Reporting 9M 2025
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Day
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Event
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Time
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Download
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|---|---|---|---|---|
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Day
13 November 2025
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Event
Publication reporting 9M 2025
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Publication Quarterly Statement 9M 2025
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Time
09:00 a.m. (CET)
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Download
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Investor and analyst conference call 9M 2025
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Time
02:00 p.m. (CET)
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Download
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Reporting 6M 2025
We are in a phase of unprecedently high investment, with over €3 bn invested in the first six months of 2025 alone. We are planning to invest up to €50 bn by 2030. This results in an above-average need for capital. Our €3.1 billion capital increase gives us greater financial headroom in all business areas and enables us to successfully secure and expand our market position in key growth segments.
Figures 6M 2025
Adjusted EBITDA
€0 m
Adjusted Group net profit
€0 m
attributable to the shareholders of EnBW AG
Retained cash flow
€0 m
Net debt
€0 m
as of 30.6.2025
Interview with Thomas Kusterer (Deputy CEO and CFO) on the half-year figures 6M 2025
Guidance 2025
Steady growth reflected in 2025 earnings guidance
in € bn
Performance indicators of the EnBW Group
|
in € million
|
01/01-30/06/2025
|
01/01-30/06/2024
|
Change in %
|
01/01-31/12/2024
|
|---|---|---|---|---|
|
in € million
External revenue
|
01/01-30/06/2025
17,498.2
|
01/01-30/06/2024
18,361.8
|
Change in %
-4.7
|
01/01-31/12/2024
34,524.4
|
|
in € million
Adjusted EBITDA
|
01/01-30/06/2025
2,420.3
|
01/01-30/06/2024
2,588.0
|
Change in %
-6.5
|
01/01-31/12/2024
4,903.3
|
|
in € million
Share of adjusted EBITDA accounted for by Sustainable Generation Infrastructure in € million/in %
|
01/01-30/06/2025
1,081.3 / 44.7
|
01/01-30/06/2024
1,450.8 / 56.1
|
Change in %
-25.5 / -
|
01/01-31/12/2024
2,633.1 / 53.7
|
|
in € million
Share of adjusted EBITDA accounted for by System Critical Infrastructure in € million/in %
|
01/01-30/06/2025
1,289.6 / 53.3
|
01/01-30/06/2024
1,156.8 / 44.7
|
Change in %
11.5 / -
|
01/01-31/12/2024
2,243.1 / 45.8
|
|
in € million
Share of adjusted EBITDA accounted for by Smart Infrastructure for Customers in € million/in %
|
01/01-30/06/2025
233.0 / 9.6
|
01/01-30/06/2024
172.7 / 6.7
|
Change in %
34.9 / -
|
01/01-31/12/2024
323.9 / 6.6
|
|
in € million
Share of adjusted EBITDA accounted for by Other/Consolidation in € million/in %
|
01/01-30/06/2025
-183.6 / -7.6
|
01/01-30/06/2024
-192.3 / -7.5
|
Change in %
4.5 / -
|
01/01-31/12/2024
-296.8 / -6.1
|
|
in € million
Share of adjusted EBITDA accounted for by low-risk earnings in %
