedonia
581.5
534.9
Others
7.1
15.8
Total
3,000.0
2,889.2
1) The allocation of segment information by countries is based on the location of the companies.
Segment information by country \u2013
non-current assets\u00b9\u207e
30.09.2025
30.09.2024
EURm
Intangible assets
Property, plant
and equipment
Intangible assets
Property, plant
and equipment
Austria
263.2
4,013.8
198.6
3,600.9
Germany
\u2014
\u2014
0.6
20.1
Bulgaria
35.6
597.4
35.0
564.5
North Macedonia
11.6
464.8
11.9
426.5
Others
\u2014
34.6
16.2
50.7
Total
310.4
5,110.5
262.4
4,662.7
1) The allocation of segment information by countries is based on the location of the companies.
59. Notes to segment reporting
The segments of business cover the following activities:
Notes to segment reporting
Business area
Segments
Major activities
Energy business
Energy
\u2022 Marketing of electricity produced in the Generation Segment
\u2022 Procurement of electricity, natural gas and primary energy carriers
\u2022 Trading with and sale of electricity and natural gas to end customers and on wholesale markets
\u2022 Production and sale of heat
\u2022 45.0\u00a0% Investment in EnergieAllianz\u00b9\u207e
\u2022 Investment as sole limited partner in EVN KG\u00b9\u207e
Generation
\u2022 Generation of electricity from renewable energy and thermal production capacities for
network stabilisation at Austrian and international locations
\u2022 Operation of a thermal waste utilisation plant in Lower Austria
\u2022 13.0% investment in Verbund Innkraftwerke (Germany)\u00b9\u207e
\u2022 49.99% investment in Ashta run-of-river-power plant (Albania)\u00b9\u207e
Networks
\u2022Operation of distribution networks and network infrastructure for electricity and natural gas in Lower Austria
\u2022Internet and telecommunication services in Lower Austria and Burgenland
South East Europe
\u2022Operation of distribution networks and network infrastructure for electricity in Bulgaria and North Macedonia
\u2022Sale of electricity to end customers in Bulgaria and North Macedonia
\u2022Generation of electricity from hydropower and photovoltaics in North Macedonia
\u2022Generation, distribution and sale of heat in Bulgaria
\u2022Construction and operation of natural gas networks in Croatia
\u2022Energy trading for the entire region
Environmental services business
Environment
\u2022 Water supply and wastewater disposal in Lower Austria
\u2022 International project business: planning, construction, financing and/or operation (depending on the project) of
plants for drinking water supplies, wastewater treatment and thermal waste utilisation2)
Other business activities
All Other Segments
\u2022 50.03% investment in RAG-Beteiligungs-Aktiengesellschaft, which holds 100% of the shares in RAG\u00b9\u207e
\u2022 73.63% investment in Burgenland Holding, which holds a stake of 49.0% in Burgenland Energie\u00b9\u207e
\u2022 12.63% investment in Verbund AG3\u207e
\u2022 Corporate services
Principle of segment allocation and transfer pricing
Subsidiaries are allocated directly to their respective segments. EVN AG\u2019s items are allocated to the segments on the basis of data
from the cost accounting system.
The transfer prices for energy between the individual segments are based on comparable prices for special contract customers,
and thus represent applicable market prices. For the remaining items, pricing is based on cost plus an appropriate mark-up.
Reconciliation of segment results at the Group level
Services performed between segments are eliminated in the consolidation column. The results in the total column reflect the
amounts shown in the consolidated statement of operations.
Previously, intragroup financing and dividends were allocated to the respective segments. Due to a change in the intragroup
financing structure, financing and the presentation of dividend income are now included in the segment All Other Segments. This has
an impact on the financial result and total assets of the individual segments. Due to this change, the figures for the comparative
periods have been adjusted in accordance with IFRS 8.29.
The Environment Segment continues to include the discontinued operation, with the result being reclassified to the item
\u201cResult from discontinued operations\u201d. Only service relationships between the segments that are eliminated in the consolidation
column are included in the segment information presented in the statement of operations.
In accordance with IFRS 8, supplementary segment information must be presented by product (breakdown of external revenue
by product or service) and by country (breakdown of external revenue and non-current assets by country), unless this information is
already included in the segment reporting as part of the information on the reportable segment.
Information on business transactions with important external customers is only required if these account for at least 10.0% of
total external sales. Due to the large number of customers and the wide range of business activities, there are no transactions with
customers that meet this criterion.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-480": { "value": "
60. Consolidated statement of cash flows
The consolidated statement of cash flows shows the changes in cash and cash equivalents during the reporting year as a result
of cash inflows and outflows. The consolidated statement of cash flows is presented in accordance with the indirect method.
Non-cash expenses were added to and non-cash income was subtracted from profit before income tax.
Cash and cash equivalents
EURm
30.09.2025
30.09.2024
Cash
89.8
65.2
thereof cash on hand
\u2014
0.1
thereof cash at banks
89.7
65.1
Bank overdrafts
-1.5
\u2014
Cash and cash equivalents of the discontinued operation1)
46.8
13.6
Total
135.1
78.8
1) These are consolidated figures that do not take into account intragroup cash pooling liabilities.
Network subsidies from the regulated business are released to other operating income (also see note 26.\u00a0Other operating
income), and those from the non-regulated business to revenue.
Reversal of network and investment subsidies
EURm
2024/25
2023/24
Income from the reversal of network and investment subsidies (regulated business)
64.5
58.3
Revenue from the reversal of network subsidies (non-regulated business)
6.6
6.3
Total
71.2
64.6
The change in financial liabilities is mainly attributable to cash flow from financing activities as shown below. The financial
liabilities in this table include the discontinued operation because the consolidated statement of cash flows includes the cash flows
from both discontinued and continuing operations. The financial liabilities attributable to the discontinued operation are shown
in a separate column \u201cthereof discontinued operations\u201d:
Cash flow from financing activities
2024/25 financial year
EURm
Current
financial liabilities
Non-current
financial liabilities
Leasing liabilities
thereof
discontinued
operations
Total
Balance on\u00a0 01.10.2024
126.1
987.8
78.8
11.2
1,192.7
Payments received
\u2014
240.0
\u2014
\u2014
240.0
Payments made
-121.1
-6.5
-15.8
-3.0
-143.4
Reclassification of liquid funds
1.5
\u2014
\u2014
\u2014
1.5
Currency translation
\u2014
-0.1
\u2014
\u2014
-0.1
Change in fair value
\u2014
\u2014
\u2014
\u2014
\u2014
Other changes
\u2014
\u2014
33.0
0.3
33.0
Reclassifications
18.0
-18.0
\u2014
\u2014
\u2014
Balance on 30.09.2025
24.5
1,203.3
95.9
8.5
1,323.7
2023/24 financial year
EURm
Current
financial liabilities
Non-current
financial liabilities
Leasing liabilities
thereof
discontinued
operations
Total
Balance on 01.10.2023
343.2
1,103.5
80.2
\u2014
1,526.8
Payments received
\u2014
\u2014
\u2014
\u2014
\u2014
Payments made
-293.2
\u2014
-11.8
\u2014
-305.0
Reclassification of liquid funds
-50.0
\u2014
\u2014
\u2014
-50.0
Currency translation
\u2014
0.9
\u2014
\u2014
0.9
Change in fair value
\u2014
-0.9
\u2014
\u2014
-0.9
Change in costs for the procurement
of funds
\u2014
0.5
\u2014
\u2014
0.5
Other changes
0.8
9.2
10.4
\u2014
20.4
Reclassifications
125.2
-125.2
\u2014
\u2014
\u2014
Balance on 30.09.2024
126.1
987.8
78.8
\u2014
1,192.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-481": { "value": "
The consolidated statement of cash flows shows the changes in cash and cash equivalents during the reporting year as a result
of cash inflows and outflows. The consolidated statement of cash flows is presented in accordance with the indirect method.
Non-cash expenses were added to and non-cash income was subtracted from profit before income tax.
.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-482": { "value": "
Cash and cash equivalents
EURm
30.09.2025
30.09.2024
Cash
89.8
65.2
thereof cash on hand
\u2014
0.1
thereof cash at banks
89.7
65.1
Bank overdrafts
-1.5
\u2014
Cash and cash equivalents of the discontinued operation1)
46.8
13.6
Total
135.1
78.8
1) These are consolidated figures that do not take into account intragroup cash pooling liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-483": { "value": "
61. Risk management
Risk management supports the pursuit of corporate objectives, in particular
\u2022 the targeted securing of existing and future earnings and cash flow potential,
\u2022 ensuring the Group's solvency and financing capability and
\u2022 optimising the result, taking into account the risk-opportunity calculation.
Risk management is carried out with regard to market risks, liquidity risks and credit and default risks.
Market risk represents the risk that the fair value or future cash flows of a financial instrument fluctuate as the result of market
risk factors. Market risk is classified in the following three components: interest rate, foreign exchange and other market risks.
Market risk: Interest rate risk
EVN defines interest rate risk as the risk that fluctuations in the fair value or future cash flows of a financial instrument due
to changes in the market interest rate could adversely affect interest income and expense as well as equity. This risk control is based
on the regular monitoring of interest rate risk and hedging strategies that include the use of derivative financial instruments (also see
notes 9. Financial instruments and 63. Reporting on financial instruments).
In addition to the ongoing calculation of the market value of financial liabilities, EVN also monitors the interest rate risk using
sensitivity analyses and a value-at-risk (VaR) calculation, in which the VaR is calculated with a confidence level of 99.0% for the
holding period of one day using the variance-covariance method (delta-gamma approach). As at the balance sheet date, the
interest rate VaR amounted to EUR 5.7m (previous year: EUR 5.0m). The increase recorded here is due to the incurrence of new
non-current financial liabilities amounting to EUR 225.0m with fixed interest rates in the 2024/25 financial year. At the same
time, the interest rate VaR continues to reflect the high level of fixed-interest financial liabilities of 91% as at 30\u00a0September\u00a02025
(previous year: 90%). For the financial liabilities with variable interest rates as at the balance sheet date, an increase in the
market interest rate/reference interest rate of 100 basis points would mean an increase in interest expenses of EUR\u00a01.2m\u00a0p.\u00a0a.
(previous year: EUR\u00a01.1m p.\u00a0a.).
Market risk: Foreign exchange risk
The risk of currency fluctuations affecting earnings arises for EVN from transactions that are not conducted in euros. Receivables,
liabilities, cash and cash equivalents that are not held in the Group\u2019s functional currency (including BGN, BHD, KWD, MKD,
PLN, RON, USD) may be exposed to currency risks. The financial liabilities are denominated exclusively in euros.
Exposure management (FX) includes reducing the EVN Group\u2019s physical, immediately available or daily maturing cash and cash
equivalents in foreign currencies to the necessary, economically reasonable minimum at all times. BGN and MKD are considered
EVN\u2019s core currencies and are not subject to active foreign currency risk management.
The main driver of currency risk in the operating segment continues to be the Umm Al Hayman wastewater treatment project
in Kuwait, which, however, is allocated to the discontinued operation reported in accordance with IFRS 5 due to the intention to
sell the international project business. As the general contractor, the EVN Group is responsible for the planning and construction
of a wastewater treatment plant and, together with partners, for the construction of a sewer network with pumping stations.
The Group is exposed to transactional foreign currency risks to the extent that the currencies in which project transactions are
conducted do not correspond to the Group\u2019s functional currency. The transactions mentioned are mainly conducted on the basis
of the euro (EUR), US dollar (USD) and Kuwaiti dinar (KWD). In accordance with Group policy, foreign currency risks from expected
net cash flows per foreign currency from project business are hedged on an ongoing basis over the next 12 months. In the
case of large projects, deviations from this policy are possible and hedging may also be carried out beyond this period. Forward
exchange contracts are used to hedge foreign currency risk and are formally designated in macro cash flow accounting.
These contracts are generally designated as cash flow hedges.
The foreign exchange VaR, based on the major foreign currency risk drivers in the financial area, amounted to EUR\u00a00.2m as of
30\u00a0September\u00a02025 (previous year: EUR\u00a00.3m) after the inclusion of hedging instruments.
Other market risks
In EVN\u2019s energy trading activities, energy trading contracts are entered into for the purpose of managing price risk. Price risks
result from the procurement and sale of electricity, natural gas and CO2 emission certificates.
EVN uses futures, forwards and swaps to hedge the prices of the primary energy carriers electricity, natural gas and CO2 emission
certificates in the energy business. These swaps are generally fulfilled financially. The contracts which cover expected procurement,
sale or usage requirements are evaluated as own-use transactions (also see note 63. Reporting on financial instruments).
A change of 10% in market prices would have the following effects in connection with derivative financial instruments in the
energy business:
Sensitivities market price
%
2024/25
2023/24
+10%
-10%
+10%
-10%
Effect on equity (cash flow hedges valuation reserve)
-8.4
8.4
-4.1
4.1
Impact on operating result
-1.5
1.5
-0.1
0.1
The price risk for securities results from fluctuations on the capital markets. The most significant securities position held by EVN
is its investment in Verbund AG. The price risk VaR for the Verbund AG shares held by EVN as of the balance sheet date was
EUR\u00a092.0m (previous year: EUR 124.4m), whereby the price would be influenced by the sale of a large block of Verbund shares
by EVN. The decrease in VaR compared to the last balance sheet date is due to a lower market value of the Verbund share
portfolio held and lower volatility compared to the last balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-484": { "value": "
Liquidity risk
Liquidity risk represents the risk of not being able to raise the required financial resources to settle liabilities on their due date as
well as the inability to raise the necessary liquidity at the expected terms and conditions. EVN minimises this risk by means of
short-term and medium-term financial and liquidity planning. In concluding financing agreements, special attention is paid to
managing the terms to maturity in order to achieve a balanced maturity profile and thus avoid the bundling of repayment dates.
The EVN\u00a0Group uses cash pooling to equalise liquidity balances.
The liquidity reserve as of 30 September 2025 comprised cash and cash equivalents of EUR 89.7m (previous year: EUR\u00a078.8m)
and current securities of EUR\u00a0186.9m (previous year: EUR\u00a0159.7m) which can be sold at any time. Moreover, EVN had
EUR\u00a0500.0m in a contractually agreed and unused syndicated line of credit (previous year: EUR 500.0m) and EUR 270.0m
(previous year: EUR\u00a0315.0m) of contractually agreed and unused bilateral lines of credit as of the balance sheet date. In
addition, cash and cash equivalents of the discontinued operation amounted to EUR 46.8m. The liquidity risk was therefore
extremely low. The gearing ratio equalled 17.3% as of the balance sheet date (previous year: 16.8%) and underscores EVN\u2019s sound
capital structure.
Expected occurrence of cash flows of loans
and borrowings and other liabilities
30.09.2025
Contractually stipulated payment flows
EURm
Carrying
amount
Total
payment flows
<1 year
1\u20135 years
> 5 years
Bonds
469.9
605.8
13.3
53.1
539.4
Bank loans
751.4
940.7
43.5
314.6
582.5
Lease liabilities
92.4
116.7
8.7
31.5
76.5
Liabilities arising from derivative transactions\u00b9\u207e
4.1
4.1
3.5
0.6
\u2014
Total
1,317.7
1,667.4
69.0
399.9
1,198.5
30.09.2024
Contractually stipulated payment flows
EURm
Carrying
amount
Total
payment flows
<1 year
1\u20135 years
> 5 years
Bonds
469.7
570.6
10.6
39.1
520.9
Bank loans
644.2
753.1
143.7
187.2
422.2
Lease liabilities
78.8
98.7
8.9
28.7
61.1
Liabilities arising from derivative transactions\u00b9\u207e
9.7
10.2
9.8
0.4
\u2014
Liabilities from contract costs
5.2
5.2
5.2
\u2014
\u2014
Total
1,207.5
1,437.7
178.1
255.3
1,004.3
1) All financial liabilities not shown in the table are current and the associated cash flows are therefore due within one year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-486": { "value": "
Credit and default risk
Credit and default risk represents the risk of a loss when business partners fail to meet their contractual obligations. This risk is
inherent to all agreements with delayed payment terms or fulfilment at a later date. Default risk generally arises in connection
with trade receivables and the debt instruments held as financial assets by the Group. The carrying amount of the financial assets
and contractual assets represents the maximum default risk.
To limit credit risk, the company evaluates the credit standing of its business partners. Internal and external ratings (including
Standard\u00a0&\u00a0Poor\u2019s, Moody\u2019s, Fitch and KSV 1870) of the counterparties are used for this purpose, and the business volume is
limited in accordance with the rating and the probability of default. Sufficient collateral is required before a transaction is entered
into if the partner\u2019s credit rating is inadequate.
EVN monitors credit risk and limits default risk for financial receivables and for derivatives and forward transactions which are
concluded to hedge the risks connected with EVN\u2019s energy business or are related to end customers and other debtors.
In order to reduce credit risk, hedging transactions are entered into only with well-known banks that have good credit ratings.
EVN also ensures that funds are deposited at banks with the best possible credit standing based on international ratings.
The default risk for customers is monitored separately at EVN and supported primarily by ratings and experience-based values.
