Please note:
- The consensus estimates are based on continuing operations
Please note:
| KPI | [EUR m] | Q3 2025 | Q1-Q3 2025 | FY 2025 | Q3 2026 E | 9M 2026 E | FY 2026 E | FY 2027 E | FY 2028 E |
|---|---|---|---|---|---|---|---|---|---|
| Sales | Number of Estimates | 7 | 7 | 13 | 13 | 13 | |||
| Sales | Highest | 1,219.0 | 4,335.0 | 6,173.0 | 7,211.0 | 7,442.0 | |||
| Sales | Mean | 1,036.6 | 4,152.6 | 5,663.1 | 5,871.4 | 5,933.8 | |||
| Sales | Consensus (Median) | 929.0 | 3,545.0 | 4,989.0 | 1,028.0 | 4,144.0 | 5,725.0 | 5,670.0 | 6,021.0 |
| Sales | Lowest | 905.0 | 4,021.0 | 4,383.0 | 4,433.6 | 4,460.8 | |||
| Comparable EBITDA | Number of Estimates | 5 | 5 | 15 | 15 | 15 | |||
| Comparable EBITDA | Highest | 254.0 | 1,039.0 | 1,552.0 | 1,638.0 | 1,627.0 | |||
| Comparable EBITDA | Mean | 224.2 | 1,009.2 | 1,482.8 | 1,474.7 | 1,480.5 | |||
| Comparable EBITDA | Consensus (Median) | 175.0 | 903.0 | 1,240.0 | 234.0 | 1,019.0 | 1,482.0 | 1,448.0 | 1,468.0 |
| Comparable EBITDA | Lowest | 183.0 | 968.0 | 1,406.0 | 1,372.0 | 1,368.0 | |||
| Operating profit | Number of Estimates | 7 | 7 | 15 | 15 | 15 | |||
| Operating profit | Highest | 191.0 | 817.0 | 1,231.1 | 1,314.0 | 1,286.0 | |||
| Operating profit | Mean | 147.9 | 773.9 | 1,160.0 | 1,143.9 | 1,147.4 | |||
| Operating profit | Consensus (Median) | 60.0 | 634.0 | 939.0 | 154.0 | 780.0 | 1,155.0 | 1,116.0 | 1,141.0 |
| Operating profit | Lowest | 104.0 | 730.0 | 1,086.0 | 1,037.0 | 1,042.4 | |||
| Non-recurring items | Number of Estimates | 7 | 7 | 15 | 15 | 15 | |||
| Non-recurring items | Highest | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Non-recurring items | Mean | 0.0 | 0.0 | -0.4 | 0.0 | 0.0 | |||
| Non-recurring items | Consensus (Median) | -36.0 | -40.0 | 15.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Non-recurring items | Lowest | 0.0 | 0.0 | -1.0 | 0.0 | 0.0 | |||
| Comparable operating profit | Number of Estimates | 7 | 7 | 15 | 15 | 15 | |||
| Comparable operating profit | Highest | 191.0 | 818.0 | 1,231.1 | 1,314.0 | 1,286.0 | |||
| Comparable operating profit | Mean | 147.9 | 774.9 | 1,160.4 | 1,143.9 | 1,147.4 | |||
| Comparable operating profit | Consensus (Median) | 97.0 | 674.0 | 924.0 | 154.0 | 781.0 | 1,155.0 | 1,116.0 | 1,141.0 |
| Comparable operating profit | Lowest | 104.0 | 731.0 | 1,086.0 | 1,037.0 | 1,042.4 | |||
| Share of profit of associated companies and joint ventures | Number of Estimates | 4 | 4 | 10 | 10 | 10 | |||
| Share of profit of associated companies and joint ventures | Highest | 0.0 | 44.0 | 61.0 | 30.0 | 30.0 | |||
| Share of profit of associated companies and joint ventures | Mean | -0.3 | 43.8 | 39.5 | 9.4 | 9.4 | |||
| Share of profit of associated companies and joint ventures | Consensus (Median) | 9.0 | 45.0 | 56.0 | 0.0 | 44.0 | 45.0 | 9.5 | 9.5 |
| Share of profit of associated companies and joint ventures | Lowest | -1.0 | 43.0 | 0.0 | 0.0 | 0.0 | |||
| Profit before income tax (reported) | Number of Estimates | 7 | 7 | 14 | 14 | 14 | |||
| Profit before income tax (reported) | Highest | 183.0 | 834.0 | 1,204.0 | 1,278.0 | 1,190.0 | |||
| Profit before income tax (reported) | Mean | 131.9 | 782.9 | 1,120.1 | 1,094.6 | 1,099.2 | |||
| Profit before income tax (reported) | Consensus (Median) | 58.0 | 636.0 | 939.0 | 141.0 | 792.0 | 1,129.5 | 1,089.9 | 1,100.0 |
| Profit before income tax (reported) | Lowest | 85.0 | 736.0 | 932.0 | 957.2 | 1,005.0 | |||
| Profit for the year after minorities (reported) | Number of Estimates | 7 | 7 | 15 | 15 | 15 | |||
| Profit for the year after minorities (reported) | Highest | 146.0 | 676.0 | 979.0 | 1,034.0 | 995.0 | |||
| Profit for the year after minorities (reported) | Mean | 108.9 | 638.9 | 930.0 | 889.2 | 891.9 | |||
| Profit for the year after minorities (reported) | Consensus (Median) | 52.0 | 52.0 | 765.0 | 113.0 | 643.0 | 926.0 | 887.0 | 899.0 |
| Profit for the year after minorities (reported) | Lowest | 70.0 | 600.0 | 879.3 | 795.0 | 807.5 | |||
