EnBW Energie Baden-Württemberg (EBK) Investor Presentation summary

Business overview and strategy

• Integrated utility with activities in power generation, trading, transmission, distribution, energy sales, and e-mobility, operating 12 GW generation capacity and serving 5.5 million customers.

• Focus on stabilizing the energy system, security of supply, and driving the German energy transition with a high share of low-risk, regulated, or contracted earnings (>70% for 2024–30).

• Ambitious decarbonization roadmap: coal exit by 2028, climate neutrality by 2035, and SBTi-certified climate targets.

• Stable shareholder structure with >93% held by Baden-Württemberg and OEW.

• ESG leadership with 87% taxonomy-aligned capex and €5.5 bn in green bonds outstanding.

Financial performance and outlook

• FY 2023 revenues reached €44 bn, with adj. EBITDA of €6.4 bn and retained cash flow of €4.8 bn.

• 2023 saw strong earnings, supporting higher investments in the energy transition and robust credit ratings (A-/Baa1).

• 2024 adj. EBITDA guidance is €4.6–5.2 bn, reflecting normalized energy prices and increased renewables capacity.

• Net debt increased to €11.7 bn due to investments and working capital, with a debt repayment potential of 41%.

• Gross investments of €4.9 bn in 2023, with 80% directed to growth projects and 87% taxonomy-aligned.

Segment highlights

• Sustainable Generation Infrastructure: 47% renewables share in 2023, targeting 75–80% by 2030; major offshore wind and fuel switch projects underway.

• Thermal generation capacity at 6.5 GW, with significant CO2 reduction initiatives and three H2-ready CCGT plants under construction.

• System Critical Infrastructure: 179,000 km of grids, €2.7 bn investments, and large-scale TSO projects like SuedLink and ULTRANET.

• Smart Infrastructure for Customers: 5.5 million B2B/B2C customers, leading e-mobility network with >4,200 fast charging points, aiming for 30,000 by 2030.