Default risk is also minimised with efficient receivables management and the continuous monitoring of customer payment behaviour
The recognition of impairment losses to financial assets carried at amortised cost and to contractual assets in accordance with
IFRS\u00a015 has been based on the ECL model for expected credit losses since 1 October 2018.
EVN measures the impairment losses for trade receivables without a significant financing component and for contractual assets
at an amount equal to the expected lifetime credit losses.
In contrast, the impairment losses
\u2022 for financial assets with a low default risk as of the balance sheet date and
\u2022 for bank deposits without a significant increase in the default risk since initial recognition are based on the expected
12-month credit loss.
From the viewpoint of the EVN Group, a financial asset has a low default risk when its credit rating meets the \u201cinvestment grade\u201d
definition. The Group sees this condition as met with an internal rating of 4 or higher or with an equivalent rating of BBB\u2013 or
higher from the rating agency Standard and Poor\u2018s (S&P).
EVN uses appropriate and reliable information which is relevant and available without undue expenditure of time and expense to
determine whether the default risk of a financial asset has increased significantly since initial recognition and to estimate the
expected credit losses. The default risk of a financial asset is assumed to have increased significantly when the related credit rating
has declined to 5b on EVN\u2019s internal rating scale, which represents the S&P equivalent of B+.
The EVN Group considers a financial asset to be in default when:
\u2022 the debtor is unlikely to meet his/her credit obligations in full without measures by the Group to realise collateral (if available), or
\u2022 the financial asset declines to 5c on EVN\u2019s internal rating scale, which represents the S&P equivalent of CCC+, or
\u2022 payment on trade receivables has not been received after a second reminder or insolvency proceedings are opened over a
company or private person.
Default probabilities and collection rates based on the applicable rating category are used to calculate the required impairment
loss. The amount of the impairment loss equals the present value of the expected credit loss.
The following table includes information on the default risk and expected credit losses for financial instruments carried at
amortised cost. It does not cover trade receivables, receivables from equity accounted investees, receivables from non-consolidated
investments or amounts due from employees. The risk allowance for all financial instruments represents the expected 12-month
credit loss because the default risk is low. The amounts shown in the table include both current and non-current components.
Major financial instruments covered by the ECL model
30.09.2025
EURm
Equivalent S&P
Default
probability (%)\u00b9\u207e
Loans
receivable
Lease
receivables
Bank deposits\u00b2\u207e \u00b3\u207e
Calculated
impairment\u2074\u207e
EVN rating class 1
AAA
\u2014
\u2014
\u2014
\u2014
\u2014
EVN rating class 2
Up to AA\u2013
\u2014
\u2014
\u2014
\u2014
\u2014
EVN rating class 3
Up to\u00a0 A\u2013
0.05
26.4
3.5
40.3
\u2014
EVN rating class 4
Up to\u00a0 BBB\u2013
0.21
\u2014
\u2014
40.9
\u2014
EVN rating class 5a
Up to\u00a0 BB\u2013
0.87
\u2014
\u2014
6.1
\u2014
EVN rating class 5b
Up to\u00a0 B\u2013
5.16
\u2014
\u2014
2.5
\u2014
EVN rating class 5c
Up to\u00a0 D
26.12
\u2014
\u2014
\u2014
\u2014
No rating
\u2014
1.8
\u2014
\u2014
\u2014
Total
\u2014
28.2
3.5
89.7
\u2014
30.09.2024
EURm
Equivalent S&P
Default
probability(%)\u00b9\u207e
Loans
receivable
Lease
receivables
Bank deposits\u00b2\u207e \u00b3\u207e
Calculated
impairment\u2074\u207e
EVN rating class 1
AAA
\u2014
\u2014
3.8
\u2014
\u2014
EVN rating class 2
Up to\u00a0 AA\u2013
0.07
\u2014
\u2014
\u2014
\u2014
EVN rating class 3
Up to\u00a0 A\u2013
0.07
29.1
6.9
55.5
\u2014
EVN rating class 4
Up to BBB\u2013
0.33
\u2014
\u2014
27.1
\u2014
EVN rating class 5a
Up to\u00a0 BB\u2013
1.48
\u2014
\u2014
6.0
\u2014
EVN rating class 5b
Up to\u00a0 B\u2013
6.78
\u2014
\u2014
2.2
\u2014
EVN rating class 5c
Up to\u00a0 D
25.98
\u2014
\u2014
\u2014
\u2014
No rating
\u2014
1.3
\u2014
\u2014
\u2014
Total
\u2014
30.3
10.7
90.8
\u2014
1) Assumed loss ratio (60% for banks, 80% for corporates)
2) Due to the daily maturity, a one-day probability of default is applied to account balances;
for money market deposits, the PoD of the average volume-weighted residual term is taken into account.
3) Bank balances also include restricted cash in the amount of EUR 0.0m (previous year: EUR 12.1m).
4) The calculated impairments are not recognised in the balance sheet due to their minor magnitude.
EVN uses the practical expedient provided by IFRS 9.B5.5.35 for trade receivables and calculates the expected credit losses
with a provision matrix. The input factors include analyses of default incidents in previous financial years based on different
regional characteristics for the core markets. These factors form the basis for the development of a provision matrix with
different time ranges.
In the current situation, it is particularly important to evaluate how the macroeconomic environment will influence the expected
credit losses on trade receivables. Despite the economic developments in recent years, there was no sharp rise in receivables
defaults by customers, in particular because of numerous government support measures. It is expected that there will be an
increasing number of insolvencies in Europe, and we therefore expect higher receivables defaults in the future. For this reason,
the EVN\u00a0Group recognised a EUR 4.1m (previous year: EUR 5.1m) higher impairment loss to trade receivables for the 2024/25
financial year via a forward-looking component.
:
Expected credit losses in Austria
30.09.2025
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20130.1
0.0
95.0
94.9
\u2014
Up to 89 days overdue
0.0\u20130.6
1.0
9.6
9.6
0.1
Up to 179 days overdue
6.3\u201334.1
9.2
2.7
2.4
0.2
Up to 359 days overdue
8.6\u201326.5
8.9
5.9
5.4
0.5
>360 days overdue
12.4\u2013100.0
30.9
14.1
9.7
4.4
Total
127.3
122.0
5.3
30.09.2024
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20130.1
0.1
43.7
43.7
\u2014
Up to 89 days overdue
0.1\u20130.6
0.8
9.6
9.5
0.1
Up to 179 days overdue
4.6\u201319.7
12.0
2.2
1.9
0.3
Up to 359 days overdue
7.9\u201355.2
16.4
3.3
2.8
0.5
>360 days overdue
15.5\u2013100.0
34.3
12.5
8.2
4.3
Total
71.3
66.1
5.2
Expected credit losses in Bulgaria
30.09.2025
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20132.0
0.1
65.7
65.6
0.1
Up to 89 days overdue
0.0\u201360.3
8.6
4.7
4.3
0.4
Up to 179 days overdue
5.6\u201360.6
30.8
1.1
0.7
0.3
Up to 359 days overdue
56.0\u2013100.0
72.3
1.2
0.3
0.9
>360 days overdue
100.0
100.0
13.7
\u2014
13.7
Total
86.4
70.9
15.4
30.09.2024
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20132.7
0.4
47.8
47.6
0.2
Up to 89 days overdue
2.1\u2013100.0
6.5
7.9
7.4
0.5
Up to 179 days overdue
28.4\u2013100.0
63.8
1.2
0.4
0.7
Up to 359 days overdue
63.2\u2013100.0
87.8
1.4
0.2
1.2
>360 days overdue
100.0
100.0
14.3
\u2014
14.3
Total
72.5
55.6
17.0
Expected credit losses in
North Macedonia
30.09.2025
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.4\u2013100.0
64.7
148.3
52.3
96.0
thereof instalment
agreements
17.5\u2013100.0
88.5
87.4
10.1
77.3
thereof without instalment
agreements
0.4\u201336.6
30.7
61.0
42.2
18.7
Up to 89 days overdue
2.4\u2013100.0
10.1
20.8
18.7
2.1
Up to 179 days overdue
42.3\u2013100.0
78.9
6.3
1.3
5.0
Up to 359 days overdue
52.6\u2013100.0
94.6
9.5
0.5
9.0
>360 days overdue
100.0
100.0
162.0
\u2014
162.0
Total
347.0
72.9
274.1
30.09.2024
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.4\u2013100.0
55.2
145.3
65.1
80.2
thereof instalment
agreements
17.5\u2013100.0
88.5
87.7
10.1
77.5
thereof without instalment
agreements
0.4\u201336.6
4.7
57.6
54.9
2.7
Up to 89 days overdue
2.4\u2013100.0
9.7
23.6
21.3
2.3
Up to 179 days overdue
42.3\u2013100.0
80.5
6.6
1.3
5.3
Up to 359 days overdue
52.6\u2013100.0
92.2
10.9
0.5
10.4
>360 days overdue
100.0
100.0
169.7
\u2014
169.7
Total
356.1
88.2
267.9
The overview of expected credit losses in North Macedonia includes both current and non-current trade receivables. Following the
conclusion of instalment agreements with customers in North Macedonia, existing trade receivables were reclassified as non-
current. These receivables are not considered part of overdue receivables and, consequently, this category carries a higher average
probability of default than the category \u201cup to 89 days overdue\u201d.
In the financial year 2024/25, impairments of EUR 8.7m (previous year: EUR 36.7m) were recognised for trade receivables.
The impairments mainly resulted from expected credit losses under consideration of a provision matrix. As in the previous year,
no impairment of contract assets was necessary.
The following table shows the development of impairment losses to trade receivables in 2024/25:
Impairment losses \u2013 trade receivables
EURm
2024/25
2023/24
Balance on 1.10
305.4
286.7
Additions
8.7
36.7
Disposal
-19.3
-17.9
Balance on 30.09.
294.8
305.4
The Group\u2019s maximum default risk for the items reported on the consolidated statement of financial position as of 30 September
2025 and 30 September 2024 reflect the carrying amounts shown in notes 39. Other non-current assets, 41. Trade and
other receivables and 42. Securities and other financial investments, excluding financial guarantees.
The maximum default risk for derivative financial instruments equals the positive fair value (see note 63. Reporting on financial
instruments).
The maximum risk from financial guarantees is described in note 65. Other obligations and risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-485": { "value": "
Credit and default risk
Credit and default risk represents the risk of a loss when business partners fail to meet their contractual obligations. This risk is
inherent to all agreements with delayed payment terms or fulfilment at a later date. Default risk generally arises in connection
with trade receivables and the debt instruments held as financial assets by the Group. The carrying amount of the financial assets
and contractual assets represents the maximum default risk.
To limit credit risk, the company evaluates the credit standing of its business partners. Internal and external ratings (including
Standard\u00a0&\u00a0Poor\u2019s, Moody\u2019s, Fitch and KSV 1870) of the counterparties are used for this purpose, and the business volume is
limited in accordance with the rating and the probability of default. Sufficient collateral is required before a transaction is entered
into if the partner\u2019s credit rating is inadequate.
EVN monitors credit risk and limits default risk for financial receivables and for derivatives and forward transactions which are
concluded to hedge the risks connected with EVN\u2019s energy business or are related to end customers and other debtors.
In order to reduce credit risk, hedging transactions are entered into only with well-known banks that have good credit ratings.
EVN also ensures that funds are deposited at banks with the best possible credit standing based on international ratings.
The default risk for customers is monitored separately at EVN and supported primarily by ratings and experience-based values.
Default risk is also minimised with efficient receivables management and the continuous monitoring of customer payment behaviour
The recognition of impairment losses to financial assets carried at amortised cost and to contractual assets in accordance with
IFRS\u00a015 has been based on the ECL model for expected credit losses since 1 October 2018.
EVN measures the impairment losses for trade receivables without a significant financing component and for contractual assets
at an amount equal to the expected lifetime credit losses.
In contrast, the impairment losses
\u2022 for financial assets with a low default risk as of the balance sheet date and
\u2022 for bank deposits without a significant increase in the default risk since initial recognition are based on the expected
12-month credit loss.
From the viewpoint of the EVN Group, a financial asset has a low default risk when its credit rating meets the \u201cinvestment grade\u201d
definition. The Group sees this condition as met with an internal rating of 4 or higher or with an equivalent rating of BBB\u2013 or
higher from the rating agency Standard and Poor\u2018s (S&P).
EVN uses appropriate and reliable information which is relevant and available without undue expenditure of time and expense to
determine whether the default risk of a financial asset has increased significantly since initial recognition and to estimate the
expected credit losses. The default risk of a financial asset is assumed to have increased significantly when the related credit rating
has declined to 5b on EVN\u2019s internal rating scale, which represents the S&P equivalent of B+.
The EVN Group considers a financial asset to be in default when:
\u2022 the debtor is unlikely to meet his/her credit obligations in full without measures by the Group to realise collateral (if available), or
\u2022 the financial asset declines to 5c on EVN\u2019s internal rating scale, which represents the S&P equivalent of CCC+, or
\u2022 payment on trade receivables has not been received after a second reminder or insolvency proceedings are opened over a
company or private person.
Default probabilities and collection rates based on the applicable rating category are used to calculate the required impairment
loss. The amount of the impairment loss equals the present value of the expected credit loss.
The following table includes information on the default risk and expected credit losses for financial instruments carried at
amortised cost. It does not cover trade receivables, receivables from equity accounted investees, receivables from non-consolidated
investments or amounts due from employees. The risk allowance for all financial instruments represents the expected 12-month
credit loss because the default risk is low. The amounts shown in the table include both current and non-current components.
Major financial instruments covered by the ECL model
30.09.2025
EURm
Equivalent S&P
Default
probability (%)\u00b9\u207e
Loans
receivable
Lease
receivables
Bank deposits\u00b2\u207e \u00b3\u207e
Calculated
impairment\u2074\u207e
EVN rating class 1
AAA
\u2014
\u2014
\u2014
\u2014
\u2014
EVN rating class 2
Up to AA\u2013
\u2014
\u2014
\u2014
\u2014
\u2014
EVN rating class 3
Up to\u00a0 A\u2013
0.05
26.4
3.5
40.3
\u2014
EVN rating class 4
Up to\u00a0 BBB\u2013
0.21
\u2014
\u2014
40.9
\u2014
EVN rating class 5a
Up to\u00a0 BB\u2013
0.87
\u2014
\u2014
6.1
\u2014
EVN rating class 5b
Up to\u00a0 B\u2013
5.16
\u2014
\u2014
2.5
\u2014
EVN rating class 5c
Up to\u00a0 D
26.12
\u2014
\u2014
\u2014
\u2014
No rating
\u2014
1.8
\u2014
\u2014
\u2014
Total
\u2014
28.2
3.5
89.7
\u2014
30.09.2024
EURm
Equivalent S&P
Default
probability(%)\u00b9\u207e
Loans
receivable
Lease
receivables
Bank deposits\u00b2\u207e \u00b3\u207e
Calculated
impairment\u2074\u207e
EVN rating class 1
AAA
\u2014
\u2014
3.8
\u2014
\u2014
EVN rating class 2
Up to\u00a0 AA\u2013
0.07
\u2014
\u2014
\u2014
\u2014
EVN rating class 3
Up to\u00a0 A\u2013
0.07
29.1
6.9
55.5
\u2014
EVN rating class 4
Up to BBB\u2013
0.33
\u2014
\u2014
27.1
\u2014
EVN rating class 5a
Up to\u00a0 BB\u2013
1.48
\u2014
\u2014
6.0
\u2014
EVN rating class 5b
Up to\u00a0 B\u2013
6.78
\u2014
\u2014
2.2
\u2014
EVN rating class 5c
Up to\u00a0 D
25.98
\u2014
\u2014
\u2014
\u2014
No rating
\u2014
1.3
\u2014
\u2014
\u2014
Total
\u2014
30.3
10.7
90.8
\u2014
1) Assumed loss ratio (60% for banks, 80% for corporates)
2) Due to the daily maturity, a one-day probability of default is applied to account balances;
for money market deposits, the PoD of the average volume-weighted residual term is taken into account.
3) Bank balances also include restricted cash in the amount of EUR 0.0m (previous year: EUR 12.1m).
4) The calculated impairments are not recognised in the balance sheet due to their minor magnitude.
EVN uses the practical expedient provided by IFRS 9.B5.5.35 for trade receivables and calculates the expected credit losses
with a provision matrix. The input factors include analyses of default incidents in previous financial years based on different
regional characteristics for the core markets. These factors form the basis for the development of a provision matrix with
different time ranges.
In the current situation, it is particularly important to evaluate how the macroeconomic environment will influence the expected
credit losses on trade receivables. Despite the economic developments in recent years, there was no sharp rise in receivables
defaults by customers, in particular because of numerous government support measures. It is expected that there will be an
increasing number of insolvencies in Europe, and we therefore expect higher receivables defaults in the future. For this reason,
the EVN\u00a0Group recognised a EUR 4.1m (previous year: EUR 5.1m) higher impairment loss to trade receivables for the 2024/25
financial year via a forward-looking component.
