EnBW Energie Baden-Württemberg (EBK) Investor Presentation summary

Strategic positioning and business model

• Integrated utility with operations across the energy value chain, including generation, trading, grids, and customer solutions in Germany and several European countries.

• Focus on sustainable generation, system-critical infrastructure, and smart infrastructure for customers.

• Over 70% of earnings from low-risk, regulated grids and contracted renewables.

• Strong government-related shareholder base, with over 93% held by Baden-Württemberg and OEW.

• Prudent hedging and PPA strategy, locking in margins up to three years in advance.

Financial performance and investment

• FY 2024 revenues reached €34.5bn, with adjusted EBITDA of €4.9bn and retained cash flow of €2.3bn.

• Gross investments in 2024 totaled €6.2bn, with 89% taxonomy-aligned capex.

• Net debt increased to €14.2bn, driven by growth investments.

• Dividend per share for 2024 was €1.60, with a payout ratio of 29%.

• 2025 guidance for adjusted EBITDA is €4.8–5.3bn, with continued focus on growth and sustainability.

Growth strategy and outlook

• Targeting €40bn gross investments from 2024–2030, with over 85% focused on renewables and grids.

• Renewable capacity to increase from 6.6 GW in 2024 to 10–11.5 GW by 2030.

• Coal phase-out by end of 2028, aiming for 75–80% renewables share in generation by 2030.

• CO2 intensity to be reduced from 272 g/kWh in 2024 to 90–110 g/kWh by 2030.

• SBTi-validated target of -70% scope 1 & 2 emissions by 2030.