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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
EnBW Energie Baden-Württemberg
EnBW Energie Baden-Württemberg (EBK) investor relations material
EnBW Energie Baden-Württemberg Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
9M adjusted EBITDA was €3,205.6m, down 12.1% YoY and in line with expectations; low-risk activities contributed 83% of earnings, versus 76% a year earlier.
Grid and customer earnings partly offset weaker generation and trading; FY26 adjusted EBITDA guidance remains €4.6bn–€5.1bn, with results expected in the lower half.
Gross investment reached €4,044.2m, with 83.9% directed to growth projects, particularly grids and offshore wind.
Financial highlights
Revenue rose 7.1% YoY to €27,665.8m, mainly reflecting positive gas-trading price effects, partly offset by lower electricity-trading volumes.
Adjusted EBIT was €1,873m, down 20.0% YoY; adjusted net profit was €657.4m, down 33.9%.
Net profit attributable to shareholders fell to €208.3m from €589.2m; EPS was €0.64 versus €2.06.
Total investments were €4,044.2m, down 13.8% YoY; net cash investments were €3,273.7m, including €771m from co-financing and divestments.
Outlook and guidance
FY26 adjusted EBITDA guidance remains €4.6bn–€5.1bn, with results expected in the lower half of the range.
System Critical Infrastructure guidance remains €2.5bn–€2.8bn; Sustainable Generation Infrastructure guidance was reduced to €1.7bn–€2.0bn from €2.0bn–€2.3bn.
Renewable Energies guidance fell to €1.0bn–€1.2bn from €1.1bn–€1.3bn; Smart Infrastructure for Customers guidance rose to €0.5bn–€0.6bn from €0.4bn–€0.5bn.
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Latest events from EnBW Energie Baden-Württemberg
- €5.1bn FY 2025 EBITDA supports a €50bn investment plan and 2030 growth targets.EBK
Investor presentation - Stable H1 2026 earnings, strong grid and renewables growth, full-year guidance confirmed.EBKQ2 2026
- Q1 2026 EBITDA €1.2B, over 80% low-risk, major grid and renewables projects advanced.EBKQ1 2026
- Adjusted EBITDA hit €5.1 billion as record investments drove renewables to 66% of capacity.EBKQ4 2025 (Media)
- 2025 saw robust earnings, record investments, and renewables reach 66% of capacity.EBKQ4 2025
- Stable EBITDA and grid growth offset weaker generation; capital increase cut net debt.EBKQ3 2025
- Adjusted EBITDA fell 24% to €3.7bn, but investment and green transition momentum remain strong.EBKQ3 2024
- Adjusted EBITDA fell 26% as energy prices dropped, but green investments surged.EBKQ2 2024
- 2024 earnings met guidance, with robust grid and renewables growth and record investments.EBKQ4 2024
Next EnBW Energie Baden-Württemberg earnings date
Q4 202624 Mar, 2027
EnBW Energie Baden-Württemberg
Next EnBW Energie Baden-Württemberg earnings date
Q4 202624 Mar, 2027
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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).