Business development January to September 2016

In the first nine months of 2016, EnBW Energie Baden-Württemberg AG and its 20,217 employees achieved revenue of around 14.3 billion euro and an operating result (adjusted EBITDA) of 1.37 billion euro. This represents a fall of around 16 percent compared to the previous year, which was primarily due to temporary effects in the area of power generation. These effects will be balanced out by the end of the year.

Therefore, EnBW has confirmed its forecast for the whole of the 2016 financial year and continues to expect an adjusted Group EBITDA of between 5 and 10 percent below the level in the previous year.

On 10 November 2016 the Investor Conference Call took place with:

• Thomas Kusterer, CFO
• Ingo Peter Voigt, Head of Finance, M&A, and Investor Relations