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EnBW Energie Baden-Württemberg (EBK) investor relations material

EnBW Energie Baden-Württemberg Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary8 Aug, 2025

Executive summary

  • Adjusted EBITDA reached €2.4bn for H1 2025, in line with expectations but down from prior year, supporting full-year guidance confirmation.

  • Gross investments rose 25% year-over-year to €3.1bn, with 88% aligned to EU taxonomy and focused on grids, renewables, and hydrogen-ready projects.

  • €3.1bn capital increase in July 2025 and €1.6bn in diversified long-term financing secured €4.7bn total funding year-to-date.

  • Renewable capacity expanded to 6.8 GW, now 60% of total generation; 1.7 GW under construction.

  • Major milestones include first He Dreiht offshore wind turbine installation and commissioning of a hydrogen-ready gas plant.

Financial highlights

  • Adjusted EBITDA for H1 2025 was €2.4bn, mainly driven by grids, but down 6.5% year-over-year.

  • Adjusted net profit attributable to shareholders was €632m, down 32% year-over-year due to higher financial expenses.

  • Retained cash flow increased 18% year-over-year to €1.1bn, aided by lower tax outflows.

  • Net debt rose to €15.3bn as of June 30, 2025, mainly from high investment outflows.

  • Gross investments totaled €3.1bn, with €1.3bn in Sustainable Generation Infrastructure and €1.6bn in System Critical Infrastructure.

Outlook and guidance

  • Full-year 2025 adjusted EBITDA guidance confirmed at €4.8–5.3bn, with segment guidance unchanged.

  • Segment forecasts: Sustainable Generation Infrastructure €2.4–2.7bn, System Critical Infrastructure €2.3–2.6bn, Smart Infrastructure for Customers €0.25–0.35bn.

  • H2 expected to benefit from normalized weather, new wind and solar assets, and continued strong grid and customer business performance.

  • Long-term investment plan of at least €40bn by 2030, targeting adjusted EBITDA of €5.5–6.3bn and over 70% low-risk business share.

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Frequently asked questions

EnBW Energie Baden-Württemberg AG is an energy company engaged in the generation, distribution, and supply of electricity, gas, and energy-related products and services. The company operates in four key segments: Renewable Energies, System-Critical Infrastructure, Sustainable Generation Infrastructure, and Smart Infrastructure for Customers. Its activities include the development of renewable energy projects, operation of power grids, and provision of energy solutions for residential, commercial, and industrial customers. The company is headquartered in Karlsruhe, Germany, and its shares are listed on the FSE (Frankfurt Stock Exchange).

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