| Average number of shares (in million) | Number of Estimates | 7 | 7 | 15 | 15 | 15 | |||
| Average number of shares (in million) | Highest | 897.3 | 897.3 | 897.3 | 897.3 | 897.3 | |||
| Average number of shares (in million) | Mean | 897.3 | 897.3 | 897.3 | 897.3 | 897.3 | |||
| Average number of shares (in million) | Consensus (Median) | 897.3 | 897.3 | 897.3 | 897.3 | 897.3 | 897.3 | 897.3 | 897.3 |
| Average number of shares (in million) | Lowest | 897.3 | 897.3 | 897.3 | 897.3 | 897.3 | |||
| EPS reported (in EUR), continuing operations | Number of Estimates | 7 | 7 | 15 | 15 | 15 | |||
| EPS reported (in EUR), continuing operations | Highest | 0.16 | 0.75 | 1.09 | 1.15 | 1.11 | |||
| EPS reported (in EUR), continuing operations | Mean | 0.12 | 0.71 | 1.04 | 0.99 | 1.00 | |||
| EPS reported (in EUR), continuing operations | Consensus (Median) | 0.06 | 0.58 | 0.85 | 0.13 | 0.72 | 1.03 | 0.99 | 1.00 |
| EPS reported (in EUR), continuing operations | Lowest | 0.08 | 0.67 | 0.98 | 0.89 | 0.90 | |||
| Comparable EPS (in EUR), continuing operations | Number of Estimates | 7 | 7 | 15 | 15 | 15 | |||
| Comparable EPS (in EUR), continuing operations | Highest | 0.16 | 0.69 | 1.08 | 1.15 | 4.00 | |||
| Comparable EPS (in EUR), continuing operations | Mean | 0.12 | 0.65 | 1.00 | 0.99 | 1.20 | |||
| Comparable EPS (in EUR), continuing operations | Consensus (Median) | 0.08 | 0.59 | 0.82 | 0.13 | 0.66 | 1.00 | 0.99 | 1.00 |
| Comparable EPS (in EUR), continuing operations | Lowest | 0.08 | 0.61 | 0.95 | 0.89 | 0.90 | |||
| DPS (in EUR) | Number of Estimates | - | - | 14 | 14 | 14 | |||
| DPS (in EUR) | Highest | - | - | 0.97 | 1.04 | 1.00 | |||
| DPS (in EUR) | Mean | - | - | 0.90 | 0.86 | 0.86 | |||
| DPS (in EUR) | Consensus (Median) | - | - | 0.74 | - | - | 0.90 | 0.83 | 0.85 |
| DPS (in EUR) | Lowest | - | - | 0.80 | 0.73 | 0.71 | |||
| Capex | Number of Estimates | - | - | 13 | 14 | 14 | |||
| Capex | Highest | - | - | -435.0 | -255.0 | -188.0 | |||
| Capex | Mean | - | - | -563.4 | -396.4 | -379.5 | |||
| Capex | Consensus (Median) | -112.0 | -316.0 | -499.0 | - | - | -550.0 | -393.5 | -392.6 |
| Capex | Lowest | - | - | -1,001.0 | -536.0 | -540.0 | |||
| Net debt / Comparable EBITDA | Number of Estimates | - | - | 14 | 14 | 14 | |||
| Net debt / Comparable EBITDA | Highest | - | - | 1.7 | 1.8 | 1.8 | |||
| Net debt / Comparable EBITDA | Mean | - | - | 1.2 | 1.2 | 1.1 | |||
| Net debt / Comparable EBITDA | Consensus (Median) | - | - | 1.5 | - | - | 1.1 | 1.1 | 1.2 |
| Net debt / Comparable EBITDA | Lowest | - | - | 0.5 | 0.3 | 0.1 | |||
| Achieved Generations Nordic Power Price (in EUR/MWh) | Number of Estimates | 5 | - | 8 | 9 | 9 | |||
| Achieved Generations Nordic Power Price (in EUR/MWh) | Highest | 50.7 | - | 56.5 | 53.3 | 51.7 | |||
| Achieved Generations Nordic Power Price (in EUR/MWh) | Mean | 47.2 | - | 54.4 | 51.4 | 50.7 | |||
| Achieved Generations Nordic Power Price (in EUR/MWh) | Consensus (Median) | 46.1 | 52.3 | 51.4 | 46.6 | - | 54.5 | 51.7 | 50.9 |
| Achieved Generations Nordic Power Price (in EUR/MWh) | Lowest | 45.7 | - | 53.3 | 49.1 | 49.4 | |||
| Optimisation premium (in EUR/MWh) | Number of Estimates | 3 | - | 6 | 6 | 5 | |||
| Optimisation premium (in EUR/MWh) | Highest | 9.0 | - | 11.0 | 8.5 | 8.0 | |||
| Optimisation premium (in EUR/MWh) | Mean | 8.3 | - | 9.2 | 8.0 | 7.7 | |||
| Optimisation premium (in EUR/MWh) | Consensus (Median) | - | - | 9.7 | 8.0 | - | 9.0 | 8.0 | 8.0 |
| Optimisation premium (in EUR/MWh) | Lowest | 8.0 | - | 8.0 | 7.1 | 7.1 |
This document has been issued by Vara Research GmbH for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding revenues, earnings and business developments of the relevant company. The company did not participate in the compilation of the estimates and it does not endorse them. Such estimates and forecasts cannot be independently verified by reason of the subjective character. Vara Research GmbH gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness.