EnBW Energie Baden-Württemberg (EBK) Q1 2025 earnings summary

Executive summary

• Adjusted EBITDA rose 5% year-over-year to EUR 1.4 billion in Q1 2025, driven by strong grid business, decarbonization investments, and improved customer/e-mobility performance.

• CapEx reached EUR 1.5 billion, with 90% taxonomy aligned and 86% directed to growth projects in energy transformation, renewables, and grid expansion.

• Full-year 2025 adjusted EBITDA guidance confirmed at EUR 4.8–5.3 billion, with segment outlooks unchanged.

• Successful return to Swiss capital markets with CHF 350 million bond issuance and positive AGM vote on authorized capital for future capital increase.

• Operational milestones include commissioning a 124 MW hydrogen-ready gas power plant and installing the first 15 MW wind turbine at He Dreiht offshore wind farm.

Financial highlights

• Adjusted net profit attributable to shareholders was EUR 442 million, down 14% year-over-year due to market valuation effects and higher interest expenses.

• Retained cash flow decreased 6% year-over-year to EUR 1.03 billion.

• Net debt decreased to EUR 13.36 billion, mainly due to seasonal working capital effects and pension provision reduction.

• External revenue declined 2.7% year-over-year to EUR 9.95 billion in Q1 2025.

• Group net profit dropped 31% to EUR 554 million; EPS decreased 31% to EUR 2.05.

Outlook and guidance

• Full-year 2025 guidance for both group and segments reaffirmed, with adjusted EBITDA expected between EUR 4.8–5.3 billion.

• Net debt is expected to rise to EUR 17–17.5 billion by year-end, in line with previous guidance.

• Renewables targeted to reach 75–80% of installed capacity by 2030, up from 60% currently.

• Capital increase is expected to be executed within 2025, following AGM approval for up to EUR 10 billion in new equity by 2030.

• Growth expected from new wind/solar assets, normalized energy prices, and higher grid earnings.