:
Expected credit losses in Austria
30.09.2025
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20130.1
0.0
95.0
94.9
\u2014
Up to 89 days overdue
0.0\u20130.6
1.0
9.6
9.6
0.1
Up to 179 days overdue
6.3\u201334.1
9.2
2.7
2.4
0.2
Up to 359 days overdue
8.6\u201326.5
8.9
5.9
5.4
0.5
>360 days overdue
12.4\u2013100.0
30.9
14.1
9.7
4.4
Total
127.3
122.0
5.3
30.09.2024
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20130.1
0.1
43.7
43.7
\u2014
Up to 89 days overdue
0.1\u20130.6
0.8
9.6
9.5
0.1
Up to 179 days overdue
4.6\u201319.7
12.0
2.2
1.9
0.3
Up to 359 days overdue
7.9\u201355.2
16.4
3.3
2.8
0.5
>360 days overdue
15.5\u2013100.0
34.3
12.5
8.2
4.3
Total
71.3
66.1
5.2
Expected credit losses in Bulgaria
30.09.2025
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20132.0
0.1
65.7
65.6
0.1
Up to 89 days overdue
0.0\u201360.3
8.6
4.7
4.3
0.4
Up to 179 days overdue
5.6\u201360.6
30.8
1.1
0.7
0.3
Up to 359 days overdue
56.0\u2013100.0
72.3
1.2
0.3
0.9
>360 days overdue
100.0
100.0
13.7
\u2014
13.7
Total
86.4
70.9
15.4
30.09.2024
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.0\u20132.7
0.4
47.8
47.6
0.2
Up to 89 days overdue
2.1\u2013100.0
6.5
7.9
7.4
0.5
Up to 179 days overdue
28.4\u2013100.0
63.8
1.2
0.4
0.7
Up to 359 days overdue
63.2\u2013100.0
87.8
1.4
0.2
1.2
>360 days overdue
100.0
100.0
14.3
\u2014
14.3
Total
72.5
55.6
17.0
Expected credit losses in
North Macedonia
30.09.2025
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.4\u2013100.0
64.7
148.3
52.3
96.0
thereof instalment
agreements
17.5\u2013100.0
88.5
87.4
10.1
77.3
thereof without instalment
agreements
0.4\u201336.6
30.7
61.0
42.2
18.7
Up to 89 days overdue
2.4\u2013100.0
10.1
20.8
18.7
2.1
Up to 179 days overdue
42.3\u2013100.0
78.9
6.3
1.3
5.0
Up to 359 days overdue
52.6\u2013100.0
94.6
9.5
0.5
9.0
>360 days overdue
100.0
100.0
162.0
\u2014
162.0
Total
347.0
72.9
274.1
30.09.2024
EURm
Default probability
range (%)
Default probability
average (%)
Gross amount
Net amount
Cumulative
impairment loss
Not overdue
0.4\u2013100.0
55.2
145.3
65.1
80.2
thereof instalment
agreements
17.5\u2013100.0
88.5
87.7
10.1
77.5
thereof without instalment
agreements
0.4\u201336.6
4.7
57.6
54.9
2.7
Up to 89 days overdue
2.4\u2013100.0
9.7
23.6
21.3
2.3
Up to 179 days overdue
42.3\u2013100.0
80.5
6.6
1.3
5.3
Up to 359 days overdue
52.6\u2013100.0
92.2
10.9
0.5
10.4
>360 days overdue
100.0
100.0
169.7
\u2014
169.7
Total
356.1
88.2
267.9
The overview of expected credit losses in North Macedonia includes both current and non-current trade receivables. Following the
conclusion of instalment agreements with customers in North Macedonia, existing trade receivables were reclassified as non-
current. These receivables are not considered part of overdue receivables and, consequently, this category carries a higher average
probability of default than the category \u201cup to 89 days overdue\u201d.
In the financial year 2024/25, impairments of EUR 8.7m (previous year: EUR 36.7m) were recognised for trade receivables.
The impairments mainly resulted from expected credit losses under consideration of a provision matrix. As in the previous year,
no impairment of contract assets was necessary.
The following table shows the development of impairment losses to trade receivables in 2024/25:
Impairment losses \u2013 trade receivables
EURm
2024/25
2023/24
Balance on 1.10
305.4
286.7
Additions
8.7
36.7
Disposal
-19.3
-17.9
Balance on 30.09.
294.8
305.4
The Group\u2019s maximum default risk for the items reported on the consolidated statement of financial position as of 30 September
2025 and 30 September 2024 reflect the carrying amounts shown in notes 39. Other non-current assets, 41. Trade and
other receivables and 42. Securities and other financial investments, excluding financial guarantees.
The maximum default risk for derivative financial instruments equals the positive fair value (see note 63. Reporting on financial
instruments).
The maximum risk from financial guarantees is described in note 65. Other obligations and risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-487": { "value": "
62. Capital management
EVN\u2019s goal in the area of capital management is to maintain a solid capital structure in order to use the resulting financial strength
for value-creating investments and an attractive dividend policy. EVN has defined an equity ratio of more than 40% and net
debt coverage of more than 50% as its targets. As of 30 September 2025, the equity ratio equalled 60.3% (previous year: 61.7%).
Net debt coverage, which represents the ratio of funds from operations to net debt, equalled 78.1% (previous year: 83.7%).
Net debt is calculated as the total of current and non-current financial liabilities minus cash and cash equivalents, current and non-
current securities and loans receivable, plus non-current personnel provisions.
Capital management1)
EURm
30.09.2025
30.09.2024
Non-current loans and borrowings and leasing liabilities
1,289.6
1,058.1
Current loans and borrowings2)
32.6
134.6
Cash and cash equivalents
-135.1
-78.8
Non-current and current securities
-269.9
-250.5
Non-current and current loans receivable
-28.2
-30.3
Net financial debt
888.9
833.1
Non-current personnel provisions3\u207e
266.9
296.2
Net debt
1,155.9
1,129.3
Funds from operations
901.8
945.2
Equity
6,658.8
6,730.6
Gearing (%)
17.3
16.8
Net debt coverage (%)
78.0
83.7
1) Net debt includes the discontinued operation, mainly cash and cash equivalents amounting to EUR 46.8m.
2) Excluding bank overdrafts contained in cash and cash equivalents.
3) Excluding provisions for service anniversary bonuses.
The EVN Group uses cash pooling to manage liquidity and optimise interest rates. EVN AG and each of the participating Group
subsidiaries have concluded a corresponding contract that defines the modalities for cash pooling.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-488": { "value": "
64. Disclosures of interests in other entities
An overview of the companies included in the consolidated financial statements is provided beginning on page\u00a096 under
EVN\u2019s\u00a0investments.
Information on the joint ventures and associates that were included in EVN\u2019s consolidated financial statements at equity in
2024/25 is provided below.
The share of results from equity accounted investees with operational nature is reported as part of the results from
operating activities (EBIT).
The following table shows the equity accounted investees with operational nature:
Joint ventures that were included at equity in the consolidated financial statements
as of 30.09.2025 in accordance with IFRS 11
Company
Bioenergie Steyr GmbH
EnergieAllianz
EVN KG
EVN-WE Wind KG
Fernw\u00e4rme St. P\u00f6lten GmbH
Fernw\u00e4rme Steyr GmbH
RAG
Ashta
Umm Al Hayman Wastewater Treatment Company KSPC1)
ZOV
1) This entity is an equity-accounted subsidiary of the discontinued operation.
Associates that were included at equity in the consolidated financial statements
as of 30.09.2025 in accordance with IAS 28
Company
Burgenland Energie
Verbund Innkraftwerke
ZOV UIP
The following table provides summarised financial information on each individually material joint venture included in the
consolidated financial statements:
Financial information of
material joint ventures
30.09.2025
30.09.2024
EURm
EVN KG
RAG
Energie-
Allianz
EVN KG
RAG
Energie-
Allianz
Statement of financial position
Non-current assets
0.8
542.9
15.4
3.9
566.6
32.8
Current assets
244.2
151.2
284.9
339.0
121.0
414.9
Non-current liabilities
1.9
254.1
7.3
9.2
245.6
7.9
Current liabilities
196.2
122.4
226.9
324.6
135.3
447.4
Reconciliation of the carrying amount
of the share of EVN in the joint venture
Net assets
46.8
317.6
66.1
9.1
306.8
-7.6
Share of EVN in net assets (%)
100.0
100.0
45.0
100.0
100.0
45.0
Share of EVN in net assets
46.8
317.6
29.7
9.1
306.8
-3.4
Revaluations
\u2014
138.2
\u2014
\u2014
138.3
3.4
Carrying amount of the share of EVN
in the joint venture
46.9
455.8
29.7
9.1
445.1
\u2014
2024/25
2023/24
Statement of operations
Revenue
603.1
795.4
1,225.3
906.2
671.1
2,102.9
Scheduled depreciation and amortisation
\u2014
-48.0
-0.4
\u2014
-48.7
-0.4
Interest income
2.2
0.7
1.2
1.3
0.4
3.0
Interest expense
-0.3
-7.1
-1.8
-2.3
-6.8
-2.7
Income tax
\u2014
-24.8
-2.1
\u2014
-22.8
-1.0
Result for the period
2.1
84.4
8.8
-154.3
76.7
4.1
Other comprehensive income
35.7
1.5
66.4
180.3
-2.4
64.1
Comprehensive income
37.7
85.9
75.3
26.0
74.3
68.2
Dividends received by EVN
\u2014
75.0
\u2014
\u2014
70.0
\u2014
The following table provides summarised financial information on the individually immaterial joint ventures included in the
consolidated financial statements:
Financial information of individually immaterial joint ventures
(EVN share)
EURm
2024/25
2023/24
Carrying value of the joint ventures as of the balance sheet date
189.9
182.4
Result for the period
4.6
14.6
Other comprehensive income
\u2014
-7.8
Comprehensive income
4.6
6.9
Due to the exercise of a contractually agreed termination right by the City of Zagreb for the concession agreement for a sewage
treatment plant project, which was originally scheduled to run until 2028, the at equity project company ZOV handed over
the central sewage treatment plant planned, built, financed, and operated by WTE to the City of Zagreb on 3 August\u00a02024.
This also marked the end of the operational management responsibilities of the operating company ZOV UIP, which was also
accounted for using the equity method. With the handover of the plant, a receivable from the City of Zagreb was recognised.
After no agreement could be reached on the termination price, ZOV filed an arbitration claim against the city of Zagreb
on 24 December\u00a02024, in accordance with the provisions of the contract. The outstanding receivables are the most significant
assets of the company accounted for using the equity method.
The following table provides summarised financial information on each individually material associate included in the consolidated
financial statements:
Financial information of
material associates
30.09.2025
30.09.2024
EURm
Verbund IKW
Burgenland Energie
Verbund IKW
Burgenland Energie
Statement of financial position
Non-current assets
1,227.0
1,194.4
1,230.3
1,076.3
Current assets
12.0
546.0
130.8
439.7
Non-current liabilities
165.0
189.7
172.8
180.3
Current liabilities
20.9
1,117.1
47.6
905.5
Reconciliation of the carrying amount
of the share of EVN in the joint venture
Net assets
1,053.2
433.5
1,140.6
430.2
Share of EVN in net assets (%)
13.0
49.0
13.0
49.0
Share of EVN in net assets
136.9
212.4
148.3
210.8
+/\u2013Revaluations
14.9
48.7
20.8
40.7
Carrying amount of the share of EVN
in the joint venture
151.8
261.1
169.1
251.5
2024/25
2023/24
Statement of operations
Revenue
201.3
704.7
302.4
1,043.7
Result for the period
127.2
40.4
175.7
89.5
Other comprehensive income
-0.2
-5.4
0.1
-2.7
Comprehensive income
127.0
35.0
175.8
86.8
Dividends received by EVN
27.9
11.8
44.7
11.3
ZOV UIP is an associated company included in the consolidated financial statements but is immaterial on its own. The
carrying amount as of the reporting date is EUR 0.2m (previous year: EUR 1.1m); earnings after income taxes amounted to
EUR\u00a0\u20130.1m in financial year 2024/25 (previous year: EUR 3.1m). There are no other associated companies that are
immaterial in themselves.
EVN\u2019s investments according to \u00a7 245a (1) in connection with \u00a7 265 (2) UGB
The following table lists EVN\u2019s investments classified by segment of business. The list of companies not included in the
consolidated financial statements of EVN AG for materiality reasons is based on the companies\u2019 last available local annual
financial statements as of the respective balance sheet date. The data from companies that report in a foreign currency
is translated into euros at the exchange rate on the balance sheet date of EVN.
1. EVN\u2019s investments in the energy business \u2265 20.0% as of 30 September 2025
1.1.Included in the consolidated financial statements of EVN
Company, registered office
Shareholder
Interest
%
Balance
sheet date
Method of
consolidation
2024/25
Ashta Beteiligungsverwaltung GmbH (Ashta), Vienna
EVN Naturkraft
49.99
31.12.2024
E
Bioenergie Steyr GmbH, Behamberg
EVN W\u00e4rme
51.00
30.09.2025
E
Elektrorazpredelenie Yug EAD (EP Yug), Plovdiv, Bulgaria
BG SN Holding
100.00
31.12.2024
V
ENERGIEALLIANZ Austria GmbH (EnergieAllianz), Vienna
EVN Energieservices
GmbH
45.00
30.09.2025
E
EVN Bulgaria Elektrosnabdiavane EAD (EVN Bulgaria EC), Plovdiv,
Bulgaria
BG SV Holding
100.00
31.12.2024
V
EVN Bulgaria EAD (EVN Bulgaria), Sofia, Bulgaria
EVN
100.00
31.12.2024
V
EVN Bulgaria Fernw\u00e4rme Holding GmbH (BG FW Holding),
Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Bulgaria RES Holding GmbH (EVN Bulgaria RES), Maria Enzersdorf
EVN Naturkraft
100.00
30.09.2025
V
EVN Bulgaria Stromerzeugung Holding GmbH (BG SE Holding),
Maria Enzersdorf
EVN Naturkraft
100.00
30.09.2025
V
EVN Bulgaria Stromnetz Holding GmbH (BG SN Holding),
Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Bulgaria Stromvertrieb Holding GmbH (BG SV Holding),
Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Bulgaria Toplofikatsia EAD (TEZ Plovdiv), Plovdiv, Bulgaria
BG FW Holding
100.00
31.12.2024
V
EVN Croatia Plin d.o.o (EVN Croatia), Zagreb, Croatia
Kroatien Holding
100.00
31.12.2024
V
ELEKTRODISTRIBUCIJA DOOEL, Skopje, North Macedonia
EVN Macedonia
100.00
31.12.2024
V
EVN Energieservices GmbH (EVN ES), Maria Enzersdorf
EVN
100.00
30.09.2025
V
Company, registered office
Shareholder
Interest
%
Balance
sheet date
Method of
consolidation
2024/25
EVN Energievertrieb GmbH & Co KG (EVN KG), Maria Enzersdorf
EVN Energieservices
GmbH
100.00
30.09.2025
E
EVN Geoinfo GmbH (EVN Geoinfo), Maria Enzersdorf
Utilitas
100.00
30.09.2025
V
EVN Home DOO, Skopje, North Macedonia
EVN Macedonia/
EVN Macedonia
Elektrosnabduvanje
100.00
31.12.2024
V
EVN Kavarna EOOD (EVN Kavarna), Plovdiv, Bulgaria
EVN Bulgaria RES
100.00
31.12.2024
V
EVN Kroatien Holding GmbH (Kroatien Holding), Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Macedonia AD (EVN Macedonia), Skopje, North Macedonia
EVN Mazedonien
90.00
31.12.2024
V
EVN Macedonia Elektrani DOOEL, Skopje, North Macedonia
EVN Macedonia
100.00
31.12.2024
V
EVN Macedonia Elektrosnabduvanje DOOEL (EVN Supply),
Skopje, North Macedonia
EVN Macedonia
100.00
31.12.2024
V
EVN Mazedonien GmbH (EVN Mazedonien), Maria Enzersdorf
EVN
100.00
30.09.2025
V
evn naturkraft Erzeugungsgesellschaft m.b.H. (EVN Naturkraft),
Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Service Centre EOOD, Plovdiv, Bulgaria
EVN Bulgaria
100.00
31.12.2024
V
EVN Trading South East Europe EAD (EVN Trading SEE),
Sofia, Bulgaria
EVN Bulgaria
100.00
31.12.2024
V
EVN W\u00e4rme GmbH (EVN W\u00e4rme), Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN W\u00e4rmekraftwerke GmbH (EVN W\u00e4rmekraftwerke),
Maria Enzersdorf
EVN/EVN Bet. 52
100.00
30.09.2025
V
1.1. Included in the consolidated financial statements of EVN
Company, registered office
Shareholder
Interest
%
Balance
sheet date
Method of
consolidation
2024/25
EVN-WIEN ENERGIE Windparkentwicklungs- und
Betriebs GmbH & Co KG (EVN-WE Wind KG), Vienna
EVN Naturkraft
50.00
30.09.2025
E
Fernw\u00e4rme St. P\u00f6lten GmbH, St. P\u00f6lten
EVN
49.00
31.12.2024
E
Fernw\u00e4rme Steyr GmbH, Steyr
EVN W\u00e4rme
49.00
30.09.2025
E
kabelplus GmbH (kabelplus), Maria Enzersdorf
Utilitas
100.00
30.09.2025
V
Netz Nieder\u00f6sterreich GmbH (Netz Nieder\u00f6sterreich),
Maria Enzersdorf
EVN
100.00
30.09.2025
V
Verbund Innkraftwerke GmbH (Verbund Innkraftwerke),
T\u00f6ging, Germany\u00b9\u207e
EVN Naturkraft
13.00
31.12.2024
E
Wasserkraftwerke Trieb und Krieglach GmbH (WTK),
Maria Enzersdorf
EVN Naturkraft
70.00
30.09.2025
V
Bioenergie St. P\u00f6lten GmbH, Maria Enzersdorf
EVN W\u00e4rme
100.00
30.09.2025
V
1) This company is included in the consolidated financial statements at equity and presented in the above table despite a participation interest \u2264 20.0%
because of special contractual arrangements that allow for the exercise of significant influence.
