EVN’s 1HFY25 result was better than we expected, with new records set for a six-monthly period across most key metrics. Underlying Ebitda and underlying earnings were 9% and 12% higher than we had forecast. Key guidance ranges for FY25 remain unchanged and we have made only minor adjustments to our outlook after incorporating the 1HFY25 result. Executive Chair Jake Klein will transition to Non-Executive Chair by mid-year, which we believe was largely anticipated. Key studies on extensions at Northparkes and Ernst Henry due in the 3QFY25, while the Cowal Open Pit Continuation project approval is expected in the 4QFY25. We see risk that capex for these projects is higher than consensus expectations and reiterate our HOLD rating, trimming our price target 3% to A$6.50.
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