|
01/01-30/06/2025
75.0
|
01/01-30/06/2024
67.7
|
Change in %
-
|
01/01-31/12/2024
70.7
|
|
in € million
EBITDA
|
01/01-30/06/2025
2,377.0
|
01/01-30/06/2024
3,239.3
|
Change in %
-26.6
|
01/01-31/12/2024
5,149.3
|
|
in € million
Adjusted EBIT
|
01/01-30/06/2025
1,554.4
|
01/01-30/06/2024
1,756.0
|
Change in %
-11.5
|
01/01-31/12/2024
3,177.8
|
|
in € million
EBIT
|
01/01-30/06/2025
1,321.1
|
01/01-30/06/2024
2,407.3
|
Change in %
-45.1
|
01/01-31/12/2024
2,838.1
|
|
in € million
Adjusted Group net profit
|
01/01-30/06/2025
631.9
|
01/01-30/06/2024
926.9
|
Change in %
-31.8
|
01/01-31/12/2024
1,504.0
|
|
in € million
Group net profit/loss
|
01/01-30/06/2025
463.0
|
01/01-30/06/2024
1,344.5
|
Change in %
-65.5
|
01/01-31/12/2024
1,243.7
|
|
in € million
Earnings per share from Group net profit in €
|
01/01-30/06/2025
1.71
|
01/01-30/06/2024
4.96
|
Change in %
-65.6
|
01/01-31/12/2024
4.59
|
|
in € million
Retained cash flow
|
01/01-30/06/2025
1,081.0
|
01/01-30/06/2024
913.9
|
Change in %
18.3
|
01/01-31/12/2024
2,340.3
|
|
in € million
Net cash investment
|
01/01-30/06/2025
2,932.7
|
01/01-30/06/2024
2,159.9
|
Change in %
35.8
|
01/01-31/12/2024
5,196.7
|
|
in € million
Net debt
|
01/01-30/06/2025
15,289.6
|
01/01-30/06/2024
14,244.1
|
Change in %
7.3
|
Financial and strategic performance indicators
|
|
01/01-30/6/2025
|
01/01-30/6/2024
|
Change in %
|
01/01-31/12/2024
|
|---|---|---|---|---|
|
Customers and society goal dimension
| ||||
|
EnBW/Yello Customer Satisfaction Index
|
01/01-30/6/2025
120 / 168
|
01/01-30/6/2024
111 / 166
|
Change in %
8.1 / 1.2
|
01/01-31/12/2024
123 / 168
|
|
SAIDI (electricity) in min./year
|
01/01-30/6/2025
6.2
|
01/01-30/6/2024
5.9
|
Change in %
5.0
|
01/01-31/12/2024
13.6
|
|
Employees goal dimension
| ||||
|
LTIF Energy
|
01/01-30/6/2025
1.8
|
01/01-30/6/2024
-
|
Change in %
-
|
01/01-31/12/2024
2.6
|
|
LTIF overall
|
01/01-30/6/2025
2.7
|
01/01-30/6/2024
-
|
Change in %
-
|
01/01-31/12/2024
4.0
|
Non-financial performance indicators
|
|
30/06/2025
|
30/06/2024
|
Veränderung in %
|
31/12/2024
|
|---|---|---|---|---|
|
Employees
|
30/06/2025
30,722
|
30/06/2024
29,329
|
Veränderung in %
4.7
|
31/12/2024
30,391
|
|
Employee equivalents
|
30/06/2025
28,925
|
30/06/2024
27,563
|
Veränderung in %
4.9
|
31/12/2024
28,597
|
Employees
Reporting 3M 2025
In the first three months of this year, we generated an adjusted EBITDA of €1.41 billion. This represents an improvement of around 5% on the previous quarter. For the full year, we continue to expect adjusted EBITDA of between €4.8 billion and €5.3 billion. In the first quarter, we resolutely continued our investment drive to decarbonize the energy system. Most of this investment went on offshore wind farms, our fuel switch projects and grid expansion.
Figures 3M 2025
Adjusted EBITDA
€0 m
Adjusted Group net profit
€0 m
attributable to the shareholders of EnBW AG
Retained cash flow
€0 m
Net debt
€0 m
as of 31.03.2025
Performance indicators of the EnBW Group
|
in € million
|
01/01-31/03/2025
|
01/01-31/03/2024
|
Change in %
|
01/01-31/12/2024
|
|---|---|---|---|---|
|
in € million
External revenue
|
01/01-31/03/2025
