EnBW Energie Baden-Württemberg (EBK) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA for H1 2026 was €2.3 billion, down 6.3% year-over-year but within guidance, reflecting resilient performance amid geopolitical tensions and volatile markets.

• Strategic growth priorities advanced, especially in grid infrastructure and renewables, supported by major energy policy reforms in Germany.

• External revenue increased by 9.3% to €19.13 billion, driven by higher gas trading prices.

• Net profit attributable to shareholders declined sharply to €223.1 million, mainly due to lower earnings in Sustainable Generation Infrastructure.

Financial highlights

• Adjusted EBITDA reached €2.3 billion (down 6.3% YoY), with 79% from low-risk activities; net debt rose to €13.9 billion due to ongoing investments.

• Gross investments totaled €2.4 billion, with 83–88% taxonomy-aligned and focused on grids and renewables.

• Retained cash flow was €785.8–787 million, reflecting lower operating earnings and higher shareholder distributions.

• Adjusted net profit was €595 million, but group net profit fell to €223.1 million due to non-operating effects.

Outlook and guidance

• Full-year 2026 adjusted EBITDA guidance confirmed at €4.6–5.1 billion at group and segment level.

• CapEx guidance for 2026 and 2027 remains flat at around €7 billion annually, supporting a €50 billion program over seven years.

• Renewables targeted to reach 80% of generation portfolio by 2030; net debt expected to reach €17 billion by end of 2026.