EnBW Energie Baden-Württemberg (EBK) Q2 2025 earnings summary

Executive summary

• Adjusted EBITDA reached €2.4 billion for H1 2025, in line with expectations but down from €2.6 billion in H1 2024; full-year guidance reaffirmed at €4.8–5.3 billion.

• Gross investments rose to €3.1 billion, up 25% year-over-year, with 88% taxonomy-aligned and focused on grid expansion, renewables, and hydrogen-ready projects.

• €3.1 billion capital increase in July 2025 and €1.6 billion diversified long-term financing secured €4.7 billion total funding year-to-date, strengthening the capital structure.

• Revenue decreased by 4.7% year-over-year to €17.5 billion, mainly due to lower gas trading prices; Group net profit dropped 65.6% to €463 million.

• Major milestones include the installation of the first He Dreiht offshore wind turbine and commissioning of a hydrogen-ready gas plant in Stuttgart-Münster.

Financial highlights

• Adjusted EBITDA: €2.4 billion for H1 2025, mainly driven by the grid business, down 6.5% year-over-year.

• Adjusted net profit attributable to shareholders was €632 million, down 31.8% year-over-year due to higher financial expenses.

• Net debt increased by 7.3% to €15.3 billion as of June 30, 2025, reflecting high investment outflows.

• Retained cash flow improved by 18% year-over-year to €1.1 billion, aided by lower tax outflows.

• Cash flow from operating activities rose 79.5% year-over-year to €2.5 billion.

Outlook and guidance

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

• Segment forecasts: Sustainable Generation Infrastructure €2.4–2.7 billion, System Critical Infrastructure €2.3–2.6 billion, Smart Infrastructure for Customers €0.25–0.35 billion.

• H2 expected to benefit from normalized weather, new wind and solar assets, and continued strong network and customer-facing business performance.

• Long-term investment plan of at least €40 billion by 2030, with additional opportunities up to €10 billion.

• Targeting adjusted EBITDA of €5.5–6.3 billion and over 70% low-risk business share by 2030.