EnBW Energie Baden-Württemberg (EBK) Q3 2025 earnings summary

Executive summary

• Adjusted EBITDA for the first nine months of 2025 was EUR 3.6 billion, nearly flat year-over-year, driven by strong grid segment performance offsetting weaker generation and trading earnings.

• Full-year group earnings guidance reaffirmed, with segment realignment: higher grid earnings, lower generation due to market and weather impacts.

• Net zero targets expanded: scope 1 and 2 by 2040, scope 3 by 2050, with Moody's rating the reduction path as aligned with the 1.5-degree climate target.

• Major offshore wind projects advanced, including He Dreiht (Germany's largest offshore wind farm) and UK projects Mona and Morgan, with significant milestones achieved.

• A EUR 3.1 billion capital increase was completed to support a major investment program and strengthen equity.

Financial highlights

• Adjusted EBITDA at EUR 3.6 billion, flat year-over-year, with 76% from low-risk grid and renewables activities.

• Adjusted net profit for shareholders at nearly EUR 1 billion, below prior year due to higher financial expenses and interest costs.

• Gross investments totaled EUR 4.7 billion, up 21% year-over-year, with 86% directed to growth projects.

• Retained cash flow increased 34% to over EUR 2 billion, mainly due to lower tax outflows.

• Net debt decreased 14% to about EUR 12 billion, expected to be around EUR 15 billion at year-end, below original guidance.

Outlook and guidance

• Full-year group guidance confirmed; grid segment guidance raised to EUR 2.6–2.9 billion adjusted EBITDA, generation segment guidance lowered to EUR 2.1–2.4 billion.

• Retail/smart infrastructure segment guidance unchanged at EUR 0.25–0.35 billion.

• Project slippage (notably He Dreiht and grid projects) will shift CapEx into future periods, smoothing investment profile.

• Installed renewable output forecast adjusted to about 7.5 GW and 62% of total capacity, slightly below previous expectations.