9,953
|
01/01-31/03/2024
10,230.8
|
Change in %
-2.7
|
01/01-31/12/2024
34,524.4
|
|
in € million
Adjusted EBITDA
|
01/01-31/03/2025
1,410.2
|
01/01-31/03/2024
1,344.9
|
Change in %
4.9
|
01/01-31/12/2024
4,903.3
|
|
in € million
Share of adjusted EBITDA accounted for by Sustainable Generation Infrastructure in € million/in %
|
01/01-31/03/2025
690.9 / 49.0
|
01/01-31/03/2024
798.0 / 59.3
|
Change in %
-13.4 / -
|
01/01-31/12/2024
2,633.1 / 53.7
|
|
in € million
Share of adjusted EBITDA accounted for by System Critical Infrastructure in € million/in %
|
01/01-31/03/2025
684.4 / 48.5
|
01/01-31/03/2024
574.1 / 42.7
|
Change in %
19.2 / -
|
01/01-31/12/2024
2,243.1 / 45.8
|
|
in € million
Share of adjusted EBITDA accounted for by Smart Infrastructure for Customers in € million/in %
|
01/01-31/03/2025
120.1 / 8.5
|
01/01-31/03/2024
77.8 / 5.8
|
Change in %
54.4 / -
|
01/01-31/12/2024
323.9 / 6.6
|
|
in € million
Share of adjusted EBITDA accounted for by Other/Consolidation in € million/in %
|
01/01-31/03/2025
-85.2 / -6.0
|
01/01-31/03/2024
-105.0 / -7.8
|
Change in %
18.9 / -
|
01/01-31/12/2024
-296.8 / -6.1
|
|
in € million
EBITDA
|
01/01-31/03/2025
1,626.7
|
01/01-31/03/2024
1,827.9
|
Change in %
-11.0
|
01/01-31/12/2024
5,149.3
|
|
in € million
Adjusted EBIT
|
01/01-31/03/2025
979.8
|
01/01-31/03/2024
947.0
|
Change in %
3.5
|
01/01-31/12/2024
3,177.8
|
|
in € million
EBIT
|
01/01-31/03/2025
1,077.4
|
01/01-31/03/2024
1,430.0
|
Change in %
-24.7
|
01/01-31/12/2024
2,838.1
|
|
in € million
Adjusted Group net profit
|
01/01-31/03/2025
442.3
|
01/01-31/03/2024
516.9
|
Change in %
-14.4
|
01/01-31/12/2024
1,504.0
|
|
in € million
Group net profit/loss
|
01/01-31/03/2025
554.0
|
01/01-31/03/2024
802.6
|
Change in %
-31.0
|
01/01-31/12/2024
1,243.7
|
|
in € million
Earnings per share from Group net profit in €
|
01/01-31/03/2025
2.05
|
01/01-31/03/2024
2.96
|
Change in %
-31.0
|
01/01-31/12/2024
4.59
|
|
in € million
Retained cash flow
|
01/01-31/03/2025
1,026.9
|
01/01-31/03/2024
1,094.6
|
Change in %
-6.2
|
01/01-31/12/2024
2,272.0
|
|
in € million
Net cash investment
|
01/01-31/03/2025
1,263.7
|
01/01-31/03/2024
1,054.4
|
Change in %
19.9
|
01/01-31/12/2024
5,196.7
|
|
in € million
Net debt
|
01/01-31/03/2025
13,360.6
|
01/01-31/03/2024
14,244.1
|
Change in %
-6.2
|
Financial and strategic performance indicators
|
|
01/01 - 31.03.2025
|
01/01 - 31.03.2024
|
Change in %
|
01/01 - 31.12.2024
|
|---|---|---|---|---|
|
Employees
|
01/01 - 31.03.2025
30,626
|
01/01 - 31.03.2024
29,087
|
Change in %
5.3
|
01/01 - 31.12.2024
30,391
|
|
Employee equivalents
|
01/01 - 31.03.2025
28,836
|
01/01 - 31.03.2024
27,366
|
Change in %
5.4
|
01/01 - 31.12.2024
28,597
|
Employees
Reporting 12M 2024
Our broad portfolio is what makes us successful. In the 2024 financial year, we achieved solid results that will enable us to continue our investment program.
The stable earnings are important in order to successfully drive the green transformation of our portfolio. We currently have over 1.5 gigawatts of renewable energy under construction and are investing heavily in the expansion of the transmission and distribution grids.
