As an integrated energy company, we are pushing forward the development of a sustainable energy infrastructure fit for the future in all business fields along the entire energy industry value chain. Sustainability is an important element of our business model and our strategy, which is reflected in our EnBW Sustainability Agenda 2.0. We continued to pursue our strategic goals by, for example, accelerating the expansion and take-up of renewable energies, optimizing the grid infrastructure, realizing our fuel switch projects and expanding e-mobility. Organized in three segments, we plan to invest heavily over the next few years to further accelerate the pace at which the energy infrastructure of the future is being developed.
In 2024, the operating business at a Group level developed as expected. The adjusted EBITDA for the Group fell by 23.0% compared to the previous year but was within our forecasted range. All of our segments also achieved both their earnings forecasts and their forecasted shares of adjusted EBITDA in 2024. The result in the Sustainable Generation Infrastructure segment fell considerably as expected. The adjusted EBITDA for the Renewable Energies area and for the Thermal Generation and Trading area were both lower than in the previous year. However, the adjusted EBITDA for the System Critical Infrastructure segment increased compared to the previous year, as did the adjusted EBITDA for the Smart Infrastructure for Customers segment. The share of adjusted EBITDA accounted for by low-risk earnings, which was reported for the first time in 2024, stood at 70.7% and was thus in line with our expectations. Non-operating EBITDA increased in comparison to the previous year. In contrast, the Group net profit/loss attributable to the shareholders of EnBW AG fell from €1,537.6 million in 2023 by €293.9 million to €1,243.7 million in the reporting period. Earnings per share were €4.59 in the 2024 financial year, compared to €5.68 in the previous year.
The financial position of the company remains sound. Solvency was ensured at all times thanks to the company’s available liquidity and its internal financing capability, as well as external sources available for financing. Net debt rose compared to the figure posted at the end of 2023 by €2,541.0 million. This was mainly attributable to the payments made within net investment that were not fully financed via retained cash flow. As a result of the decrease in retained cash flow and increase in net debt, the debt repayment potential in 2024 was significantly below the figure in the previous year but still within the target range we had set of between 13.0% and 16.0%. Gross investment in 2024 exceeded the level in the previous year by around 27%. Around 84.9% of overall gross investment was attributable to growth projects. The proportion of taxonomy-aligned expanded capex, which was reported for the first time in 2024, stood at 88.8% and was in line with our expectations.
In the customers and society goal dimension, the Reputation Index improved in 2024 by one index point compared to the previous year to 56 points, which was in the middle of the forecasted range for 2024 of between 54 and 58 points. The Customer Satisfaction Index for EnBW fell by 5.4% in 2024 to a value of 123 but remained at a good level. Yello was able to further improve the satisfaction of its customers at an outstanding level. There was a clear improvement in SAIDI Electricity in 2024 to a very good level of 13.6 minutes of interruptions per end consumer, which was within our forecasted range, as in the previous year. In the environment goal dimension, we were able to increase the share of generation capacity accounted for by renewable energies to 58.7%. The CO₂ intensity of our own electricity generation fell in comparison to the previous year by 14.7% to 272 g/kWh as a result of an increase in generation from renewable energy sources and the significantly lower deployment of our coal power plants. In the employees goal dimension, the People Engagement Index (PEI) remained at a very high level in comparison with both the previous year and with other companies. In the area of occupational safety, the LTIF for companies controlled by the Group decreased in comparison to the previous year, while LTIF overall increased.
Overall, our company was able to achieve the expected results in the 2024 financial year thanks to its robust, integrated approach. The year was shaped by increased investment in growth projects, which we used to continue pushing forward the restructuring of the energy system in Germany.