1.2. Not included in the consolidated financial statements of EVN due to immateriality
Company, registered office
Shareholder
Interest
%
Shareholders\u2019
equity
TEUR
Last year\u2019s
profit/loss
TEUR
Balance
sheet date
Method of
consolidation
2024/25
cyberGRID GmbH, Vienna
Utilitas
100.00
1,276
(296)
-2,020
(-258)
30.09.2025
(30.09.2024)
NV
Biow\u00e4rme Amstetten-West GmbH,
Amstetten
EVN W\u00e4rme
49.00
3,715
(3,277)
438
(637)
31.12.2024
(31.12.2023)
NE
EVN Macedonia Holding DOOEL,
Skopje, North Macedonia
EVN
100.00
396
(395)
1
(8)
31.12.2024
(31.12.2023)
NV
Bioenergie Wiener Neustadt GmbH,
Wiener Neustadt
EVN W\u00e4rme
90.00
1,269
(1,184)
135
(220)
30.09.2024
(31.12.2023)
NV
Energie Zukunft Nieder\u00f6sterreich GmbH,
Heiligenkreuz
EVN
50.00
331
(211)
120
(-449)
31.12.2024
(31.12.2023)
NE
EVN-WIEN ENERGIE Windparkentwicklungs- und
Betriebs GmbH (EVN-WE Wind GmbH), Vienna
EVN Naturkraft
50.00
42
(40)
2
(1)
30.09.2024
(30.09.2023)
NE
Fernw\u00e4rme Mariazellerland GmbH, Mariazell
EVN W\u00e4rme
48.86
1,163
(941)
297
(358)
31.12.2024
(31.12.2023)
NE
Hydro Power Company Gorna Arda AD,
Sofia, Bulgaria
BG SE Holding
76.00
70
(70)
-1
(-1)
31.12.2024
(31.12.2023)
NV
Kraftwerk Nu\u00dfdorf Errichtungs- und
Betriebs GmbH & Co KG, Vienna
EVN Naturkraft
33.33
9,254
(12,836)
4
(3,999)
31.12.2024
(31.12.2023)
NE
Kraftwerk Nu\u00dfdorf Errichtungs- und
Betriebs GmbH, Vienna
EVN Naturkraft
33.33
49
(45)
5
(3)
31..12.2024
(31.12.2023)
NE
Netz Nieder\u00f6sterreich Liegenschaftsbesitz 31
GmbH, Maria Enzersdorf
Netz N\u00d6
100.00
16,850
(16,181)
523
(-519)
30.09.2025
(30.09.2024)
NV
E.GON GmbH, Heiligenkreuz
Utilitas
100.00
2,059
(2,766)
707
(-269)
30.9.2025
(30.09.2024)
NV
EVN Biogas GmbH, Maria Enzersdorf
EVN W\u00e4rme-
kraftwerke
100.00
26
(30)
-5
(-5)
30.09.2025
(30.09.2024)
NV
EH Solar Contracting Solutions GmbH, St. P\u00f6lten
EVN
Energieservices
50.00
537
(-)
-4
(-)
31.12.2024
(-)
NE
Zephyr Energy GmbH, Maria Enzersdorf
EVN Naturkraft
74.90
786
(311)
-114
(-89)
30.09.2025
(30.09.2024)
NV
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-490": { "value": "
The following table shows the equity accounted investees with operational nature:
Joint ventures that were included at equity in the consolidated financial statements
as of 30.09.2025 in accordance with IFRS 11
Company
Bioenergie Steyr GmbH
EnergieAllianz
EVN KG
EVN-WE Wind KG
Fernw\u00e4rme St. P\u00f6lten GmbH
Fernw\u00e4rme Steyr GmbH
RAG
Ashta
Umm Al Hayman Wastewater Treatment Company KSPC1)
ZOV
1) This entity is an equity-accounted subsidiary of the discontinued operation.
The following table provides summarised financial information on each individually material joint venture included in the
consolidated financial statements:
Financial information of
material joint ventures
30.09.2025
30.09.2024
EURm
EVN KG
RAG
Energie-
Allianz
EVN KG
RAG
Energie-
Allianz
Statement of financial position
Non-current assets
0.8
542.9
15.4
3.9
566.6
32.8
Current assets
244.2
151.2
284.9
339.0
121.0
414.9
Non-current liabilities
1.9
254.1
7.3
9.2
245.6
7.9
Current liabilities
196.2
122.4
226.9
324.6
135.3
447.4
Reconciliation of the carrying amount
of the share of EVN in the joint venture
Net assets
46.8
317.6
66.1
9.1
306.8
-7.6
Share of EVN in net assets (%)
100.0
100.0
45.0
100.0
100.0
45.0
Share of EVN in net assets
46.8
317.6
29.7
9.1
306.8
-3.4
Revaluations
\u2014
138.2
\u2014
\u2014
138.3
3.4
Carrying amount of the share of EVN
in the joint venture
46.9
455.8
29.7
9.1
445.1
\u2014
2024/25
2023/24
Statement of operations
Revenue
603.1
795.4
1,225.3
906.2
671.1
2,102.9
Scheduled depreciation and amortisation
\u2014
-48.0
-0.4
\u2014
-48.7
-0.4
Interest income
2.2
0.7
1.2
1.3
0.4
3.0
Interest expense
-0.3
-7.1
-1.8
-2.3
-6.8
-2.7
Income tax
\u2014
-24.8
-2.1
\u2014
-22.8
-1.0
Result for the period
2.1
84.4
8.8
-154.3
76.7
4.1
Other comprehensive income
35.7
1.5
66.4
180.3
-2.4
64.1
Comprehensive income
37.7
85.9
75.3
26.0
74.3
68.2
Dividends received by EVN
\u2014
75.0
\u2014
\u2014
70.0
\u2014
The following table provides summarised financial information on the individually immaterial joint ventures included in the
consolidated financial statements:
Financial information of individually immaterial joint ventures
(EVN share)
EURm
2024/25
2023/24
Carrying value of the joint ventures as of the balance sheet date
189.9
182.4
Result for the period
4.6
14.6
Other comprehensive income
\u2014
-7.8
Comprehensive income
4.6
6.9
Due to the exercise of a contractually agreed termination right by the City of Zagreb for the concession agreement for a sewage
treatment plant project, which was originally scheduled to run until 2028, the at equity project company ZOV handed over
the central sewage treatment plant planned, built, financed, and operated by WTE to the City of Zagreb on 3 August\u00a02024.
This also marked the end of the operational management responsibilities of the operating company ZOV UIP, which was also
accounted for using the equity method. With the handover of the plant, a receivable from the City of Zagreb was recognised.
After no agreement could be reached on the termination price, ZOV filed an arbitration claim against the city of Zagreb
on 24 December\u00a02024, in accordance with the provisions of the contract. The outstanding receivables are the most significant
assets of the company accounted for using the equity method.
Transactions with joint ventures included at equity
EURm
2024/25
2023/24
Revenue
154.7
308.3
Cost of services received
-80.6
-86.9
Trade accounts receivable
22.6
41.0
Trade accounts payable
28.0
32.9
Loans
4.9
5.9
Liabilities from cash pooling
107.7
46.6
Interest income from loans
0.2
0.3
EVN\u2019s investments according to \u00a7 245a (1) in connection with \u00a7 265 (2) UGB
The following table lists EVN\u2019s investments classified by segment of business. The list of companies not included in the
consolidated financial statements of EVN AG for materiality reasons is based on the companies\u2019 last available local annual
financial statements as of the respective balance sheet date. The data from companies that report in a foreign currency
is translated into euros at the exchange rate on the balance sheet date of EVN.
1. EVN\u2019s investments in the energy business \u2265 20.0% as of 30 September 2025
1.1.Included in the consolidated financial statements of EVN
Company, registered office
Shareholder
Interest
%
Balance
sheet date
Method of
consolidation
2024/25
Ashta Beteiligungsverwaltung GmbH (Ashta), Vienna
EVN Naturkraft
49.99
31.12.2024
E
Bioenergie Steyr GmbH, Behamberg
EVN W\u00e4rme
51.00
30.09.2025
E
Elektrorazpredelenie Yug EAD (EP Yug), Plovdiv, Bulgaria
BG SN Holding
100.00
31.12.2024
V
ENERGIEALLIANZ Austria GmbH (EnergieAllianz), Vienna
EVN Energieservices
GmbH
45.00
30.09.2025
E
EVN Bulgaria Elektrosnabdiavane EAD (EVN Bulgaria EC), Plovdiv,
Bulgaria
BG SV Holding
100.00
31.12.2024
V
EVN Bulgaria EAD (EVN Bulgaria), Sofia, Bulgaria
EVN
100.00
31.12.2024
V
EVN Bulgaria Fernw\u00e4rme Holding GmbH (BG FW Holding),
Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Bulgaria RES Holding GmbH (EVN Bulgaria RES), Maria Enzersdorf
EVN Naturkraft
100.00
30.09.2025
V
EVN Bulgaria Stromerzeugung Holding GmbH (BG SE Holding),
Maria Enzersdorf
EVN Naturkraft
100.00
30.09.2025
V
EVN Bulgaria Stromnetz Holding GmbH (BG SN Holding),
Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Bulgaria Stromvertrieb Holding GmbH (BG SV Holding),
Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Bulgaria Toplofikatsia EAD (TEZ Plovdiv), Plovdiv, Bulgaria
BG FW Holding
100.00
31.12.2024
V
EVN Croatia Plin d.o.o (EVN Croatia), Zagreb, Croatia
Kroatien Holding
100.00
31.12.2024
V
ELEKTRODISTRIBUCIJA DOOEL, Skopje, North Macedonia
EVN Macedonia
100.00
31.12.2024
V
EVN Energieservices GmbH (EVN ES), Maria Enzersdorf
EVN
100.00
30.09.2025
V
Company, registered office
Shareholder
Interest
%
Balance
sheet date
Method of
consolidation
2024/25
EVN Energievertrieb GmbH & Co KG (EVN KG), Maria Enzersdorf
EVN Energieservices
GmbH
100.00
30.09.2025
E
EVN Geoinfo GmbH (EVN Geoinfo), Maria Enzersdorf
Utilitas
100.00
30.09.2025
V
EVN Home DOO, Skopje, North Macedonia
EVN Macedonia/
EVN Macedonia
Elektrosnabduvanje
100.00
31.12.2024
V
EVN Kavarna EOOD (EVN Kavarna), Plovdiv, Bulgaria
EVN Bulgaria RES
100.00
31.12.2024
V
EVN Kroatien Holding GmbH (Kroatien Holding), Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Macedonia AD (EVN Macedonia), Skopje, North Macedonia
EVN Mazedonien
90.00
31.12.2024
V
EVN Macedonia Elektrani DOOEL, Skopje, North Macedonia
EVN Macedonia
100.00
31.12.2024
V
EVN Macedonia Elektrosnabduvanje DOOEL (EVN Supply),
Skopje, North Macedonia
EVN Macedonia
100.00
31.12.2024
V
EVN Mazedonien GmbH (EVN Mazedonien), Maria Enzersdorf
EVN
100.00
30.09.2025
V
evn naturkraft Erzeugungsgesellschaft m.b.H. (EVN Naturkraft),
Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Service Centre EOOD, Plovdiv, Bulgaria
EVN Bulgaria
100.00
31.12.2024
V
EVN Trading South East Europe EAD (EVN Trading SEE),
Sofia, Bulgaria
EVN Bulgaria
100.00
31.12.2024
V
EVN W\u00e4rme GmbH (EVN W\u00e4rme), Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN W\u00e4rmekraftwerke GmbH (EVN W\u00e4rmekraftwerke),
Maria Enzersdorf
EVN/EVN Bet. 52
100.00
30.09.2025
V
1.1. Included in the consolidated financial statements of EVN
Company, registered office
Shareholder
Interest
%
Balance
sheet date
Method of
consolidation
2024/25
EVN-WIEN ENERGIE Windparkentwicklungs- und
Betriebs GmbH & Co KG (EVN-WE Wind KG), Vienna
EVN Naturkraft
50.00
30.09.2025
E
Fernw\u00e4rme St. P\u00f6lten GmbH, St. P\u00f6lten
EVN
49.00
31.12.2024
E
Fernw\u00e4rme Steyr GmbH, Steyr
EVN W\u00e4rme
49.00
30.09.2025
E
kabelplus GmbH (kabelplus), Maria Enzersdorf
Utilitas
100.00
30.09.2025
V
Netz Nieder\u00f6sterreich GmbH (Netz Nieder\u00f6sterreich),
Maria Enzersdorf
EVN
100.00
30.09.2025
V
Verbund Innkraftwerke GmbH (Verbund Innkraftwerke),
T\u00f6ging, Germany\u00b9\u207e
EVN Naturkraft
13.00
31.12.2024
E
Wasserkraftwerke Trieb und Krieglach GmbH (WTK),
Maria Enzersdorf
EVN Naturkraft
70.00
30.09.2025
V
Bioenergie St. P\u00f6lten GmbH, Maria Enzersdorf
EVN W\u00e4rme
100.00
30.09.2025
V
1) This company is included in the consolidated financial statements at equity and presented in the above table despite a participation interest \u2264 20.0%
because of special contractual arrangements that allow for the exercise of significant influence.
