EnBW Energie Baden-Württemberg (EBK) Q4 2024 earnings summary

Executive summary

• Delivered solid performance in 2024, meeting earnings guidance across all segments and maintaining a diversified, low-risk earnings base.

• Achieved significant milestones in renewables, grid expansion, and ESG leadership, with 59% of generation capacity from renewables and an AA MSCI ESG rating.

• Continued transformation with major investments in grids, renewables, and hydrogen-ready infrastructure, with 89% of capex taxonomy-aligned.

Financial highlights

• Adjusted EBITDA reached EUR 4.9 billion, in line with guidance and down from EUR 6.4 billion in 2023 due to market normalization.

• Adjusted net profit was EUR 1.5 billion, with a proposed dividend of EUR 1.60 per share, a 7% increase and payout ratio of 29%.

• Retained cash flow was nearly EUR 2.3 billion; net debt increased to over EUR 14 billion due to high investments.

• Total investments reached over EUR 6 billion, a 27% increase year-over-year.

Outlook and guidance

• 2025 adjusted EBITDA expected between EUR 4.8–5.3 billion, with growth anticipated from new renewables capacity and grid investments.

• High investment levels to be maintained, targeting at least EUR 40 billion between 2023 and 2030.

• E-mobility and B2B/B2C business dynamics expected to further ramp up.