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

Executive summary

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

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

• Major offshore wind projects (He Dreiht, Morgan, Mona) advanced, with He Dreiht nearing first power and Morgan receiving development consent.

• Net zero targets expanded to cover all company-related emissions, with Moody's rating the reduction path as aligned with the 1.5-degree climate target; Scopes 1 and 2 by 2040, Scope 3 by 2050.

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

Financial highlights

• Adjusted EBITDA at €3,645.1 million, down 2.7% year-over-year, with 76% from low-risk grids and renewables.

• Adjusted net profit for shareholders at €589.2 million, down 62.7% year-over-year, mainly due to higher financial expenses.

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

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

• Net debt decreased by 14% to around €12.2 billion, mainly due to capital increase and strong retained cash flow.

Outlook and guidance

• Full-year group guidance confirmed at €4.8–5.3 billion; grid segment guidance raised to €2.6–2.9 billion adjusted EBITDA, generation segment guidance lowered to €2.1–2.4 billion.

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

• Project slippage (notably He Dreiht and fuel switch 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.