1.2. Not included in the consolidated financial statements of EVN due to immateriality
Company, registered office
Shareholder
Interest
%
Shareholders\u2019
equity
TEUR
Last year\u2019s
profit/loss
TEUR
Balance
sheet date
Method of
consolidation
2024/25
cyberGRID GmbH, Vienna
Utilitas
100.00
1,276
(296)
-2,020
(-258)
30.09.2025
(30.09.2024)
NV
Biow\u00e4rme Amstetten-West GmbH,
Amstetten
EVN W\u00e4rme
49.00
3,715
(3,277)
438
(637)
31.12.2024
(31.12.2023)
NE
EVN Macedonia Holding DOOEL,
Skopje, North Macedonia
EVN
100.00
396
(395)
1
(8)
31.12.2024
(31.12.2023)
NV
Bioenergie Wiener Neustadt GmbH,
Wiener Neustadt
EVN W\u00e4rme
90.00
1,269
(1,184)
135
(220)
30.09.2024
(31.12.2023)
NV
Energie Zukunft Nieder\u00f6sterreich GmbH,
Heiligenkreuz
EVN
50.00
331
(211)
120
(-449)
31.12.2024
(31.12.2023)
NE
EVN-WIEN ENERGIE Windparkentwicklungs- und
Betriebs GmbH (EVN-WE Wind GmbH), Vienna
EVN Naturkraft
50.00
42
(40)
2
(1)
30.09.2024
(30.09.2023)
NE
Fernw\u00e4rme Mariazellerland GmbH, Mariazell
EVN W\u00e4rme
48.86
1,163
(941)
297
(358)
31.12.2024
(31.12.2023)
NE
Hydro Power Company Gorna Arda AD,
Sofia, Bulgaria
BG SE Holding
76.00
70
(70)
-1
(-1)
31.12.2024
(31.12.2023)
NV
Kraftwerk Nu\u00dfdorf Errichtungs- und
Betriebs GmbH & Co KG, Vienna
EVN Naturkraft
33.33
9,254
(12,836)
4
(3,999)
31.12.2024
(31.12.2023)
NE
Kraftwerk Nu\u00dfdorf Errichtungs- und
Betriebs GmbH, Vienna
EVN Naturkraft
33.33
49
(45)
5
(3)
31..12.2024
(31.12.2023)
NE
Netz Nieder\u00f6sterreich Liegenschaftsbesitz 31
GmbH, Maria Enzersdorf
Netz N\u00d6
100.00
16,850
(16,181)
523
(-519)
30.09.2025
(30.09.2024)
NV
E.GON GmbH, Heiligenkreuz
Utilitas
100.00
2,059
(2,766)
707
(-269)
30.9.2025
(30.09.2024)
NV
EVN Biogas GmbH, Maria Enzersdorf
EVN W\u00e4rme-
kraftwerke
100.00
26
(30)
-5
(-5)
30.09.2025
(30.09.2024)
NV
EH Solar Contracting Solutions GmbH, St. P\u00f6lten
EVN
Energieservices
50.00
537
(-)
-4
(-)
31.12.2024
(-)
NE
Zephyr Energy GmbH, Maria Enzersdorf
EVN Naturkraft
74.90
786
(311)
-114
(-89)
30.09.2025
(30.09.2024)
NV
2. EVN\u2019s investments in the environmental services business \u2265 20.0% as of 30 September 2025
2.1. Included in the consolidated financial statements of EVN
Company, registered office
Shareholder
Interest
%
Balance
sheet date
Method of
consolidation
2024/25
Cista Dolina \u2013 SHW Komunalno podjetje d.o.o., Kranjska Gora, Slovenia1)
Bet. 52 AS
100.00
30.09.2025
V
EVN Beteiligung 52 GmbH (EVN Bet. 52), Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Umwelt Beteiligungs und Service GmbH (EVN UBS),
Maria Enzersdorf
EVN Umwelt
100.00
30.09.2025
V
EVN Wasser GmbH (EVN Wasser), Maria Enzersdorf
EVN/Utilitas
100.00
30.09.2025
V
Storitveno podjetje La\u0161ko d.o.o., La\u0161ko, Slovenia1)
WTE Wassertechnik
100.00
30.09.2025
V
Umm Al Hayman Holding Company WLL, Kuwait City, Kuwait1)
WTE Wassertechnik
50.00
31.12.2024
E
WTE Abwicklungsgesellschaft Kuwait mbH, Essen, Germany1)2)
International
100.00
30.09.2025
V
WTE Betriebsgesellschaft mbH (WTE Betrieb), Hecklingen, Germany1)2)
WTE Wassertechnik
100.00
30.09.2025
V
WTE International GmbH (International), Essen, Germany1)
WTE Wassertechnik
100.00
30.09.2025
V
WTE O&M Kuwait Sewerage Treatment O.P.C., Kuwait City, Kuwait1)
International
100.00
30.09.2025
V
Beteiligung 52 Asset Solutions GmbH (Bet. 52 AS), Essen, Germany
EVN Bet.52
100.00
30.09.2025
V
WTE Projektentwicklung GmbH, Maria Enzersdorf1)
WTE Wassertechnik
100.00
30.09.2025
V
WTE Projektna dru\u017eba Bled d.o.o., Bled, Slovenia1)
WTE Wassertechnik
100.00
30.09.2025
V
WTE Wassertechnik GmbH (WTE), Essen, Germany1)
EVN Bet.52
100.00
30.09.2025
V
WTE Wassertechnik (Polska) Sp.z.o.o., Warshaw, Poland1)
WTE Wassertechnik
100.00
30.09.2025
V
Zagreba\u010dke otpadne vode d.o.o. (ZOV), Zagreb, Croatia
Bet. 52 AS
29.00
31.12.2024
E
Zagreba\u010dke otpadne vode \u2013 upravljanje i pogon d.o.o. (ZOV UIP),
Zagreb, Croatia
Bet. 52 AS
48.50
31.12.2024
E
1) The entity is part of the discontinued operation.
2) The relief options of \u00a7 264 (3) of the German Commercial Code (dHGB) are used.
2.2. Not included in the consolidated financial statements of EVN due to immateriality
Company, registered office
Shareholder
Interest
%
Shareholders\u2019
equity TEUR
Last year\u2019s
profit/loss
TEUR
Balance
sheet date
Method of
consolidation
2024/25
Abwasserbeseitigung K\u00f6tschach-Mauthen
Errichtungs- und Betriebsgesellschaft mbH,
K\u00f6tschach-Mauthen\u00b9\u207e
WTE
Projektentwicklung
26.00
340
(320)
21
(19)
31.12.2024
(31.12.2023)
NE
JV WTE Tecton Azmeel W.L.L.,
Al Seef (Manama), Bahrain1)
WTE
Wassertechnik
50.00
-667
(-924)
203
(-234)
30.09.2024
(30.09.2023)
NE
Wasserver- und Abwasserentsorgungs-
gesellschaft M\u00e4rkische Schweiz mbh,
Buckow, Germany1)
WTE
Wassertechnik
49.00
611
(586)
28
(22)
31.12.2024
(31.12.2023)
NE
Wiental-Sammelkanal Gesellschaft m.b.H,
Untertullnerbach
EVN Wasser
50.00
866
(866)
-7
(-)
31.12.2024
(31.12.2023)
NE
WTE Baltic UAB, Kaunas, Lithuania1)
WTE
Wassertechnik
100.00
377
(298)
79
(36)
30.09.2025
(30.09.2024)
NV
WTE desalinizacija morske vode d.o.o.,
Podgorica, Montenegro
Bet. 52 AS
100.00
-891
(-838)
-52
(-149)
31.12.2024
(31.12.2023)
NV
WTE otpadne vode Budva DOO,
Podgorica, Montenegro
Bet. 52 AS
0.00
-2,024
(-13,017)
10,993
(-2,699)
31.12.2024
(31.12.2023)
NV
Degremont WTE Wassertechnik Praha
v.o.s., Prague, Czech Republic
Bet. 52 AS
0.00
68
(43)
27
(-)
31.12.2024
(31.12.2023)
NE
3. EVN\u2019s investments in other business activities \u2265 20.0% as of 30 September 2025
3.1. Included in the consolidated financial statements of EVN
Company, registered office
Shareholder
Interest
%
Balance
sheet date
Method of
consolidation
2024/25
Burgenland Holding Aktiengesellschaft
(Burgenland Holding or BUHO), Eisenstadt
EVN
73.63
30.09.2025
V
Burgenland Energie AG (Burgenland Energie), Eisenstadt
BUHO
49.00
30.09.2025
E
EVN Business Service GmbH (EVN Business), Maria Enzersdorf
Utilitas
100.00
30.09.2025
V
R138-Fonds, Vienna
EVN/Netz N\u00d6/
EVN Wasser
100.00
30.09.2025
V
RAG-Beteiligungs-Aktiengesellschaft (RBG), Maria Enzersdorf
EVN
50.03
31.03.2025
V
RAG Austria AG (RAG), Vienna
RBG
100.00
31.12.2024
E
UTILITAS Dienstleistungs- und Beteiligungs-Gesellschaft m.b.H.
(\u201eUtilitas\u201c), Maria Enzersdorf
EVN
100.00
30.09.2025
V
3.2. Not included in the consolidated financial statements of EVN due to immateriality
Company, registered office
Shareholder
Interest
%
Shareholders\u2019
equity TEUR
Last year\u2019s
profit/loss
TEUR
Balance
sheet date
Method of
consolidation
2024/25
e&i EDV Dienstleistungs-
gesellschaft m.b.H., Vienna
EVN
50.00
237
(255)
72
(74)
30.09.2025
(30.09.2024)
NE
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-489": { "value": "
Associates that were included at equity in the consolidated financial statements
as of 30.09.2025 in accordance with IAS 28
Company
Burgenland Energie
Verbund Innkraftwerke
ZOV UIP
The following table provides summarised financial information on each individually material joint venture included in the
consolidated financial statements:
Financial information of
material joint ventures
30.09.2025
30.09.2024
EURm
EVN KG
RAG
Energie-
Allianz
EVN KG
RAG
Energie-
Allianz
Statement of financial position
Non-current assets
0.8
542.9
15.4
3.9
566.6
32.8
Current assets
244.2
151.2
284.9
339.0
121.0
414.9
Non-current liabilities
1.9
254.1
7.3
9.2
245.6
7.9
Current liabilities
196.2
122.4
226.9
324.6
135.3
447.4
Reconciliation of the carrying amount
of the share of EVN in the joint venture
Net assets
46.8
317.6
66.1
9.1
306.8
-7.6
Share of EVN in net assets (%)
100.0
100.0
45.0
100.0
100.0
45.0
Share of EVN in net assets
46.8
317.6
29.7
9.1
306.8
-3.4
Revaluations
\u2014
138.2
\u2014
\u2014
138.3
3.4
Carrying amount of the share of EVN
in the joint venture
46.9
455.8
29.7
9.1
445.1
\u2014
2024/25
2023/24
Statement of operations
Revenue
603.1
795.4
1,225.3
906.2
671.1
2,102.9
Scheduled depreciation and amortisation
\u2014
-48.0
-0.4
\u2014
-48.7
-0.4
Interest income
2.2
0.7
1.2
1.3
0.4
3.0
Interest expense
-0.3
-7.1
-1.8
-2.3
-6.8
-2.7
Income tax
\u2014
-24.8
-2.1
\u2014
-22.8
-1.0
Result for the period
2.1
84.4
8.8
-154.3
76.7
4.1
Other comprehensive income
35.7
1.5
66.4
180.3
-2.4
64.1
Comprehensive income
37.7
85.9
75.3
26.0
74.3
68.2
Dividends received by EVN
\u2014
75.0
\u2014
\u2014
70.0
\u2014
The following table provides summarised financial information on each individually material associate included in the consolidated
financial statements:
Financial information of
material associates
30.09.2025
30.09.2024
EURm
Verbund IKW
Burgenland Energie
Verbund IKW
Burgenland Energie
Statement of financial position
Non-current assets
1,227.0
1,194.4
1,230.3
1,076.3
Current assets
12.0
546.0
130.8
439.7
Non-current liabilities
165.0
189.7
172.8
180.3
Current liabilities
20.9
1,117.1
47.6
905.5
Reconciliation of the carrying amount
of the share of EVN in the joint venture
Net assets
1,053.2
433.5
1,140.6
430.2
Share of EVN in net assets (%)
13.0
49.0
13.0
49.0
Share of EVN in net assets
136.9
212.4
148.3
210.8
+/\u2013Revaluations
14.9
48.7
20.8
40.7
Carrying amount of the share of EVN
in the joint venture
151.8
261.1
169.1
251.5
2024/25
2023/24
Statement of operations
Revenue
201.3
704.7
302.4
1,043.7
Result for the period
127.2
40.4
175.7
89.5
Other comprehensive income
-0.2
-5.4
0.1
-2.7
Comprehensive income
127.0
35.0
175.8
86.8
Dividends received by EVN
27.9
11.8
44.7
11.3
Transactions with associates included at equity
EURm
2024/25
2023/24
Cost of services received
-22.4
-35.1
Trade accounts payable
\u2014
\u2014
EVN\u2019s investments according to \u00a7 245a (1) in connection with \u00a7 265 (2) UGB
The following table lists EVN\u2019s investments classified by segment of business. The list of companies not included in the
consolidated financial statements of EVN AG for materiality reasons is based on the companies\u2019 last available local annual
financial statements as of the respective balance sheet date. The data from companies that report in a foreign currency
is translated into euros at the exchange rate on the balance sheet date of EVN.
1. EVN\u2019s investments in the energy business \u2265 20.0% as of 30 September 2025
1.1.Included in the consolidated financial statements of EVN
Company, registered office
Shareholder
Interest
%
Balance
sheet date
Method of
consolidation
2024/25
Ashta Beteiligungsverwaltung GmbH (Ashta), Vienna
EVN Naturkraft
49.99
31.12.2024
E
Bioenergie Steyr GmbH, Behamberg
EVN W\u00e4rme
51.00
30.09.2025
E
Elektrorazpredelenie Yug EAD (EP Yug), Plovdiv, Bulgaria
BG SN Holding
100.00
31.12.2024
V
ENERGIEALLIANZ Austria GmbH (EnergieAllianz), Vienna
EVN Energieservices
GmbH
45.00
30.09.2025
E
EVN Bulgaria Elektrosnabdiavane EAD (EVN Bulgaria EC), Plovdiv,
Bulgaria
BG SV Holding
100.00
31.12.2024
V
EVN Bulgaria EAD (EVN Bulgaria), Sofia, Bulgaria
EVN
100.00
31.12.2024
V
EVN Bulgaria Fernw\u00e4rme Holding GmbH (BG FW Holding),
Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Bulgaria RES Holding GmbH (EVN Bulgaria RES), Maria Enzersdorf
EVN Naturkraft
100.00
30.09.2025
V
EVN Bulgaria Stromerzeugung Holding GmbH (BG SE Holding),
Maria Enzersdorf
EVN Naturkraft
100.00
30.09.2025
V
EVN Bulgaria Stromnetz Holding GmbH (BG SN Holding),
Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Bulgaria Stromvertrieb Holding GmbH (BG SV Holding),
Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Bulgaria Toplofikatsia EAD (TEZ Plovdiv), Plovdiv, Bulgaria
BG FW Holding
100.00
31.12.2024
V
EVN Croatia Plin d.o.o (EVN Croatia), Zagreb, Croatia
Kroatien Holding
100.00
31.12.2024
V
ELEKTRODISTRIBUCIJA DOOEL, Skopje, North Macedonia
EVN Macedonia
100.00
31.12.2024
V
EVN Energieservices GmbH (EVN ES), Maria Enzersdorf
EVN
100.00
30.09.2025
V
Company, registered office
Shareholder
Interest
%
Balance
sheet date
Method of
consolidation
2024/25
EVN Energievertrieb GmbH & Co KG (EVN KG), Maria Enzersdorf
EVN Energieservices
GmbH
100.00
30.09.2025
E
EVN Geoinfo GmbH (EVN Geoinfo), Maria Enzersdorf
Utilitas
100.00
30.09.2025
V
EVN Home DOO, Skopje, North Macedonia
EVN Macedonia/
EVN Macedonia
Elektrosnabduvanje
100.00
31.12.2024
V
EVN Kavarna EOOD (EVN Kavarna), Plovdiv, Bulgaria
EVN Bulgaria RES
100.00
31.12.2024
V
EVN Kroatien Holding GmbH (Kroatien Holding), Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Macedonia AD (EVN Macedonia), Skopje, North Macedonia
EVN Mazedonien
90.00
31.12.2024
V
EVN Macedonia Elektrani DOOEL, Skopje, North Macedonia
EVN Macedonia
100.00
31.12.2024
V
EVN Macedonia Elektrosnabduvanje DOOEL (EVN Supply),
Skopje, North Macedonia
EVN Macedonia
100.00
31.12.2024
V
EVN Mazedonien GmbH (EVN Mazedonien), Maria Enzersdorf
EVN
100.00
30.09.2025
V
evn naturkraft Erzeugungsgesellschaft m.b.H. (EVN Naturkraft),
Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Service Centre EOOD, Plovdiv, Bulgaria
EVN Bulgaria
100.00
31.12.2024
V
EVN Trading South East Europe EAD (EVN Trading SEE),
Sofia, Bulgaria
EVN Bulgaria
100.00
31.12.2024
V
EVN W\u00e4rme GmbH (EVN W\u00e4rme), Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN W\u00e4rmekraftwerke GmbH (EVN W\u00e4rmekraftwerke),
Maria Enzersdorf
EVN/EVN Bet. 52
100.00
30.09.2025
V
1.1. Included in the consolidated financial statements of EVN
Company, registered office
Shareholder
Interest
%
Balance
sheet date
Method of
consolidation
2024/25
EVN-WIEN ENERGIE Windparkentwicklungs- und
Betriebs GmbH & Co KG (EVN-WE Wind KG), Vienna
EVN Naturkraft
50.00
30.09.2025
E
Fernw\u00e4rme St. P\u00f6lten GmbH, St. P\u00f6lten
EVN
49.00
31.12.2024
E
Fernw\u00e4rme Steyr GmbH, Steyr
EVN W\u00e4rme
49.00
30.09.2025
E
kabelplus GmbH (kabelplus), Maria Enzersdorf
Utilitas
100.00
30.09.2025
V
Netz Nieder\u00f6sterreich GmbH (Netz Nieder\u00f6sterreich),
Maria Enzersdorf
EVN
100.00
30.09.2025
V
Verbund Innkraftwerke GmbH (Verbund Innkraftwerke),
T\u00f6ging, Germany\u00b9\u207e
EVN Naturkraft
13.00
31.12.2024
E
Wasserkraftwerke Trieb und Krieglach GmbH (WTK),
Maria Enzersdorf
EVN Naturkraft
70.00
30.09.2025
V
Bioenergie St. P\u00f6lten GmbH, Maria Enzersdorf
EVN W\u00e4rme
100.00
30.09.2025
V
1) This company is included in the consolidated financial statements at equity and presented in the above table despite a participation interest \u2264 20.0%
because of special contractual arrangements that allow for the exercise of significant influence.
