MVV reports solid earnings and higher pace of investment despite uncertain climate

“We continue to operate in a difficult climate, one in which uncertainties in foreign and domestic policy are further exacerbating what is already a tense situation in the overall economy and the energy industry. Despite these challenging conditions, we have asserted ourselves well and further stepped up our pace of investment”, commented Dr. Gabriël Clemens, Chief Executive Officer of the Mannheim-based energy company MVV Energie AG (ISIN: DE000A0H52F5; WKN: A0H52F) upon publication of its results for the first nine months of the 2025 financial year (1 October 2024 – 30 June 2025).

At Euro 4.9 billion, MVV’s adjusted sales were significantly lower than the previous year’s very high figure (Euro 5.9 billion). This was chiefly due to a decline in wholesale prices and lower turnover in the electricity and gas businesses.

MVV’s adjusted EBIT for the first nine months of the current financial year stood at Euro 323 million. Consistent with expectations, it thus fell short of the previous year’s figure of Euro 385 million. Positive earnings contributions arose from, among other factors, improved availabilities at generation plants in the Generation and Infrastructure reporting segment and higher income due to regulatory factors at grid companies. In its New Energies reporting segment, MVV still benefited in the previous year from disposal gains and the completion of major projects in the USA. In the current 2025 financial year, by contrast, earnings had been adversely affected above all by lower earnings in the project development business. Dr. Clemens: “Inherently volatile, the renewable energies project development business is currently marked by a reluctance to invest in and finance projects both in Germany and abroad. In the US market in particular, the changed political framework for renewables is creating additional uncertainties.” In addition, a reduction in renewable generation volumes due to significantly lower wind volumes had a further negative impact on earnings in the New Energies reporting segment, as did reduced plant availability and lower electricity revenues in the environmental energy business. In the commodity services business within its Customer Solutions reporting segment, moreover, MVV had still generated earnings contributions from additional wholesale price-related revenues in the first two quarters of the previous year. As expected, these earnings contributions could not be repeated in this form in the current year. “Viewed from a multiyear perspective, our earnings of Euro 323 million are nevertheless at a solid level”, confirmed MVV’s CEO.

Forecast specified in greater detail

In light of the ongoing uncertain climate and the earnings performance to date in its New Energies reporting segment, MVV is specifying its forecast for the 2025 financial year in greater detail. From an operating perspective, MVV now expects its adjusted EBIT for the 2025 financial year to range between Euro 350 million and Euro 370 million. In its previous forecast, which the energy company published in its 2024 Annual Report in December last year, MVV still expected adjusted EBIT of between Euro 350 million and Euro 400 million.

Stability needed from reliable underlying conditions

“In uncertain times, it is even more important to strengthen the foundations needed for a reliable, affordable and simultaneously climate-friendly energy supply. Here, the Federal Government is also urgently called on to ensure stability by creating a reliable framework, for example by swiftly implementing the EU’s directive on internal markets for gas (the ‘Gas Directive’) in national law or by establishing a market for negative emissions”, MVV’s CEO requested. In a study, the energy company recently set out the political decisions needed to facilitate a rapid scaling up of negative emissions technologies. After all, Germany will not be able to meet its climate targets without drawing on carbon capture technologies such as BECCUS (Bioenergy with Carbon Capture, Utilisation or Storage).

Further increase in pace of investment in energy future

MVV has in turn further significantly increased its investments in the transformation required in the energy system. It invested Euro 301 million in the period under report, around Euro 50 million more than in the previous year’s period. This marks the second-highest volume of investment that MVV has ever reported for the first nine months of a financial year. The energy company focused these investments on implementing its Mannheim Model: expanding green heat and green electricity and extending its portfolio of green products and services.

To safeguard ongoing supply reliability within the changing energy system, MVV is also intensively promoting its grid expansion. In Mannheim, for example, the measures include building a substation to provide a connection to the TransnetBW transmission grid. Energieversorgung Offenbach is also extending its high-voltage grid with new power links from 2026 and by building a new substation.

MVV has expanded its green electricity generation with a new solar park in Freudenberg in Baden-Württemberg. With a capacity of 13.5 megawatts, this solar park was built by MVV’s Juwi subsidiary and taken over into MVV’s proprietary generation portfolio, as was a further wind farm in Olsberg in North Rhine-Westphalia. This in turn has a total capacity of 22 megawatts and supplies climate-friendly electricity to nearly 23,000 households. In addition, MVV’s Siegfriedeiche and Buhlenberg Wind Farm in Hesse has recently become the first onshore wind farm in Germany to participate in the control reserve market and is thus actively contributing to stabilising the German electricity grid.

As part of its green customer solutions, MVV is also currently implementing an extensive energy concept for a large new office complex being built by Strabag Real Estate in Hamburg. Alongside a cooling system, heat pumps and a PV system, this will also have an innovative ice storage facility for heating and cooling purposes. Furthermore, the MVV Enamic subsidiary will be responsible for managing operations, maintaining the systems and supplying district heat at this site.

The complete Quarterly Statement can be found on the internet at mvv.de/investors.

MVV’s study on negative emissions technologies is available at mvv.de/beccus-studie (only available in German).