EnBW Energie Baden-Württemberg (EBK) investor relations material

Executive summary

• Adjusted EBITDA for H1 2026 was €2.27–2.3 billion, down 6.3% year-over-year but within guidance, reflecting resilient performance amid geopolitical tensions and volatile energy markets.

• Strategic growth priorities advanced, especially in grid infrastructure, renewables, and e-mobility, supported by major policy reforms in Germany.

• External revenue rose 9.3% to €19.13 billion, driven by higher gas trading prices.

• Net profit attributable to shareholders fell sharply to €223.1–595 million, mainly due to lower earnings in Sustainable Generation Infrastructure.

• Gross investments reached €2.4–2.43 billion, with over 80% directed to low-risk or growth projects, mainly in grids and offshore wind.

Financial highlights

• Adjusted EBITDA: €2,268–2,300 million, stable to down 6.3% year-over-year.

• Net debt increased to €13.9 billion, up 5.8% since year-end 2025, reflecting ongoing investments.

• Adjusted net profit attributable to shareholders was €223.1–595 million, down year-over-year.

• Retained cash flow was €785.8–787 million, reflecting lower operating earnings and higher shareholder distributions.

• Cash flow from operating activities declined 31.5% year-over-year to €1,713.2 million.

Outlook and guidance

• Full-year 2026 adjusted EBITDA guidance confirmed at €4.6–5.1 billion at group and segment level.

• Segment guidance: System Critical Infrastructure €2.5–2.8 billion, Sustainable Generation Infrastructure €2.0–2.3 billion, Smart Infrastructure for Customers €0.4–0.5 billion.

• CapEx guidance for 2026 and 2027 remains flat at around €7 billion per year, aligned with a €50 billion program over seven years.

• Net debt expected to reach around €17 billion by end of 2026.

• Renewables targeted to reach 80% of generation portfolio by 2030.