1.2. Not included in the consolidated financial statements of EVN due to immateriality
Company, registered office
Shareholder
Interest
%
Shareholders\u2019
equity
TEUR
Last year\u2019s
profit/loss
TEUR
Balance
sheet date
Method of
consolidation
2024/25
cyberGRID GmbH, Vienna
Utilitas
100.00
1,276
(296)
-2,020
(-258)
30.09.2025
(30.09.2024)
NV
Biow\u00e4rme Amstetten-West GmbH,
Amstetten
EVN W\u00e4rme
49.00
3,715
(3,277)
438
(637)
31.12.2024
(31.12.2023)
NE
EVN Macedonia Holding DOOEL,
Skopje, North Macedonia
EVN
100.00
396
(395)
1
(8)
31.12.2024
(31.12.2023)
NV
Bioenergie Wiener Neustadt GmbH,
Wiener Neustadt
EVN W\u00e4rme
90.00
1,269
(1,184)
135
(220)
30.09.2024
(31.12.2023)
NV
Energie Zukunft Nieder\u00f6sterreich GmbH,
Heiligenkreuz
EVN
50.00
331
(211)
120
(-449)
31.12.2024
(31.12.2023)
NE
EVN-WIEN ENERGIE Windparkentwicklungs- und
Betriebs GmbH (EVN-WE Wind GmbH), Vienna
EVN Naturkraft
50.00
42
(40)
2
(1)
30.09.2024
(30.09.2023)
NE
Fernw\u00e4rme Mariazellerland GmbH, Mariazell
EVN W\u00e4rme
48.86
1,163
(941)
297
(358)
31.12.2024
(31.12.2023)
NE
Hydro Power Company Gorna Arda AD,
Sofia, Bulgaria
BG SE Holding
76.00
70
(70)
-1
(-1)
31.12.2024
(31.12.2023)
NV
Kraftwerk Nu\u00dfdorf Errichtungs- und
Betriebs GmbH & Co KG, Vienna
EVN Naturkraft
33.33
9,254
(12,836)
4
(3,999)
31.12.2024
(31.12.2023)
NE
Kraftwerk Nu\u00dfdorf Errichtungs- und
Betriebs GmbH, Vienna
EVN Naturkraft
33.33
49
(45)
5
(3)
31..12.2024
(31.12.2023)
NE
Netz Nieder\u00f6sterreich Liegenschaftsbesitz 31
GmbH, Maria Enzersdorf
Netz N\u00d6
100.00
16,850
(16,181)
523
(-519)
30.09.2025
(30.09.2024)
NV
E.GON GmbH, Heiligenkreuz
Utilitas
100.00
2,059
(2,766)
707
(-269)
30.9.2025
(30.09.2024)
NV
EVN Biogas GmbH, Maria Enzersdorf
EVN W\u00e4rme-
kraftwerke
100.00
26
(30)
-5
(-5)
30.09.2025
(30.09.2024)
NV
EH Solar Contracting Solutions GmbH, St. P\u00f6lten
EVN
Energieservices
50.00
537
(-)
-4
(-)
31.12.2024
(-)
NE
Zephyr Energy GmbH, Maria Enzersdorf
EVN Naturkraft
74.90
786
(311)
-114
(-89)
30.09.2025
(30.09.2024)
NV
2. EVN\u2019s investments in the environmental services business \u2265 20.0% as of 30 September 2025
2.1. Included in the consolidated financial statements of EVN
Company, registered office
Shareholder
Interest
%
Balance
sheet date
Method of
consolidation
2024/25
Cista Dolina \u2013 SHW Komunalno podjetje d.o.o., Kranjska Gora, Slovenia1)
Bet. 52 AS
100.00
30.09.2025
V
EVN Beteiligung 52 GmbH (EVN Bet. 52), Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Umwelt Beteiligungs und Service GmbH (EVN UBS),
Maria Enzersdorf
EVN Umwelt
100.00
30.09.2025
V
EVN Wasser GmbH (EVN Wasser), Maria Enzersdorf
EVN/Utilitas
100.00
30.09.2025
V
Storitveno podjetje La\u0161ko d.o.o., La\u0161ko, Slovenia1)
WTE Wassertechnik
100.00
30.09.2025
V
Umm Al Hayman Holding Company WLL, Kuwait City, Kuwait1)
WTE Wassertechnik
50.00
31.12.2024
E
WTE Abwicklungsgesellschaft Kuwait mbH, Essen, Germany1)2)
International
100.00
30.09.2025
V
WTE Betriebsgesellschaft mbH (WTE Betrieb), Hecklingen, Germany1)2)
WTE Wassertechnik
100.00
30.09.2025
V
WTE International GmbH (International), Essen, Germany1)
WTE Wassertechnik
100.00
30.09.2025
V
WTE O&M Kuwait Sewerage Treatment O.P.C., Kuwait City, Kuwait1)
International
100.00
30.09.2025
V
Beteiligung 52 Asset Solutions GmbH (Bet. 52 AS), Essen, Germany
EVN Bet.52
100.00
30.09.2025
V
WTE Projektentwicklung GmbH, Maria Enzersdorf1)
WTE Wassertechnik
100.00
30.09.2025
V
WTE Projektna dru\u017eba Bled d.o.o., Bled, Slovenia1)
WTE Wassertechnik
100.00
30.09.2025
V
WTE Wassertechnik GmbH (WTE), Essen, Germany1)
EVN Bet.52
100.00
30.09.2025
V
WTE Wassertechnik (Polska) Sp.z.o.o., Warshaw, Poland1)
WTE Wassertechnik
100.00
30.09.2025
V
Zagreba\u010dke otpadne vode d.o.o. (ZOV), Zagreb, Croatia
Bet. 52 AS
29.00
31.12.2024
E
Zagreba\u010dke otpadne vode \u2013 upravljanje i pogon d.o.o. (ZOV UIP),
Zagreb, Croatia
Bet. 52 AS
48.50
31.12.2024
E
1) The entity is part of the discontinued operation.
2) The relief options of \u00a7 264 (3) of the German Commercial Code (dHGB) are used.
2.2. Not included in the consolidated financial statements of EVN due to immateriality
Company, registered office
Shareholder
Interest
%
Shareholders\u2019
equity TEUR
Last year\u2019s
profit/loss
TEUR
Balance
sheet date
Method of
consolidation
2024/25
Abwasserbeseitigung K\u00f6tschach-Mauthen
Errichtungs- und Betriebsgesellschaft mbH,
K\u00f6tschach-Mauthen\u00b9\u207e
WTE
Projektentwicklung
26.00
340
(320)
21
(19)
31.12.2024
(31.12.2023)
NE
JV WTE Tecton Azmeel W.L.L.,
Al Seef (Manama), Bahrain1)
WTE
Wassertechnik
50.00
-667
(-924)
203
(-234)
30.09.2024
(30.09.2023)
NE
Wasserver- und Abwasserentsorgungs-
gesellschaft M\u00e4rkische Schweiz mbh,
Buckow, Germany1)
WTE
Wassertechnik
49.00
611
(586)
28
(22)
31.12.2024
(31.12.2023)
NE
Wiental-Sammelkanal Gesellschaft m.b.H,
Untertullnerbach
EVN Wasser
50.00
866
(866)
-7
(-)
31.12.2024
(31.12.2023)
NE
WTE Baltic UAB, Kaunas, Lithuania1)
WTE
Wassertechnik
100.00
377
(298)
79
(36)
30.09.2025
(30.09.2024)
NV
WTE desalinizacija morske vode d.o.o.,
Podgorica, Montenegro
Bet. 52 AS
100.00
-891
(-838)
-52
(-149)
31.12.2024
(31.12.2023)
NV
WTE otpadne vode Budva DOO,
Podgorica, Montenegro
Bet. 52 AS
0.00
-2,024
(-13,017)
10,993
(-2,699)
31.12.2024
(31.12.2023)
NV
Degremont WTE Wassertechnik Praha
v.o.s., Prague, Czech Republic
Bet. 52 AS
0.00
68
(43)
27
(-)
31.12.2024
(31.12.2023)
NE
3. EVN\u2019s investments in other business activities \u2265 20.0% as of 30 September 2025
3.1. Included in the consolidated financial statements of EVN
Company, registered office
Shareholder
Interest
%
Balance
sheet date
Method of
consolidation
2024/25
Burgenland Holding Aktiengesellschaft
(Burgenland Holding or BUHO), Eisenstadt
EVN
73.63
30.09.2025
V
Burgenland Energie AG (Burgenland Energie), Eisenstadt
BUHO
49.00
30.09.2025
E
EVN Business Service GmbH (EVN Business), Maria Enzersdorf
Utilitas
100.00
30.09.2025
V
R138-Fonds, Vienna
EVN/Netz N\u00d6/
EVN Wasser
100.00
30.09.2025
V
RAG-Beteiligungs-Aktiengesellschaft (RBG), Maria Enzersdorf
EVN
50.03
31.03.2025
V
RAG Austria AG (RAG), Vienna
RBG
100.00
31.12.2024
E
UTILITAS Dienstleistungs- und Beteiligungs-Gesellschaft m.b.H.
(\u201eUtilitas\u201c), Maria Enzersdorf
EVN
100.00
30.09.2025
V
3.2. Not included in the consolidated financial statements of EVN due to immateriality
Company, registered office
Shareholder
Interest
%
Shareholders\u2019
equity TEUR
Last year\u2019s
profit/loss
TEUR
Balance
sheet date
Method of
consolidation
2024/25
e&i EDV Dienstleistungs-
gesellschaft m.b.H., Vienna
EVN
50.00
237
(255)
72
(74)
30.09.2025
(30.09.2024)
NE
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-493": { "value": "
65. Other obligations and risks
The commitments entered into by EVN and the related risks are as follows:
Other obligations and risks
EURm
30.09.2025
30.09.2024
Guarantees in connection with energy transaction
116.4
146.6
Guarantees in connection with projects in the Environment Segment1)
722.4
752.6
Guarantees related to the construction and operation of
Energy networks
5.7
3.7
Power plants
99.3
94.7
Order obligations for investments in intangible assets and property, plant and equipment
297.5
299.9
Further obligations arising from guarantees or other contractual contingent liabilities
0.1
0.1
Total
1,241.4
1,297.6
thereof in connection with equity accounted investees
77.5
111.5
1) These relate to liabilities of the continuing operations towards contractual partners of the discontinued operation.
Neither provisions nor liabilities were recognised for the above-mentioned items because claims to the fulfilment of obligations
or the actual occurrence of specific risks were not expected at the time these consolidated financial statements were prepared.
The above-mentioned obligations were contrasted by corresponding recourse claims of EUR 19.9m (previous year: EUR\u00a032.9m).
Other obligations and risks decreased by EUR 56.2m to EUR 1,241.4m compared to 30 September 2024. This change resulted
primarily from a reduction in guarantees related to energy transactions and guarantees for environmental projects.
Contingent liabilities relating to guarantees in connection with energy transactions are recognised in the amount of the actual
risk for EVN for those guarantees issued for the procurement or marketing of energy. This risk is measured by the changes
between the stipulated price and the actual market price, whereby EVN is only exposed to procurement risks when market prices
decline and to selling risks when market prices increase.
Accordingly, fluctuations in market prices may lead to a change in the risk exposure after the balance sheet date. The risk
assessment resulted in a contingent liability of EUR 116.4m (previous year: EUR 146.6m) as of 30 September 2025. The nominal
volume of the guarantees underlying this assessment was EUR 437.1m (previous year: EUR 549.6m). As of 31 October 2025,
the market price risk was EUR 129.8m based on an underlying nominal volume of EUR 446.0m.
Various legal proceedings and lawsuits related to operating activities are pending or claims may be filed against EVN in the future.
The attendant risks were analysed in relation to their probability of occurrence. The evaluation of possible claims showed that the
legal proceedings and lawsuits, individually and as a whole, would not have a material negative effect on EVN\u2019s business, liquidity,
profit or loss or financial position.
Additional obligations arising from guarantees and other contractual contingent liabilities consisted chiefly of outstanding
capital contributions to affiliates as well as liabilities for affiliates\u2019 loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-492": { "value": "
65. Other obligations and risks
The commitments entered into by EVN and the related risks are as follows:
Other obligations and risks
EURm
30.09.2025
30.09.2024
Guarantees in connection with energy transaction
116.4
146.6
Guarantees in connection with projects in the Environment Segment1)
722.4
752.6
Guarantees related to the construction and operation of
Energy networks
5.7
3.7
Power plants
99.3
94.7
Order obligations for investments in intangible assets and property, plant and equipment
297.5
299.9
Further obligations arising from guarantees or other contractual contingent liabilities
0.1
0.1
Total
1,241.4
1,297.6
thereof in connection with equity accounted investees
77.5
111.5
1) These relate to liabilities of the continuing operations towards contractual partners of the discontinued operation.
Neither provisions nor liabilities were recognised for the above-mentioned items because claims to the fulfilment of obligations
or the actual occurrence of specific risks were not expected at the time these consolidated financial statements were prepared.
The above-mentioned obligations were contrasted by corresponding recourse claims of EUR 19.9m (previous year: EUR\u00a032.9m).
Other obligations and risks decreased by EUR 56.2m to EUR 1,241.4m compared to 30 September 2024. This change resulted
primarily from a reduction in guarantees related to energy transactions and guarantees for environmental projects.
Contingent liabilities relating to guarantees in connection with energy transactions are recognised in the amount of the actual
risk for EVN for those guarantees issued for the procurement or marketing of energy. This risk is measured by the changes
between the stipulated price and the actual market price, whereby EVN is only exposed to procurement risks when market prices
decline and to selling risks when market prices increase.
Accordingly, fluctuations in market prices may lead to a change in the risk exposure after the balance sheet date. The risk
assessment resulted in a contingent liability of EUR 116.4m (previous year: EUR 146.6m) as of 30 September 2025. The nominal
volume of the guarantees underlying this assessment was EUR 437.1m (previous year: EUR 549.6m). As of 31 October 2025,
the market price risk was EUR 129.8m based on an underlying nominal volume of EUR 446.0m.
Various legal proceedings and lawsuits related to operating activities are pending or claims may be filed against EVN in the future.
The attendant risks were analysed in relation to their probability of occurrence. The evaluation of possible claims showed that the
legal proceedings and lawsuits, individually and as a whole, would not have a material negative effect on EVN\u2019s business, liquidity,
profit or loss or financial position.
Additional obligations arising from guarantees and other contractual contingent liabilities consisted chiefly of outstanding
capital contributions to affiliates as well as liabilities for affiliates\u2019 loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-491": { "value": "
65. Other obligations and risks
The commitments entered into by EVN and the related risks are as follows:
Other obligations and risks
EURm
30.09.2025
30.09.2024
Guarantees in connection with energy transaction
116.4
146.6
Guarantees in connection with projects in the Environment Segment1)
722.4
752.6
Guarantees related to the construction and operation of
Energy networks
5.7
3.7
Power plants
99.3
94.7
Order obligations for investments in intangible assets and property, plant and equipment
297.5
299.9
Further obligations arising from guarantees or other contractual contingent liabilities
0.1
0.1
Total
1,241.4
1,297.6
thereof in connection with equity accounted investees
77.5
111.5
1) These relate to liabilities of the continuing operations towards contractual partners of the discontinued operation.
Neither provisions nor liabilities were recognised for the above-mentioned items because claims to the fulfilment of obligations
or the actual occurrence of specific risks were not expected at the time these consolidated financial statements were prepared.
The above-mentioned obligations were contrasted by corresponding recourse claims of EUR 19.9m (previous year: EUR\u00a032.9m).
Other obligations and risks decreased by EUR 56.2m to EUR 1,241.4m compared to 30 September 2024. This change resulted
primarily from a reduction in guarantees related to energy transactions and guarantees for environmental projects.
Contingent liabilities relating to guarantees in connection with energy transactions are recognised in the amount of the actual
risk for EVN for those guarantees issued for the procurement or marketing of energy. This risk is measured by the changes
between the stipulated price and the actual market price, whereby EVN is only exposed to procurement risks when market prices
decline and to selling risks when market prices increase.
Accordingly, fluctuations in market prices may lead to a change in the risk exposure after the balance sheet date. The risk
assessment resulted in a contingent liability of EUR 116.4m (previous year: EUR 146.6m) as of 30 September 2025. The nominal
volume of the guarantees underlying this assessment was EUR 437.1m (previous year: EUR 549.6m). As of 31 October 2025,
the market price risk was EUR 129.8m based on an underlying nominal volume of EUR 446.0m.
Various legal proceedings and lawsuits related to operating activities are pending or claims may be filed against EVN in the future.
The attendant risks were analysed in relation to their probability of occurrence. The evaluation of possible claims showed that the
legal proceedings and lawsuits, individually and as a whole, would not have a material negative effect on EVN\u2019s business, liquidity,
profit or loss or financial position.
Additional obligations arising from guarantees and other contractual contingent liabilities consisted chiefly of outstanding
capital contributions to affiliates as well as liabilities for affiliates\u2019 loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-494": { "value": ". .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-495": { "value": ".", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-496": { "value": "
66. Information on transactions with related parties
In accordance with IAS 24, transactions with related parties arise through direct or indirect control, significant influence or joint
management. Related parties further include close family members of the respective natural persons. Key management personnel
and their close family members are also considered to be related parties.
EVN\u2019s related parties include all companies in the scope of consolidation, other subsidiaries, joint ventures and associates that
are not included in the consolidated financial statements, as well as people who are responsible for the planning, management
and supervision of the Group\u2019s activities. In particular, related parties also include the members of the Executive Board and
the Supervisory Board as well as their family members. A list of the Group companies can be found starting on page\u00a096 under
EVN\u2019s\u00a0investments.
The province of Lower Austria holds 51.0% of the shares of EVN AG through N\u00d6 Landes-Beteiligungsholding GmbH, St.\u00a0P\u00f6lten.
