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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.
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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