About this report

We have been publishing an Integrated Annual Report, which combines the traditional contents of a financial report with a sustainability report, since 2014. In the 2024 financial year, we are using the European Sustainability Reporting Standards (ESRS) as a recognized framework for our non-financial declaration. The ESRS stipulate that sustainability information must be published in its own section within the management report – the sustainability statement. This means that we are only able to continue with our existing integrated reporting approach to a limited extent and we have decided to amend the title of our report to “Annual Report 2024” as a result. Nevertheless, we are endeavoring to follow an integrated reporting approach as far as possible using references. This means that overarching content – such as our business model, strategy and management system – will be presented in the management report outside of the sustainability statement. We will strive to continue providing a holistic representation of the performance of the company within this new framework in future. The dimensions of ecology, economy and social aspects are firmly embedded in our strategy, reflecting the highly integrated nature of our corporate management system. An important element is measuring the achievement of our goals using key performance indicators.

We carried out a double materiality assessment according to ESRS for the first time to identify material themes for our sustainability statement and we identified and evaluated not only our impacts but also risks and opportunities. The datapoints presented in this report were derived from this assessment. In 2024, we have mostly not reported on datapoints that are subject to voluntary reporting requirements or phased transitional provisions. The sustainability statement is structured in accordance with the ESRS. The general information for ESRS 2 is followed by our disclosures on the environmental standards E1 to E5, the social standards S1 to S4 and finally the governance standard G1. Furthermore, our reporting is based on the International Integrated Reporting Framework and the recommendations issued by the Task Force on Climate-related Financial Disclosures (TCFD), while we also focus on the Sustainable Development Goals from the United Nations. We will no longer report on sustainability matters in accordance with the GRI standard from the 2024 reporting year onwards. Due to the new Communication on Progress (COP) guidelines, we will publish a separate report with respect to the requirements in the UN Global Compact.

We fulfill all reporting requirements with respect to the currently valid version of the EU taxonomy. Alongside the information on revenue, capex and opex required by the Taxonomy Regulation, we also report on other taxonomy KPIs such as adjusted EBITDA and expanded capex (capex including the proportion for entities accounted for using the equity method).

The reporting period comprises the 2024 financial year. We took into account all relevant information up to 10 March 2025.

The information about the net assets, financial position and results of operations of the EnBW Group is based on the requirements of the International Financial Reporting Standards (IFRS), and, where applicable, the German Commercial Code (HGB) and German Accounting Standards (GAS). The consolidated financial statements and combined management report were audited with reasonable assurance by BDO AG Wirtschaftsprüfungsgesellschaft. For the non-financial declaration in accordance with section 315b in combination with section 289b HGB, we utilized the ESRS as a recognized format for the first time in accordance with section 315c (3) in combination with section 289d HGB and included a sustainability statement in the combined management report of the EnBW Group and EnBW AG. This content – with the exception of the content incorporated into the general section of the management report by means of references – was audited with limited assurance by BDO AG Wirtschaftsprüfungsgesellschaft. Any differences between statements made for the EnBW Group and for EnBW AG are clearly identified in the text.