Events
Recording press conference
26 March 2025, 10:30 a.m. (CET)
Language press conference: German
Presentation of annual press conference financial year 2024 (German)
Recording investor and analyst conference call
26 March 2025, 02:00 p.m. (CET)
Figures 12M 2024
Adjusted EBITDA
€0 m
Adjusted Group net profit
€0 m
attributable to the shareholders of EnBW AG
Retained cash flow
€0 m
Net debt
€0 m
as of 31.12.2024
Share of adjusted EBITDA: €2,633 m
Sustainable Generation Infrastructure
Sustainable Generation Infrastructure
Renewable Energies
− Lower earnings from pumped storage due to declining price levels
+ Increase in earnings from run-of-river
Thermal Generation and Trading
− Lower realized hedged generation margins due to market normalization
− Reduced volatility and less favorable gas market conditions
Share of adjusted EBITDA: €2,243 m
System Critical Infrastructure
System Critical Infrastructure
+ Higher earnings as a result of increased investments in grid expansion and reinforcement
+ Lower expenses for maintaining grid reserve and redispatch
− Increased personnel expenses and higher costs for operation and maintenance
Share of adjusted EBITDA: €324 m
Smart Infrastructure for Customers
Smart Infrastructure for Customers
+ Absence of negative prior-year effects from deconsolidation of our subsidiary bmp greengas0A green gas supply and sales company within EnBW Group.
− Lower sales volumes
− Operational effects from our solar home storage subsidiary Senec
+ E-mobility achieves EBITDA break-even
Performance indicators of the EnBW Group
|
in € million
|
2024
|
2023
|
Change in %
|
|---|---|---|---|
|
in € million
External revenue
|
2024
34,524.4
|
2023
44,430.7
|
Change in %
-22.3
|
|
in € million
Adjusted EBITDA
|
2024
4,903.3
|
2023
6,365.2
|
Change in %
-23.0
|
|
in € million
Share of adjusted EBITDA accounted for by Sustainable Generation Infrastructure in € million/in %
|
2024
2,633.1 / 53.7
|
2023
4,647.6 / 73.0
|
Change in %
-43.3 / –
|
|
in € million
Share of adjusted EBITDA accounted for by System Critical Infrastructure in € million/in %
|
2024
2,243.1 / 45.8
|
2023
1,772.0 / 27.8
|
Change in %
26.6 / –
|
|
in € million
Share of adjusted EBITDA accounted for by Smart Infrastructure for Customers in € million/in %
|
2024
323.9 / 6.6
|
2023
239.5 / 3.8
|
Change in %
35.2 / –
|
|
in € million
Share of adjusted EBITDA accounted for by Other/Consolidation in € million/in %
|
2024
-296.8 / -6.1
|
2023
-293.9 / -4.6
|
Change in %
-1.0 / –
|
|
in € million
Share of adjusted EBITDA accounted for by low-risk earnings in %
|
2024
70.7
|
2023
55.3
|
Change in %
–
|
|
in € million
EBITDA
|
2024
5,149.3
|
2023
5,738.3
|
Change in %
-10.3
|
|
in € million
Adjusted EBIT
|
2024
3,177.8
|
2023
4,678.9
|
Change in %
-32.1
|
|
in € million
EBIT
|
2024
2,838.1
|
2023
3,341.3
|
Change in %
-15.1
|
|
in € million
Adjusted Group net profit
|
2024
1,504.0
|
2023
2,779.5
|
Change in %
-45.9
|
|
in € million
Group net profit
|
2024
1,243.7
|
2023
1,537.6
|
Change in %
-19.1
|
|
in € million
EnBW share price as of 31/12
|
2024
60.0
|
2023
79.20
|
Change in %
-24.2
|
|
in € million
Earnings per share from Group net profit in €
|
2024
4.59
|
2023
5.68
|
Change in %
-19.2
|
|
in € million
Dividend per share in € / dividend payout ratio in %
|
2024
1.60 / 29
|
2023
1.50 / 15
|
Change in %
6.7 / –
|
|
in € million
Retained cash flow
|
2024
2,272.0
|
2023
4,831.5
|
Change in %
-53.0
|
|
in € million
