EnBW Energie Baden-Württemberg (EBK) Q2 2024 earnings summary

Executive summary

• Solid H1 2024 results with adjusted EBITDA of €2.6 billion, reflecting normalization in commodity and energy markets and a significant decline from the prior year.

• Net profit attributable to shareholders was €1.34 billion, with adjusted net profit around €900 million.

• Full-year EBITDA guidance for 2024 reaffirmed at €4.6–5.2 billion, supported by continued operational strength and green transition progress.

• Major investments in renewables, hydrogen, and grid infrastructure, including >1 GW awarded in wind auctions and over 5,000 fast-charging points.

• Successful green bond issuances and upsized €2 billion sustainability-linked credit line.

Financial highlights

• Adjusted EBITDA for H1 2024: €2.6 billion (down 26% YoY); adjusted net profit: €900 million.

• Retained cash flow for H1: €880 million, down over 60% year-over-year.

• Net debt increased by €0.9 billion to €12.6 billion, mainly due to net cash investments of €2.2 billion.

• Gross investments in H1 totaled €2.5 billion, up nearly 60% year-over-year, with 87% directed to growth projects and 90% taxonomy-aligned.

• External revenue fell 28.7% YoY to €19.0 billion, mainly due to lower trading prices.

Outlook and guidance

• Full-year 2024 adjusted EBITDA expected between €4.6 and €5.2 billion, with segment guidance: Sustainable Generation Infrastructure €2.6–3.1 billion, System Critical Infrastructure €1.9–2.2 billion, Smart Infrastructure for Customers €0.25–0.35 billion.

• Net debt projected to rise to €15–16 billion by year-end, driven by high investment activity.

• Gross investments for the full year expected to reach around €7 billion.

• CO₂ intensity target for 2024 lowered to 290–350 g/kWh, 100 g/kWh below original forecast.

• Gradual increase in underlying operating results anticipated through 2030, supported by major projects and ongoing investments.