Therefore, the province of Lower Austria and companies under its control or significant influence are classified as related parties
of the EVN Group. Since the province of Lower Austria is a government-related entity which has control over EVN AG due to
its majority shareholding, EVN has elected to apply the exemption provided by IAS 24.25. This exemption releases EVN from
the requirement to disclose business transactions and outstanding balances with related parties when the related party is
a government-related entity. The business transactions with companies under the control or significant influence of N\u00d6 Landes-
Beteiligungsholding GmbH are related mainly to the provision of electricity, natural gas, network and telecommunications services.
N\u00d6 Holding GmbH holds 100% of the shares in N\u00d6 Landes-Beteiligungsholding GmbH, which prepares and publishes consoli-
dated financial statements.
Wiener Stadtwerke GmbH acquired 51.0m EVN shares on 5 August 2020. The closing of this transaction made the company,
which is wholly owned by the city of Vienna, the second largest shareholder of EVN AG with an investment of 28.4%. Since the
city of Vienna is a government-related entity which, based on the majority shareholding, can exercise significant influence over
EVN\u00a0AG, the exemption provided by IAS 24.25 was applied. This exemption permits the non-disclosure of business transactions
and outstanding balances with related parties when the related party is a government-related entity.
Transactions with related parties
Main shareholder
EVN is part of a joint venture with N\u00d6 Landes-Beteiligungsholding GmbH as the main shareholder and Wiener Stadtwerke\u00a0GmbH
as the minority shareholder. A group and tax equalisation agreement was concluded to regulate the modalities. On the basis
of this agreement, EVN has included further subsidiaries in this group of companies. This resulted in a current receivable of
EUR\u00a01.8m from N\u00d6 Landes-Beteiligungsholding GmbH as of 30 September 2025 (previous year: EUR 3.1m). All business
relationships with the main shareholder or companies attributable to the main shareholder are carried out at arm\u2019s length.
Wiener Stadtwerke GmbH
Based on a syndicate agreement, EVN and Wiener Stadtwerke GmbH together hold roughly 26% of the voting shares in
Verbund\u00a0AG through their direct and indirect investments (also see note 38. Other investments).
Based on the group and tax equalisation agreement, there is a liability to Wiener Stadtwerke GmbH of EUR 2.3m as of
30\u00a0September\u00a02025 (previous year: receivable of EUR\u00a00.8m).
EnergieAllianz is a joint energy distribution company comprising Burgenland Energie, EVN and Wien Energie GmbH, a wholly
owned subsidiary of Wiener Stadtwerke GmbH. EVN holds 45.0% of the shares in EnergieAllianz, which is responsible for
the trading and sale of electricity, natural gas and energy-related services for industrial, large-scale and business customers.
EVN and Wiener Stadtwerke GmbH jointly operate the project company EVN-Wien Energie Windparkentwicklungs- und
Betriebs\u00a0GmbH & Co KG through their respective subsidiaries, EVN Naturkraft and Wien Energie GmbH, each of which holds
an investment of 50.0% as a limited partner. This company is responsible for the development, construction and operation
of wind parks.
Further joint investments, which are immaterial in scope, exist between the EVN Group and/or subsidiaries controlled by
Wiener\u00a0Stadtwerke\u00a0GmbH.
Investments in equity accounted investees
Within the context of its ordinary business operations, EVN has concluded supply and service contracts with numerous companies
included at equity in its consolidated financial statements. Long-term agreements were concluded with EnergieAllianz for the
sale and procurement of electricity and natural gas, and long-term procurement contracts were concluded with Verbund\u00a0Innkraft-
werke for electricity. The value of services provided to the investments in equity accounted investees listed above is as follows:
Transactions with joint ventures included at equity
EURm
2024/25
2023/24
Revenue
154.7
308.3
Cost of services received
-80.6
-86.9
Trade accounts receivable
22.6
41.0
Trade accounts payable
28.0
32.9
Loans
4.9
5.9
Liabilities from cash pooling
107.7
46.6
Interest income from loans
0.2
0.3
Transactions with associates included at equity
EURm
2024/25
2023/24
Cost of services received
-22.4
-35.1
Trade accounts payable
\u2014
\u2014
Transactions with related individuals
Executive Board and Supervisory Board
The payments to members of the Executive Board and the Supervisory Board consist primarily of salaries, severance payments,
pensions and Supervisory Board remuneration.
In the past financial year Stefan Szyszkowitz (CEO and Spokesman of the Executive Board), Stefan Stallinger (CTO) and
Alexandra\u00a0Wittmann (CFO) were members of the EVN Executive Board. In the previous financial year, Franz Mittermayer had
also been a member of the Executive Board until 31 March 2024.
The remuneration paid to the active members of the Executive Board in 2024/25 totalled TEUR 1,883.2 (including compensation
in kind and contributions to pension funds; previous year: TEUR 1,547.8).
Remuneration of the
active Executive Board
2024/25
2023/24
TEUR
Fixed
remuneration
Variable
remuneration\u00b9\u207e
Compensation
in kind
Fixed
remuneration
Variable
remuneration
Compensation
in kind
Stefan Szyszkowitz
540.9
160.0
6.1
515.9
189.2
4.0
Stefan Stallinger
431.5
61.2
6.0
189.4
\u2014
3.0
Alexandra Wittmann
410.7
9.9
4.3
30.7
\u2014
0.1
Franz Mittermayer
\u2014
\u2014
\u2014
272.6
177.3
7.1
1) Corresponds to the amounts paid in the 2024/25 financial year; the variable remuneration depends on the achievement of targets. Details can be found in the remuneration report.
In addition in 2024/25, pension fund contributions totalling TEUR 82.6 (previous year: TEUR 78.9) were made for
Stefan\u00a0Szyszkowitz, for Stefan Stallinger in the amount of TEUR 86.3 (previous year: TEUR 37.9) and for Alexandra Wittmann
in the amount of TEUR 83.7 (previous year: TEUR 6.1). In the financial year 2023/24, pension fund contributions amounting
to TEUR\u00a035.4 and severance payments amounting to TEUR 378.2 were paid for Franz Mittermayer.
In the 2024/25 financial year, the provision for pension obligations for Stefan Szyszkowitz resulted in an allocation of TEUR\u00a0-485.7
(thereof TEUR 221.9 interest expense, thereof TEUR -911.5 actuarial gains/losses). In the previous year, the allocation totalled
TEUR\u00a01,509.5 (thereof TEUR 213.8 interest expense, thereof TEUR 1,135.3 actuarial gains/losses). Alexandra Wittmann and
Stefan\u00a0Stallinger are included exclusively in a defined contribution pension scheme.\u00a0
In the 2024/25 financial year, the provision for severance payments for Stefan Szyszkowitz resulted in an allocation of
TEUR\u00a014.4 (thereof TEUR 12.5 interest expense, thereof TEUR -8.2 actuarial gains/losses). In the previous year, the allocation
totalled TEUR\u00a032.5 (thereof interest expense of TEUR 14.8, thereof actuarial gains/losses of TEUR 8.2). Alexandra Wittmann
and Stefan\u00a0Stallinger are subject to severance payments in accordance with the Austrian Company Employee and Self-Employment
Provision Act.
In the 2024/25 financial year, contributions of TEUR 10.8 (previous year: TEUR 10.8) were made to the employee pension
fund for Stefan Szyszkowitz, TEUR 7.6 (previous year: TEUR 2.5) for Stefan Stallinger and for Alexandra Wittmann TEUR 6.5
(previous year: TEUR 0.0). In the 2023/24 financial year, contributions totalling TEUR 7.1\u00a0 were made to the employee
pension fund for Franz Mittermayer.
The year-on-year change in the remuneration of the active members of the Executive Board is attributable primarily to the change
in performance-based components and the annual wage and salary increases mandated by collective bargaining agreements.\u00a0
Stefan Szyszkowitz is also entitled to a contractually agreed pension on retirement, against which ASVG pension benefits and
benefits from the VBV pension fund are offset.
The payments to former members of the Executive Board or their surviving dependents amounted to TEUR 1,100.4 in 2024/25
(previous year: TEUR 846.0).
The additions to the provisions for severance payments and pensions for active members of senior management totalled
TEUR\u00a0148.7 (thereof TEUR 228.4 interest expense and TEUR -293.4 of actuarial gains/losses). The comparative amounts for
the previous year included additions of TEUR 1,324.3.5 (thereof TEUR 232.8 interest expense and TEUR 908.0 of actuarial
gains/losses).
Contributions to the employee pension fund on behalf of active members of senior management totalled TEUR 23.5 in 2024/25
(previous year: TEUR 22.8) and pension fund contributions amounted to TEUR 469.6 (previous year: TEUR 438.2).
The above amounts include expenses recognised in accordance with national law, as required by the Austrian Corporate
Governance Code. In accordance with IAS 19, actuarial gains and losses are recorded under other comprehensive income.
The Supervisory Board remuneration totalled EUR 0.3m in 2024/25 (previous year: EUR 0.1m). The members of the Advisory
Committee for Environmental and Social Responsibility received remuneration of EUR 0.1m during the reporting year
(previous\u00a0year: EUR 0.1m).
The basic principles underlying the remuneration system are presented in the remuneration report, which is part of the corporate
governance report.
Transactions with other related companies
The disclosure requirements for the notes do not cover information on intragroup transactions. Therefore, business transactions
between EVN and its subsidiaries are not reported. Business transactions with non-consolidated subsidiaries and companies
not included at equity are generally not reported because they are immaterial.
Related parties can also be direct customers of a company within the EVN Group, whereby these business relationships reflect
prevailing market rates and conditions and are immaterial in relation to the total income recorded by the EVN Group in 2024/25.
The resulting items outstanding as of 30 September 2025 are reported under trade accounts receivable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-497": { "value": "
In accordance with IAS 24, transactions with related parties arise through direct or indirect control, significant influence or joint
management. Related parties further include close family members of the respective natural persons. Key management personnel
and their close family members are also considered to be related parties.
EVN\u2019s related parties include all companies in the scope of consolidation, other subsidiaries, joint ventures and associates that
are not included in the consolidated financial statements, as well as people who are responsible for the planning, management
and supervision of the Group\u2019s activities. In particular, related parties also include the members of the Executive Board and
the Supervisory Board as well as their family members. A list of the Group companies can be found starting on page\u00a096 under
EVN\u2019s\u00a0investments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-498": { "value": "The province of Lower Austria", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-499": { "value": "N\u00d6 Landes-Beteiligungsholding GmbH", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-500": { "value": "
Executive Board and Supervisory Board
The payments to members of the Executive Board and the Supervisory Board consist primarily of salaries, severance payments,
pensions and Supervisory Board remuneration.
In the past financial year Stefan Szyszkowitz (CEO and Spokesman of the Executive Board), Stefan Stallinger (CTO) and
Alexandra\u00a0Wittmann (CFO) were members of the EVN Executive Board. In the previous financial year, Franz Mittermayer had
also been a member of the Executive Board until 31 March 2024.
The remuneration paid to the active members of the Executive Board in 2024/25 totalled TEUR 1,883.2 (including compensation
in kind and contributions to pension funds; previous year: TEUR 1,547.8).
Remuneration of the
active Executive Board
2024/25
2023/24
TEUR
Fixed
remuneration
Variable
remuneration\u00b9\u207e
Compensation
in kind
Fixed
remuneration
Variable
remuneration
Compensation
in kind
Stefan Szyszkowitz
540.9
160.0
6.1
515.9
189.2
4.0
Stefan Stallinger
431.5
61.2
6.0
189.4
\u2014
3.0
Alexandra Wittmann
410.7
9.9
4.3
30.7
\u2014
0.1
Franz Mittermayer
\u2014
\u2014
\u2014
272.6
177.3
7.1
1) Corresponds to the amounts paid in the 2024/25 financial year; the variable remuneration depends on the achievement of targets. Details can be found in the remuneration report.
In addition in 2024/25, pension fund contributions totalling TEUR 82.6 (previous year: TEUR 78.9) were made for
Stefan\u00a0Szyszkowitz, for Stefan Stallinger in the amount of TEUR 86.3 (previous year: TEUR 37.9) and for Alexandra Wittmann
in the amount of TEUR 83.7 (previous year: TEUR 6.1). In the financial year 2023/24, pension fund contributions amounting
to TEUR\u00a035.4 and severance payments amounting to TEUR 378.2 were paid for Franz Mittermayer.
In the 2024/25 financial year, the provision for pension obligations for Stefan Szyszkowitz resulted in an allocation of TEUR\u00a0-485.7
(thereof TEUR 221.9 interest expense, thereof TEUR -911.5 actuarial gains/losses). In the previous year, the allocation totalled
TEUR\u00a01,509.5 (thereof TEUR 213.8 interest expense, thereof TEUR 1,135.3 actuarial gains/losses). Alexandra Wittmann and
Stefan\u00a0Stallinger are included exclusively in a defined contribution pension scheme.\u00a0
In the 2024/25 financial year, the provision for severance payments for Stefan Szyszkowitz resulted in an allocation of
TEUR\u00a014.4 (thereof TEUR 12.5 interest expense, thereof TEUR -8.2 actuarial gains/losses). In the previous year, the allocation
totalled TEUR\u00a032.5 (thereof interest expense of TEUR 14.8, thereof actuarial gains/losses of TEUR 8.2). Alexandra Wittmann
and Stefan\u00a0Stallinger are subject to severance payments in accordance with the Austrian Company Employee and Self-Employment
Provision Act.
In the 2024/25 financial year, contributions of TEUR 10.8 (previous year: TEUR 10.8) were made to the employee pension
fund for Stefan Szyszkowitz, TEUR 7.6 (previous year: TEUR 2.5) for Stefan Stallinger and for Alexandra Wittmann TEUR 6.5
(previous year: TEUR 0.0). In the 2023/24 financial year, contributions totalling TEUR 7.1\u00a0 were made to the employee
pension fund for Franz Mittermayer.
The year-on-year change in the remuneration of the active members of the Executive Board is attributable primarily to the change
in performance-based components and the annual wage and salary increases mandated by collective bargaining agreements.\u00a0
Stefan Szyszkowitz is also entitled to a contractually agreed pension on retirement, against which ASVG pension benefits and
benefits from the VBV pension fund are offset.
The payments to former members of the Executive Board or their surviving dependents amounted to TEUR 1,100.4 in 2024/25
(previous year: TEUR 846.0).
The additions to the provisions for severance payments and pensions for active members of senior management totalled
TEUR\u00a0148.7 (thereof TEUR 228.4 interest expense and TEUR -293.4 of actuarial gains/losses). The comparative amounts for
the previous year included additions of TEUR 1,324.3.5 (thereof TEUR 232.8 interest expense and TEUR 908.0 of actuarial
gains/losses).
Contributions to the employee pension fund on behalf of active members of senior management totalled TEUR 23.5 in 2024/25
(previous year: TEUR 22.8) and pension fund contributions amounted to TEUR 469.6 (previous year: TEUR 438.2).
The above amounts include expenses recognised in accordance with national law, as required by the Austrian Corporate
Governance Code. In accordance with IAS 19, actuarial gains and losses are recorded under other comprehensive income.
The Supervisory Board remuneration totalled EUR 0.3m in 2024/25 (previous year: EUR 0.1m). The members of the Advisory
Committee for Environmental and Social Responsibility received remuneration of EUR 0.1m during the reporting year
(previous\u00a0year: EUR 0.1m).
The basic principles underlying the remuneration system are presented in the remuneration report, which is part of the corporate
governance report.
69. Information on management and staff
The corporate bodies of EVN AG are:
Executive Board
Stefan Szyszkowitz \u2013 CEO and Spokesman of the Executive Board
Stefan Stallinger \u2013 CTO and Member of the Executive Board
Alexandra Wittmann \u2013 CFO and Member of the Executive Board
Supervisory Board
Chairman
Reinhard Wolf
Vice-Chairmen
Jochen Danninger
Willi Stiowicek
Members
Georg Bartmann
Gustav Dressler
Philipp Gruber
Maria Patek
Angela Stransky
Peter Weinelt
Veronika W\u00fcster
Employee representatives
Monika Frai\u00dfl
Uwe Mitter
Irene Pugl
Paul Hofer (until 31 July 2025)
Christian Roitner (since 10 September 2025)
Irene Pinczolitsch (until 9 September 2025)
Mathias Strallhofer (since 10 September 2025)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-501": { "value": ". Audit fees
BDO Assurance GmbH Wirtschaftspr\u00fcfungs- und Steuerberatungsgesellschaft, Vienna, audited EVN\u2019s annual financial statements
and consolidated financial statements for 2024/25. The expenses for the services of the Group auditor (including the international
network within the meaning of \u00a7 271b UGB) were as follows:
Auditor expenses
2024/25
2023/24
Group
auditor
thereof BDO Assurance GmbH
Wirtschaftspr\u00fcfungs- und
Steuerberatungsgesellschaft
Group
auditor
thereof BDO Assurance GmbH
Wirtschaftspr\u00fcfungs- und
Steuerberatungsgesellschaft
Auditor expenses
EURm
1.0
0.4
1.0
0.5
Auditing services
%
60.4
77.9
60.6
54.7
Audit-related services
%
19.5
14.9
10.8
21.2
Other consulting services
%
20.1
7.2
28.6
24.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-502": { "value": "
68. Significant events after the balance sheet date
The following significant events occurred between the reporting date of 30 September 2025 and the release for publication of the
consolidated financial statements on 27 November 2025.