Debt repayment potential in %
|
2024
16.0
|
2023
41.3
|
Change in %
–
|
|
in € million
Net cash investment
|
2024
5,196.7
|
2023
2,739.8
|
Change in %
89.7
|
|
in € million
Proportion of taxonomy-aligned expanded capex in %
|
2024
88.8
|
2023
86.5
|
Change in %
–
|
|
in € million
Net debt
|
2024
14,244.1
|
2023
11,703.1
|
Change in %
21.7
|
|
in € million
Net financial debt
|
2024
10,983.8
|
2023
7,558.2
|
Change in %
45.3
|
|
in € million
Return on Capital Employed (ROCE) in %
|
2024
10.6
|
2023
17.6
|
Change in %
–
|
|
in € million
Average capital employed
|
2024
31,039.8
|
2023
27,310.0
|
Change in %
13.7
|
Financial and strategic performance indicators
|
Customers and society goal dimension
|
2024
|
2023
|
Change in %
|
|---|---|---|---|
|
Customers and society goal dimension
Reputation Index
|
2024
56
|
2023
55
|
Change in %
1.8
|
|
Customers and society goal dimension
EnBW/Yello Customer Satisfaction Index
|
2024
123 / 168
|
2023
130 / 161
|
Change in %
-5.4 / 4.3
|
|
Customers and society goal dimension
SAIDI (electricity) in min/year
|
2024
13.6
|
2023
19.3
|
Change in %
-29.5
|
|
Customers and society goal dimension
Environment goal dimension
| |||
|
Customers and society goal dimension
Installed output of renewable energies (RE) in GW and the share of the generation capacity accounted for by RE in %
|
2024
6.6 / 58.7
|
2023
6.3 / 54.9
|
Change in %
4.8 / 6.9
|
|
Customers and society goal dimension
CO₂ intensity in g/kWh
|
2024
272
|
2023
319
|
Change in %
-14.7
|
|
Customers and society goal dimension
Employees goal dimension
| |||
|
Customers and society goal dimension
People Engagement Index (PEI)
|
2024
83
|
2023
82
|
Change in %
1.2
|
|
Customers and society goal dimension
LTIF for companies controlled by the Group / LTIF overall
|
2024
2.3 / 4.0
|
2023
2.4 / 3.7
|
Change in %
-4.2 / 8.1
|
Non-financial performance indicators
|
|
31.12.2024
|
31.12.2023
|
Change in %
|
|---|---|---|---|
|
Employees
|
31.12.2024
30,391
|
31.12.2023
28,630
|
Change in %
6.2
|
|
Employee equivalents
|
31.12.2024
28,597
|
31.12.2023
26,943
|
Change in %
6.1
|
Employees
Reporting 9M 2024
The stable earnings are important in order to successfully drive forward the green transformation of our portfolio. Our gross investments amounted to just under €3.9 billion. This is a significant increase of almost 40% on the previous year.
Figures 9M 2024
Adjusted EBITDA
€0 m
Adjusted Group net profit
€0 m
attributable to the shareholders of EnBW AG
Retained cash flow
€0 m
Net debt
€0 m
as of 30.09.2024
Share of adjusted EBITDA: €1,981 m
Sustainable Generation Infrastructure
Sustainable Generation Infrastructure
Renewable Energies
- Lower margins from pumped storage
+ Higher wind resources and water levels
Thermal Generation and Trading
- Market normalization with lower realized hedged generation margins
- Reduced volatility in commodity markets and lower market prices
Share of adjusted EBITDA: €1,772 m
System Critical Infrastructure
System Critical Infrastructure
+ Higher earnings due to returns from increased investments in grid
+ Lower expenses for grid reserve and redispatch thanks to fewer requests and lower fuel costs
- Higher personnel expenses
Share of adjusted EBITDA: €233 m
Smart Infrastructure for Customers
Smart Infrastructure for Customers
+ Absence of negative prior-year effect relating to deconsolidation of our subsidiary bmp greengas0A green gas supply and sales company within EnBW Group.
