EnBW Energie Baden-Württemberg (EBK) Q3 2026 earnings summary

Executive summary

• 9M adjusted EBITDA was €3,205.6m, down 12.1% YoY and in line with expectations; low-risk activities contributed 83% of earnings, versus 76% a year earlier.

• Grid and customer earnings partly offset weaker generation and trading; FY26 adjusted EBITDA guidance remains €4.6bn–€5.1bn, with results expected in the lower half.

• Gross investment reached €4,044.2m, with 83.9% directed to growth projects, particularly grids and offshore wind.

Financial highlights

• Revenue rose 7.1% YoY to €27,665.8m, mainly reflecting positive gas-trading price effects, partly offset by lower electricity-trading volumes.

• Adjusted EBIT was €1,873m, down 20.0% YoY; adjusted net profit was €657.4m, down 33.9%.

• Net profit attributable to shareholders fell to €208.3m from €589.2m; EPS was €0.64 versus €2.06.

• Total investments were €4,044.2m, down 13.8% YoY; net cash investments were €3,273.7m, including €771m from co-financing and divestments.

Outlook and guidance

• FY26 adjusted EBITDA guidance remains €4.6bn–€5.1bn, with results expected in the lower half of the range.

• System Critical Infrastructure guidance remains €2.5bn–€2.8bn; Sustainable Generation Infrastructure guidance was reduced to €1.7bn–€2.0bn from €2.0bn–€2.3bn.

• Renewable Energies guidance fell to €1.0bn–€1.2bn from €1.1bn–€1.3bn; Smart Infrastructure for Customers guidance rose to €0.5bn–€0.6bn from €0.4bn–€0.5bn.