Kabelplus GmbH signed a purchase and assignment agreement for the acquisition of Speed Connect Netzwerkserrichtungs GmbH,
which is currently undergoing insolvency proceedings. On 3 November 2025, the creditors\u2019 meeting approved the restructuring
plan, the legal validity of which is a closing condition for the purchase and assignment agreement to take effect. Following
confirmation by the competent insolvency judge and the expiry of the statutory appeal period, the closing is expected to take
place in mid-December.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-503": { "value": ". Approval of the 2024/25 consolidated financial statements for publication
These consolidated financial statements were prepared by the Executive Board as of the date indicated below. The individual
financial statements, which were also included in the consolidated financial statements after their adjustment to reflect
International Financial Reporting Standards, and the consolidated financial statements of EVN will be submitted to the Supervisory
Board on 17 December 2025 for examination, and the Supervisory Board will also be asked to approve the individual financial
statements.
Maria Enzersdorf, 27 November 2025
EVN AG
The Executive Board
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } }, "f-504": { "value": "
EVN\u2019s investments according to \u00a7 245a (1) in connection with \u00a7 265 (2) UGB
The following table lists EVN\u2019s investments classified by segment of business. The list of companies not included in the
consolidated financial statements of EVN AG for materiality reasons is based on the companies\u2019 last available local annual
financial statements as of the respective balance sheet date. The data from companies that report in a foreign currency
is translated into euros at the exchange rate on the balance sheet date of EVN.
1. EVN\u2019s investments in the energy business \u2265 20.0% as of 30 September 2025
1.1.Included in the consolidated financial statements of EVN
Company, registered office
Shareholder
Interest
%
Balance
sheet date
Method of
consolidation
2024/25
Ashta Beteiligungsverwaltung GmbH (Ashta), Vienna
EVN Naturkraft
49.99
31.12.2024
E
Bioenergie Steyr GmbH, Behamberg
EVN W\u00e4rme
51.00
30.09.2025
E
Elektrorazpredelenie Yug EAD (EP Yug), Plovdiv, Bulgaria
BG SN Holding
100.00
31.12.2024
V
ENERGIEALLIANZ Austria GmbH (EnergieAllianz), Vienna
EVN Energieservices
GmbH
45.00
30.09.2025
E
EVN Bulgaria Elektrosnabdiavane EAD (EVN Bulgaria EC), Plovdiv,
Bulgaria
BG SV Holding
100.00
31.12.2024
V
EVN Bulgaria EAD (EVN Bulgaria), Sofia, Bulgaria
EVN
100.00
31.12.2024
V
EVN Bulgaria Fernw\u00e4rme Holding GmbH (BG FW Holding),
Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Bulgaria RES Holding GmbH (EVN Bulgaria RES), Maria Enzersdorf
EVN Naturkraft
100.00
30.09.2025
V
EVN Bulgaria Stromerzeugung Holding GmbH (BG SE Holding),
Maria Enzersdorf
EVN Naturkraft
100.00
30.09.2025
V
EVN Bulgaria Stromnetz Holding GmbH (BG SN Holding),
Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Bulgaria Stromvertrieb Holding GmbH (BG SV Holding),
Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Bulgaria Toplofikatsia EAD (TEZ Plovdiv), Plovdiv, Bulgaria
BG FW Holding
100.00
31.12.2024
V
EVN Croatia Plin d.o.o (EVN Croatia), Zagreb, Croatia
Kroatien Holding
100.00
31.12.2024
V
ELEKTRODISTRIBUCIJA DOOEL, Skopje, North Macedonia
EVN Macedonia
100.00
31.12.2024
V
EVN Energieservices GmbH (EVN ES), Maria Enzersdorf
EVN
100.00
30.09.2025
V
Company, registered office
Shareholder
Interest
%
Balance
sheet date
Method of
consolidation
2024/25
EVN Energievertrieb GmbH & Co KG (EVN KG), Maria Enzersdorf
EVN Energieservices
GmbH
100.00
30.09.2025
E
EVN Geoinfo GmbH (EVN Geoinfo), Maria Enzersdorf
Utilitas
100.00
30.09.2025
V
EVN Home DOO, Skopje, North Macedonia
EVN Macedonia/
EVN Macedonia
Elektrosnabduvanje
100.00
31.12.2024
V
EVN Kavarna EOOD (EVN Kavarna), Plovdiv, Bulgaria
EVN Bulgaria RES
100.00
31.12.2024
V
EVN Kroatien Holding GmbH (Kroatien Holding), Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Macedonia AD (EVN Macedonia), Skopje, North Macedonia
EVN Mazedonien
90.00
31.12.2024
V
EVN Macedonia Elektrani DOOEL, Skopje, North Macedonia
EVN Macedonia
100.00
31.12.2024
V
EVN Macedonia Elektrosnabduvanje DOOEL (EVN Supply),
Skopje, North Macedonia
EVN Macedonia
100.00
31.12.2024
V
EVN Mazedonien GmbH (EVN Mazedonien), Maria Enzersdorf
EVN
100.00
30.09.2025
V
evn naturkraft Erzeugungsgesellschaft m.b.H. (EVN Naturkraft),
Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Service Centre EOOD, Plovdiv, Bulgaria
EVN Bulgaria
100.00
31.12.2024
V
EVN Trading South East Europe EAD (EVN Trading SEE),
Sofia, Bulgaria
EVN Bulgaria
100.00
31.12.2024
V
EVN W\u00e4rme GmbH (EVN W\u00e4rme), Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN W\u00e4rmekraftwerke GmbH (EVN W\u00e4rmekraftwerke),
Maria Enzersdorf
EVN/EVN Bet. 52
100.00
30.09.2025
V
1.1. Included in the consolidated financial statements of EVN
Company, registered office
Shareholder
Interest
%
Balance
sheet date
Method of
consolidation
2024/25
EVN-WIEN ENERGIE Windparkentwicklungs- und
Betriebs GmbH & Co KG (EVN-WE Wind KG), Vienna
EVN Naturkraft
50.00
30.09.2025
E
Fernw\u00e4rme St. P\u00f6lten GmbH, St. P\u00f6lten
EVN
49.00
31.12.2024
E
Fernw\u00e4rme Steyr GmbH, Steyr
EVN W\u00e4rme
49.00
30.09.2025
E
kabelplus GmbH (kabelplus), Maria Enzersdorf
Utilitas
100.00
30.09.2025
V
Netz Nieder\u00f6sterreich GmbH (Netz Nieder\u00f6sterreich),
Maria Enzersdorf
EVN
100.00
30.09.2025
V
Verbund Innkraftwerke GmbH (Verbund Innkraftwerke),
T\u00f6ging, Germany\u00b9\u207e
EVN Naturkraft
13.00
31.12.2024
E
Wasserkraftwerke Trieb und Krieglach GmbH (WTK),
Maria Enzersdorf
EVN Naturkraft
70.00
30.09.2025
V
Bioenergie St. P\u00f6lten GmbH, Maria Enzersdorf
EVN W\u00e4rme
100.00
30.09.2025
V
1) This company is included in the consolidated financial statements at equity and presented in the above table despite a participation interest \u2264 20.0%
because of special contractual arrangements that allow for the exercise of significant influence.
1.2. Not included in the consolidated financial statements of EVN due to immateriality
Company, registered office
Shareholder
Interest
%
Shareholders\u2019
equity
TEUR
Last year\u2019s
profit/loss
TEUR
Balance
sheet date
Method of
consolidation
2024/25
cyberGRID GmbH, Vienna
Utilitas
100.00
1,276
(296)
-2,020
(-258)
30.09.2025
(30.09.2024)
NV
Biow\u00e4rme Amstetten-West GmbH,
Amstetten
EVN W\u00e4rme
49.00
3,715
(3,277)
438
(637)
31.12.2024
(31.12.2023)
NE
EVN Macedonia Holding DOOEL,
Skopje, North Macedonia
EVN
100.00
396
(395)
1
(8)
31.12.2024
(31.12.2023)
NV
Bioenergie Wiener Neustadt GmbH,
Wiener Neustadt
EVN W\u00e4rme
90.00
1,269
(1,184)
135
(220)
30.09.2024
(31.12.2023)
NV
Energie Zukunft Nieder\u00f6sterreich GmbH,
Heiligenkreuz
EVN
50.00
331
(211)
120
(-449)
31.12.2024
(31.12.2023)
NE
EVN-WIEN ENERGIE Windparkentwicklungs- und
Betriebs GmbH (EVN-WE Wind GmbH), Vienna
EVN Naturkraft
50.00
42
(40)
2
(1)
30.09.2024
(30.09.2023)
NE
Fernw\u00e4rme Mariazellerland GmbH, Mariazell
EVN W\u00e4rme
48.86
1,163
(941)
297
(358)
31.12.2024
(31.12.2023)
NE
Hydro Power Company Gorna Arda AD,
Sofia, Bulgaria
BG SE Holding
76.00
70
(70)
-1
(-1)
31.12.2024
(31.12.2023)
NV
Kraftwerk Nu\u00dfdorf Errichtungs- und
Betriebs GmbH & Co KG, Vienna
EVN Naturkraft
33.33
9,254
(12,836)
4
(3,999)
31.12.2024
(31.12.2023)
NE
Kraftwerk Nu\u00dfdorf Errichtungs- und
Betriebs GmbH, Vienna
EVN Naturkraft
33.33
49
(45)
5
(3)
31..12.2024
(31.12.2023)
NE
Netz Nieder\u00f6sterreich Liegenschaftsbesitz 31
GmbH, Maria Enzersdorf
Netz N\u00d6
100.00
16,850
(16,181)
523
(-519)
30.09.2025
(30.09.2024)
NV
E.GON GmbH, Heiligenkreuz
Utilitas
100.00
2,059
(2,766)
707
(-269)
30.9.2025
(30.09.2024)
NV
EVN Biogas GmbH, Maria Enzersdorf
EVN W\u00e4rme-
kraftwerke
100.00
26
(30)
-5
(-5)
30.09.2025
(30.09.2024)
NV
EH Solar Contracting Solutions GmbH, St. P\u00f6lten
EVN
Energieservices
50.00
537
(-)
-4
(-)
31.12.2024
(-)
NE
Zephyr Energy GmbH, Maria Enzersdorf
EVN Naturkraft
74.90
786
(311)
-114
(-89)
30.09.2025
(30.09.2024)
NV
2. EVN\u2019s investments in the environmental services business \u2265 20.0% as of 30 September 2025
2.1. Included in the consolidated financial statements of EVN
Company, registered office
Shareholder
Interest
%
Balance
sheet date
Method of
consolidation
2024/25
Cista Dolina \u2013 SHW Komunalno podjetje d.o.o., Kranjska Gora, Slovenia1)
Bet. 52 AS
100.00
30.09.2025
V
EVN Beteiligung 52 GmbH (EVN Bet. 52), Maria Enzersdorf
EVN
100.00
30.09.2025
V
EVN Umwelt Beteiligungs und Service GmbH (EVN UBS),
Maria Enzersdorf
EVN Umwelt
100.00
30.09.2025
V
EVN Wasser GmbH (EVN Wasser), Maria Enzersdorf
EVN/Utilitas
100.00
30.09.2025
V
Storitveno podjetje La\u0161ko d.o.o., La\u0161ko, Slovenia1)
WTE Wassertechnik
100.00
30.09.2025
V
Umm Al Hayman Holding Company WLL, Kuwait City, Kuwait1)
WTE Wassertechnik
50.00
31.12.2024
E
WTE Abwicklungsgesellschaft Kuwait mbH, Essen, Germany1)2)
International
100.00
30.09.2025
V
WTE Betriebsgesellschaft mbH (WTE Betrieb), Hecklingen, Germany1)2)
WTE Wassertechnik
100.00
30.09.2025
V
WTE International GmbH (International), Essen, Germany1)
WTE Wassertechnik
100.00
30.09.2025
V
WTE O&M Kuwait Sewerage Treatment O.P.C., Kuwait City, Kuwait1)
International
100.00
30.09.2025
V
Beteiligung 52 Asset Solutions GmbH (Bet. 52 AS), Essen, Germany
EVN Bet.52
100.00
30.09.2025
V
WTE Projektentwicklung GmbH, Maria Enzersdorf1)
WTE Wassertechnik
100.00
30.09.2025
V
WTE Projektna dru\u017eba Bled d.o.o., Bled, Slovenia1)
WTE Wassertechnik
100.00
30.09.2025
V
WTE Wassertechnik GmbH (WTE), Essen, Germany1)
EVN Bet.52
100.00
30.09.2025
V
WTE Wassertechnik (Polska) Sp.z.o.o., Warshaw, Poland1)
WTE Wassertechnik
100.00
30.09.2025
V
Zagreba\u010dke otpadne vode d.o.o. (ZOV), Zagreb, Croatia
Bet. 52 AS
29.00
31.12.2024
E
Zagreba\u010dke otpadne vode \u2013 upravljanje i pogon d.o.o. (ZOV UIP),
Zagreb, Croatia
Bet. 52 AS
48.50
31.12.2024
E
1) The entity is part of the discontinued operation.
2) The relief options of \u00a7 264 (3) of the German Commercial Code (dHGB) are used.
2.2. Not included in the consolidated financial statements of EVN due to immateriality
Company, registered office
Shareholder
Interest
%
Shareholders\u2019
equity TEUR
Last year\u2019s
profit/loss
TEUR
Balance
sheet date
Method of
consolidation
2024/25
Abwasserbeseitigung K\u00f6tschach-Mauthen
Errichtungs- und Betriebsgesellschaft mbH,
K\u00f6tschach-Mauthen\u00b9\u207e
WTE
Projektentwicklung
26.00
340
(320)
21
(19)
31.12.2024
(31.12.2023)
NE
JV WTE Tecton Azmeel W.L.L.,
Al Seef (Manama), Bahrain1)
WTE
Wassertechnik
50.00
-667
(-924)
203
(-234)
30.09.2024
(30.09.2023)
NE
Wasserver- und Abwasserentsorgungs-
gesellschaft M\u00e4rkische Schweiz mbh,
Buckow, Germany1)
WTE
Wassertechnik
49.00
611
(586)
28
(22)
31.12.2024
(31.12.2023)
NE
Wiental-Sammelkanal Gesellschaft m.b.H,
Untertullnerbach
EVN Wasser
50.00
866
(866)
-7
(-)
31.12.2024
(31.12.2023)
NE
WTE Baltic UAB, Kaunas, Lithuania1)
WTE
Wassertechnik
100.00
377
(298)
79
(36)
30.09.2025
(30.09.2024)
NV
WTE desalinizacija morske vode d.o.o.,
Podgorica, Montenegro
Bet. 52 AS
100.00
-891
(-838)
-52
(-149)
31.12.2024
(31.12.2023)
NV
WTE otpadne vode Budva DOO,
Podgorica, Montenegro
Bet. 52 AS
0.00
-2,024
(-13,017)
10,993
(-2,699)
31.12.2024
(31.12.2023)
NV
Degremont WTE Wassertechnik Praha
v.o.s., Prague, Czech Republic
Bet. 52 AS
0.00
68
(43)
27
(-)
31.12.2024
(31.12.2023)
NE
3. EVN\u2019s investments in other business activities \u2265 20.0% as of 30 September 2025
3.1. Included in the consolidated financial statements of EVN
Company, registered office
Shareholder
Interest
%
Balance
sheet date
Method of
consolidation
2024/25
Burgenland Holding Aktiengesellschaft
(Burgenland Holding or BUHO), Eisenstadt
EVN
73.63
30.09.2025
V
Burgenland Energie AG (Burgenland Energie), Eisenstadt
BUHO
49.00
30.09.2025
E
EVN Business Service GmbH (EVN Business), Maria Enzersdorf
Utilitas
100.00
30.09.2025
V
R138-Fonds, Vienna
EVN/Netz N\u00d6/
EVN Wasser
100.00
30.09.2025
V
RAG-Beteiligungs-Aktiengesellschaft (RBG), Maria Enzersdorf
EVN
50.03
31.03.2025
V
RAG Austria AG (RAG), Vienna
RBG
100.00
31.12.2024
E
UTILITAS Dienstleistungs- und Beteiligungs-Gesellschaft m.b.H.
(\u201eUtilitas\u201c), Maria Enzersdorf
EVN
100.00
30.09.2025
V
3.2. Not included in the consolidated financial statements of EVN due to immateriality
Company, registered office
Shareholder
Interest
%
Shareholders\u2019
equity TEUR
Last year\u2019s
profit/loss
TEUR
Balance
sheet date
Method of
consolidation
2024/25
e&i EDV Dienstleistungs-
gesellschaft m.b.H., Vienna
EVN
50.00
237
(255)
72
(74)
30.09.2025
(30.09.2024)
NE
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900P4JZBFEVNEAE60", "period": "2024-10-01T00:00:00/2025-10-01T00:00:00" } } } }