Outlook
According to the latest forecasts from economic research institutes, economic activity will continue to develop in a positive way in the 2025/26 fiscal year. The recovery in external trade in goods is expected to start in the 2026 calendar year, while the positive trend in residential building investment, already increasing in fiscal year 2024/25, will continue. Domestic economic research institutes IHS and WIFO expect GDP growth in Austria to be between +0.9% and +1.1% in the 2026 calendar year, while the IMF is somewhat more pessimistic, forecasting a figure of +0.8%. Inflation is expected to decline to 2.4%. For the Czech Republic, economic growth is expected to be +2.0% in the 2026 calendar year; this is higher than the growth forecast of +1.0% for the euro zone.
In the first quarter of the 2026 calendar year, an energy policy Communication from the European Commission on electrification is expected; this is aimed at switching a greater share of energy consumption from fossil energy sources to electricity. The aim is to contribute to the EU’s decarbonisation targets, strengthen system efficiency and make the benefits of renewable energy accessible to consumers. The action plan is part of the ‘Clean Industrial Deal’ and the Action Plan for Affordable Energy. The ElWG has been in the political coordination process since October 2025 and includes numerous amendments for evaluation. A decision may be reached by the National Council in December 2025. The EABG evaluation was finalised on 21 October 2025. Following the incorporation of the opinions and the decisions reached by the Council of Ministers and the National Council, publication in the Federal Gazette is expected in the first six months of the 2026 calendar year.
For the fiscal year 2025/26, the assumption is that electricity prices will be at levels similar to those of the year under review. Key input parameters are expected to show a slight decline in gas prices and rising prices for CO2 emissions allowances. The assumption is that volatility of the electricity market will be reinforced. This means both an expected increase in the periods of time with negative prices and more isolated times with very high prices. In addition to developments in the pertinent crisis regions, the political discussions on the objectives of the energy transition will also influence energy markets. Economic developments and the associated demand remain the key factors influencing the process.
In the Generation unit, the construction of the Ebensee pumped storage power plant and the Traunfall power plant will remain the focus in the 2025/26 fiscal year. The wind power and PV expansion drives will also continue. For example, Windpark Trautmannsdorf Nord is to be expanded to include a 4.2 MW installation; submission for approval is planned. Numerous PV projects are currently under construction or in various stages of approval and are successively entering the construction and commissioning phase. Beyond this, the focus is increasingly shifting to innovative hydrogen projects. The intent of entering strategic partnerships is to contribute towards Energie AG taking an active position in the hydrogen market.
Vertrieb GmbH also anticipates major market changes in the wake of the new ElWG, as the aim is to modernise the electricity market and create new market roles in order to promote the integration of renewable energies and innovative energy technologies. This will also make it easier for end users to switch suppliers while boosting consumer protection and price transparency. The sales focus of the coming fiscal year will be, among other things, the development of new sustainable products, promoting the use of heat pumps combined with a gradual withdrawal from gas, and the expansion of electromobility. These actions will be instrumental in achieving the Group-wide decarbonisation targets.
The regulatory environment for the Grid Segment for the 2025/26 fiscal year can continue to be assessed as positive. For the electricity grids, there will be a focus on investments in grid expansion, digitalisation and flexible tariffs to absorb the growing share of renewable energy and new consumption patterns. At the same time, incentive regulation remains in place, requiring efficiency gains despite the associated rise in costs. In the gas sector, the pressure to resize grids is intensifying due to the decline in the number of customers, while preparations for hydrogen and renewable gases are becoming increasingly significant and intensive work is being done to establish framework conditions for the feasibility and funding of an initial hydrogen grid. The challenges in the context of connecting decentralised generation plants, battery storage facilities, industry decarbonisation and the high demand for electromobility with the charging points required for this are huge; this means that investment funding will remain at very high levels for the next few years, although there will also be a focus on human resources and the sufficient availability of materials and operating resources. Three laws are expected to enter into force in the coming fiscal year, with special significance for the Grid Segment: the ElWG, EABG and GWG amendments.
In the Environment Segment, the tense situation in Austrian industrial and commercial enterprises is expected to lead to increasingly difficult framework conditions in the coming fiscal year, although a very good uptake is expected in terms of a continuation of the current good utilisation rates for waste incineration plants. The future development of paper, metals and waste wood as recycling materials is difficult to forecast, although a declining trend in the pricing of recovered paper/cardboard and scrap metals is anticipated. Umwelt Service GmbH will continue to invest in sustainable projects in the 2025/26 fiscal year, such as the installation of PV systems, and in the procurement of heavy goods vehicles with electric drivetrains and charging infrastructure.
The 2025/26 fiscal year in the Czech Republic Segment will see the implementation of decarbonisation and energy efficiency projects in heat and drinking water supply and waste water management business units consistently push forward. Sustainability matters are becoming increasingly significant with greater integration into project development and implementation. Services from the entire water and heating spectrum (e.g., on-site construction work, laboratory work, leak detection) will continue to be offered to towns and communities. Beyond this, the extension of important operating contracts in the water supply field will remain a key challenge in the coming fiscal year.
In the 2025/26 fiscal year, Energie AG will continue to focus on ensuring security of supply and waste management for its customers and on strengthening the financial stability of the Group. The coming fiscal year will be characterised by many strategic projects and actions; they will be instrumental in actively shaping a sustainable energy future. Particular attention will be paid to the consistent expansion of renewable energies, progressive decarbonisation and the on-going development of a resource-efficient circular economy. In addition, there will be a clear focus on the digital transformation of the Group and on bringing all services into line with customers needs.
In the light of the projected economic development, geopolitical tensions and market economy uncertainties, Energie AG expects solid earnings below the previous years' levels in the 2025/26 fiscal year.
Linz, 2 December 2025
The Management Board of Energie AG Oberösterreich
Dr. Leonhard Schitter, M.A.
CEO
Dr. Andreas Kolar
CFO
Dipl.-Ing. Alexander Kirchner MBA
CTO