EnBW Energie Baden-Württemberg (EBK) Investor Presentation summary

Strategic direction and sustainability

• Integrated business model spans generation, grids, and customer solutions, focusing on energy transition and climate neutrality by 2035.

• Strategy targets expansion of renewables to 10–11.5 GW by 2030 and early coal exit by 2028.

• Over 85% of investments are taxonomy-aligned, with a strong ESG governance framework and SBTi-validated decarbonization path.

• Business model contributes to key UN SDGs, emphasizing clean energy, infrastructure, sustainable cities, and climate action.

• Supervisory Board and management have deep sector expertise and strong ESG oversight.

Financial performance and outlook

• Adjusted EBITDA reached €6.4 bn in 2023, with 2024 guidance of €4.6–5.2 bn and a 2030 target of €5.5–6.3 bn.

• Revenues totaled €44.4 bn in 2023; net debt stood at €11.7 bn.

• Dividend for FY23 was €1.50/share, with a market capitalization of ~€18.6 bn as of November 2024.

• Credit ratings are A- (S&P) and Baa1 (Moody’s), supported by a stable, mostly public shareholder base.

• Over 70% of EBITDA is expected from low-risk grids and renewables by 2030.

Business segments and operations

• Three core segments: Sustainable Generation Infrastructure, System Critical Infrastructure, and Smart Infrastructure for Customers.

• Generation portfolio: 12.2 GW capacity (end 2023), with 47% renewables; rapid growth in wind, solar, and storage.

• Grid business operates ~180,000 km of electricity and gas networks, with major projects like SuedLink and Ultranet underway.

• Customer segment serves ~5.5 million B2C/B2B clients, leading in e-mobility with >5,500 fast-charging points and a target of >20,000 by 2030.

• International footprint includes activities in Germany, UK, France, Austria, Poland, Türkiye, and more.