EnBW Energie Baden-Württemberg (EBK) Investor presentation summary

Financial performance and guidance

• FY 2025 adjusted EBITDA was €5.1bn, up from €4.9bn in FY 2024; retained cash flow rose to €3.3bn from €2.3bn.

• FY 2025 gross investments were €7.6bn, with 90% taxonomy-aligned capex and 87% of investments in growth projects.

• 6M 2026 adjusted EBITDA was €2.3bn versus €2.4bn in 6M 2025; low-risk earnings reached 79%, and FY 2026 guidance was confirmed at €4.6–5.1bn.

• Net debt was €13.9bn at 30 June 2026, up 6% from year-end 2025, driven by net cash investments; debt repayment potential remained above the ≥15% target.

• 2030 adjusted EBITDA target is €5.8–6.6bn, with over 70% low-risk earnings and a commitment to solid investment-grade ratings.

Investment and funding

• Gross investments of up to €50bn are planned for 2024–2030, supported by operating cash flow, partnerships and capital markets; ~85% of funding sources were secured or completed.

• Planned average capital-market funding is €2.5–3.0bn annually, including refinancing; funding is diversified across markets, currencies and instruments.

• Capital allocation prioritizes grids at 60–70% of gross capex; over 80% of planned investment is low-risk, with strict project return criteria.

• FY 2025 retained cash flow increased 42% to €3.315bn; net debt declined 8% to €13.152bn and debt repayment potential reached 25%.

Infrastructure and energy transition

• The regulated asset base was €19bn in FY 2025, with a target of ~€35bn by 2030; grid growth is supported by major transmission projects including SuedLink and Ultranet.

• Renewables capacity reached 7.4 GW in FY 2025; the 2030 target is 10–11.5 GW, representing 75–80% of installed capacity.

• He Dreiht, a 960 MW offshore wind farm with all 64 turbines installed, is nearing completion; long-term PPAs are secured with major industrial customers.

• Coal phase-out is targeted by 2028, conditional on energy-system transformation progress; net-zero targets are 2040 for Scope 1 and 2 and 2050 for Scope 3.

• More than 9,000 fast-charging points were operating in Germany by 6M 2026; two large-scale batteries totaling 900 MWh were under construction.