VERBUND AG

VERBUND, based in Vienna and majority state-owned, is Austria's largest electricity company and one of Europe's biggest producers of hydropower, generating most of its output from run-of-river and storage plants along the country's rivers. Clean, low-cost hydro generation gives it strong margins and a valuable position in the energy transition. VERBUND has raised its dividend for many years, funded by strong cash flow, though the payout rises and falls with volatile wholesale power prices. A dependable, growing yield backed by low-cost renewable generation earns it a high DiviScore.