- Restructuring of the product portfolio and marketing expenses of our solar home storage subsidiary Senec
- Lower sales volumes
Performance indicators of the EnBW Group
|
in € million
|
01/01-30/09/2024
|
01/01-30/09/2023
|
Change in %
|
01/01-31/12/2023
|
|---|---|---|---|---|
|
in € million
External revenue
|
01/01-30/09/2024
26,771.7
|
01/01-30/09/2023
34,654.9
|
Change in %
-22.7
|
01/01-31/12/2023
44,430.7
|
|
in € million
Adjusted EBITDA
|
01/01-30/09/2024
3,744.9
|
01/01-30/09/2023
4,921.1
|
Change in %
-23.9
|
01/01-31/12/2023
6,365.2
|
|
in € million
Share of adjusted EBITDA accounted for by Sustainable Generation Infrastructure in € million/in %
|
01/01-30/09/2024
1,980.5 / 52.9
|
01/01-30/09/2023
3,464.7 / 70.4
|
Change in %
-42.8 / –
|
01/01-31/12/2023
4,647.6 / 73.0
|
|
in € million
Share of adjusted EBITDA accounted for by System Critical Infrastructure in € million/in %
|
01/01-30/09/2024
1,771.6 / 47.3
|
01/01-30/09/2023
1,428.2 / 29.0
|
Change in %
24.0 / –
|
01/01-31/12/2023
1,772.0 / 27.8
|
|
in € million
Share of adjusted EBITDA accounted for by Smart Infrastructure for Customers in € million/in %
|
01/01-30/09/2024
233.0 / 6.2
|
01/01-30/09/2023
224.6 / 4.6
|
Change in %
3.7 / –
|
01/01-31/12/2023
239.5 / 3.8
|
|
in € million
Share of adjusted EBITDA accounted for by Other/Consolidation in € million/in %
|
01/01-30/09/2024
-240.2 / -6.4
|
01/01-30/09/2023
-196.4 / -4.0
|
Change in %
-22.3 / –
|
01/01-31/12/2023
-293.9 / -4.6
|
|
in € million
EBITDA
|
01/01-30/09/2024
4,294.8
|
01/01-30/09/2023
5,664.6
|
Change in %
-24.2
|
01/01-31/12/2023
5,738.3
|
|
in € million
Adjusted EBIT
|
01/01-30/09/2024
2,498.4
|
01/01-30/09/2023
3,685.0
|
Change in %
-32.2
|
01/01-31/12/2023
4,678.9
|
|
in € million
EBIT
|
01/01-30/09/2024
3,047.9
|
01/01-30/09/2023
4,039.5
|
Change in %
-24.5
|
01/01-31/12/2023
3,341.3
|
|
in € million
Adjusted Group net profit0In relation to the profit/loss attributable to the shareholders of EnBW AG.
|
01/01-30/09/2024
1,267.9
|
01/01-30/09/2023
2,360.3
|
Change in %
-46.3
|
01/01-31/12/2023
2,779.5
|
|
in € million
Group net profit/loss0In relation to the profit/loss attributable to the shareholders of EnBW AG.
|
01/01-30/09/2024
1,578.9
|
01/01-30/09/2023
2,516.9
|
Change in %
-37.3
|
01/01-31/12/2023
1,537.6
|
|
in € million
Earnings per share from Group net profit (€)0In relation to the profit/loss attributable to the shareholders of EnBW AG.
|
01/01-30/09/2024
5.83
|
01/01-30/09/2023
9.29
|
Change in %
-37.3
|
01/01-31/12/2023
5.68
|
|
in € million
Retained cash flow
|
01/01-30/09/2024
1,463.1
|
01/01-30/09/2023
3,174.2
|
Change in %
-53.9
|
01/01-31/12/2023
4,831.5
|
|
in € million
Net cash investment
|
01/01-30/09/2024
3,393.5
|
01/01-30/09/2023
2,327.5
|
Change in %
45.8
|
01/01-31/12/2023
2,739.8
|
|
in € million
|
30/9/2024
|
31/12/2023
|
Change in %
|
|---|---|---|---|
|
in € million
Net debt
|
30/9/2024
13,284.5
|
31/12/2023
11,703.1
|
Change in %
13.5
|
Financial and strategic performance indicators
|
|
30/9/2024
|
30/9/2023
|
Change in %
|
31/12/2023
|
|---|---|---|---|---|
|
Employees0Number of employees excluding apprentices/trainees and inactive employees.0The number of empolyees for the ITOs (ONTRAS Gastransport GmbH, terranets bw GmbH und TransnetBW GmbH) is only updated at the end of the year; for intervals of less than a year, the number of employees from 31/12/2023 is carried forward.
|
30/9/2024
29,462
|
30/9/2023
28,064
|
Change in %
5.0
|
31/12/2023
28,630
|
|
Full-time equivalents0Converted into full-time equivalents.
|
30/9/2024
27,696
|
30/9/2023
26,415
|
Change in %
4.8
|
31/12/2023
26,943
|
Employees