Interim Report on the 3rd Quarter of 2025

In the third quarter of 2025, W.E.B increased its total assets to more than EUR 1 billion for the first time, reinforcing its growth trajectory. Despite exceptionally weak wind conditions across Europe, revenue remained largely stable at EUR 117.5 million. Key drivers were the projects commissioned in the previous year and strong generation at North American sites. As expected, Higher depreciation and interest expenses had an expected dampening effect on profit before tax, which amounted to EUR 5.4 million. With six new power plants connected to the grid and more than 133 MW currently under construction, W.E.B is further strengthening its future earnings base.

Total assets exceed EUR 1 billion

Continued expansion of the power plant portfolio is reflected in the balance sheet: in Q3 2025, total assets surpassed the EUR 1 billion mark for the first time. Numerous commissioning activities during the quarter represent an important milestone in W.E.B’s growth path.

Challenging wind conditions — revenue still stable

After a weak-wind first half-year, wind conditions in Europe also stayed below the long-term average in Q3. Electricity generation for the first nine months totaled 1,101.4 GWh, down 2% from 1,120.6 GWh a year earlier. Austria, W.E.B’s home market, saw a 17% decline, while North American and Italian sites increased production significantly, with Italy benefiting from strong capacity additions in 2024. Revenue for the first three quarters came in at EUR 117.5 million, nearly flat year over year (–1%).

EBITDA up — solid operating performance

Personnel expenses were lower than in the prior-year period. Material expenses rose due to higher balancing energy costs and additional power purchases. Overall, EBITDA for the first nine months reached EUR 61.3 million, about 4% above last year, confirming W.E.B.’s strong operating base.

Earnings impacted by higher depreciation and interest

Heavy investment in expanding the portfolio — more than 150 MW of new capacity installed last year — led to higher depreciation and interest expenses. With revenue nearly unchanged, profit before taxes declined to EUR 5.4 million compared to EUR 13.0 million in the prior year.

“Summer of commissionings”

From July to September 2025, W.E.B connected three wind parks and three PV plants to the grid. The largest new project was the 22.4 MW Spannberg IV wind park in Lower Austria; the EUR 40 million investment was partially financed through W.E.B’s 2024 bond. Spannberg also illustrates technological progress: while turbines installed there 20 years ago delivered 2 MW each, the new units provide 5.6 MW.

In Germany, the Grube wind park in Schleswig-Holstein (12.6 MW)—W.E.B’s northernmost site to date—went online, with W.E.B holding a 50% stake. Another repowering project was completed in Glaubitz (Saxony) in July 2025, adding 7.2 MW following the first repowering in 2016.

W.E.B also expanded its solar portfolio. Two new carport PV systems in Austria — at the Waidhofen/Thaya leisure center (267 kWp) and Magna Powertrain in Steyr (615 kWp, more than 1,300 modules) — combine clean power generation with the use of already sealed surfaces. In addition, W.E.B’s first PV plant in Slovakia was commissioned in Hliník (560 kWp).

More than 133 MW under construction

Construction is progressing quickly on additional projects. Preparatory work is underway on three wind parks scheduled to come online in 2026. In Canada, foundations are being built for Weavers Mountain, W.E.B’s largest project to date at 94.4 MW. In France, construction started on the Poilly wind park with six turbines totaling 25.2 MW. In Germany, work began in September on Wörbzig II, comprising two 7 MW turbines.