For the first time since 2010 EnBW expects the operating result to rise again in 2017. EnBW Energie Baden-Württemberg AG closed the first nine months of the financial year 2017 with substantial earnings growth and a significantly stronger balance sheet. With 21,298 employees (+5.3 percent) EnBW achieved revenue of around 15.34 billion euros (+7.5 percent) and an operating result (adjusted EBITDA) of around 1.52 billion euros. This represents an increase of 10.8 percent compared to the previous year.

This temporary better-than-expected result is due in part to positive one-off effects such as the elimination of the nuclear fuel rod tax the previous year. This will be offset in the fourth quarter by the lower electricity prices on the forward market compared to the previous year. EnBW therefore confirms its forecast for the year and projects an operating result of between 0 and +5 percent compared to 2016. Taking into account the effects from the full consolidation of VNG-Verbundnetz Gas Aktiengesellschaft, adjusted EBITDA is up 2.1 percent on the previous year.

On 10 November 2017 the Investor Conference Call took place with:

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

On 10 November 2017 the Media Conference Call took place with:

• Thomas Kusterer, CFO