By Giulia Petroni

Verbund AG's shares rose on Thursday after the company reported a strong performance for 2021, driven by a sharp rise in wholesale electricity prices across Europe.

The Austrian electricity provider said earnings before interest, taxes, depreciation and amortization increased 22.1% on year, boosted by a marked rise in prices on spot markets and for short-term futures. Revenue climbed 38.5%.

At 0830 GMT, shares traded 6.4% higher at EUR95.85.

Verbund said it expects earnings to increase in 2022, with Ebitda in the range of around 2.6 billion to 3.5 billion euros ($2.87 billion-$3.86 billion), and net profit of about EUR1.4 billion to EUR2 billion.

The company's dividend proposal of EUR1.05 a share for 2021 is 40% higher compared with the previous year.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

March 17, 2022 04:52 ET (08:52 GMT)

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