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EnBW Energie Baden-Württemberg (EBK) investor relations material
EnBW Energie Baden-Württemberg Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Adjusted EBITDA for the first nine months of 2025 was EUR 3.6 billion, nearly flat year-over-year, driven by strong grid segment performance offsetting weaker generation and trading earnings.
Full-year group earnings guidance reaffirmed, with segment realignment: higher grid earnings, lower generation due to market and weather impacts.
Net zero targets expanded: scope 1 and 2 by 2040, scope 3 by 2050, with Moody's rating the reduction path as aligned with the 1.5-degree climate target.
Major offshore wind projects advanced, including He Dreiht (Germany's largest offshore wind farm) and UK projects Mona and Morgan, with significant milestones achieved.
A EUR 3.1 billion capital increase was completed to support a major investment program and strengthen equity.
Financial highlights
Adjusted EBITDA at EUR 3.6 billion, flat year-over-year, with 76% from low-risk grid and renewables activities.
Adjusted net profit for shareholders at nearly EUR 1 billion, below prior year due to higher financial expenses and interest costs.
Gross investments totaled EUR 4.7 billion, up 21% year-over-year, with 86% directed to growth projects.
Retained cash flow increased 34% to over EUR 2 billion, mainly due to lower tax outflows.
Net debt decreased 14% to about EUR 12 billion, expected to be around EUR 15 billion at year-end, below original guidance.
Outlook and guidance
Full-year group guidance confirmed; grid segment guidance raised to EUR 2.6–2.9 billion adjusted EBITDA, generation segment guidance lowered to EUR 2.1–2.4 billion.
Retail/smart infrastructure segment guidance unchanged at EUR 0.25–0.35 billion.
Project slippage (notably He Dreiht and grid projects) will shift CapEx into future periods, smoothing investment profile.
Installed renewable output forecast adjusted to about 7.5 GW and 62% of total capacity, slightly below previous expectations.
What caused the large Group net profit decline?
What drives the revised segment EBITDA forecasts?
How does capital increase fund investment program?
UK AR7 budget impact on offshore strategy
Outlook for German grid equity returns
Project slippage impact on investment profile
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Next EnBW Energie Baden-Württemberg earnings date
Q4 202525 Mar, 2026
Next EnBW Energie Baden-Württemberg earnings date
Q4 202525 Mar, 2026
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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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