Reporting 12M 2025
2025 was a successful business year for us. With an adjusted EBITDA of 5.1 billion euros, we achieved the business target we had set for ourselves. Record expansion in wind and solar, investments in security of supply and the biggest electricity price cut of recent years reflect the balance between supply security, environmental sustainability and affordable energy.
We met our earnings expectations in all business segments. To finance our ambitious investments, we are relying not only on revenues but also on investment models and capital market financing. In 2025, we were able to successfully secure financing of five billion euros, including a capital increase.
Events
Recording press conference
25 March 2026, 10:30 a.m. (CET)
Language press conference: German
Speech annual press conference and presentation fiscal year 2025 (German)
Recording investor and analyst conference call
25 March 2026, 02:00 p.m. (CET)
Figures 12M 2025
Adjusted EBITDA
€5072 m
Adjusted Group net profit
€1423 m
attributable to the shareholders of EnBW AG
Retained cash flow
€3315 m
Net debt
€13152 m
as of 31.12.2025
Performance indicators of the EnBW Group
|
in € million
|
2025
|
2024
|
Change in %
|
|---|---|---|---|
|
in € million
External revenue
|
2025
34,390.0
|
2024
34,524.4
|
Change in %
-0.4
|
|
in € million
Adjusted EBITDA
|
2025
5,072.3
|
2024
4,903.3
|
Change in %
3.4
|
|
in € million
Share of adjusted EBITDA accounted for by Sustainable Generation Infrastructure in € million/in %
|
2025
2,292.6 / 45.2
|
2024
2,633.1 / 53.7
|
Change in %
-12.9 / -
|
|
in € million
Share of adjusted EBITDA accounted for by System Critical Infrastructure in € million/in %
|
2025
2,700.5 / 53.2
|
2024
2,243.1 / 45.8
|
Change in %
20.4./ -
|
|
in € million
Share of adjusted EBITDA accounted for by Smart Infrastructure for Customers in € million/in %
|
2025
353.1 / 7.0
|
2024
323.9 / 6.6
|
Change in %
9.0 / -
|
|
in € million
Share of adjusted EBITDA accounted for by low-risk earnings in %
|
2025
75.7
|
2024
70.7
|
Change in %
-
|
|
in € million
EBITDA
|
2025
4,729.8
|
2024
5,149.3
|
Change in %
-8.1
|
|
in € million
Adjusted EBIT
|
2025
3,301.2
|
2024
3,177.8
|
Change in %
3.9
|
|
in € million
EBIT
|
2025
2,253.7
|
2024
2,838.1
|
Change in %
-20.6
|
|
in € million
Adjusted Group net profit0In relation to the profit/loss attributable to the shareholders of EnBW AG.
|
2025
1,422.7
|
2024
1,504.0
|
Change in %
-5.4
|
|
in € million
Group net profit0In relation to the profit/loss attributable to the shareholders of EnBW AG.
|
2025
-206.8
|
2024
1,243.7
|
Change in %
-
|
|
in € million
Earnings per share from Group net profit in €0In relation to the profit/loss attributable to the shareholders of EnBW AG.
|
2025
-0.70
|
2024
4.59
|
Change in %
-
|
|
in € million
Dividend per share (€)0For 2025, subject to approval from the ordinary Annual General Meeting on 07/05/2025.
|
2025
1.70
|
2024
1.60
|
Change in %
6.3
|
|
in € million
Retained cash flow0The figures for the previous year have been restated.
|
2025
3,315.0
|
2024
2,340.3
|
Change in %
41.7
|
|
in € million
Debt repayment potential in %0The figures for the previous year have been restated. 0For the calculation of the net debt and debt repayment potential, please refer to the section “The EnBW Group” of the management report.
|
2025
25.2
|
2024
16.4
|
Change in %
-
|
|
in € million
Net cash investment
|
2025
6,075.8
|
2024
5,196.7
|
Change in %
16.9
|
|
in € million
Proportion of taxonomy-aligned expanded capex in %
|
2025
89.6
|
2024
88.8
|
Change in %
-
|
|
in € million
Net debt0For the calculation of the net debt and debt repayment potential, please refer to the section “The EnBW Group” of the management report.
|
2025
13,151.5
|
2024
14,244.1
|
Change in %
-7.7
|
Financial and strategic performance indicators
|
Customers and society goal dimension
|
2025
|
2024
|
Change in %
|
|---|---|---|---|
|
Customers and society goal dimension
Reputation Index0New calculation methodology from 2025.
|
2025
55
|
2024
55
|
Change in %
0.0
|
|
Customers and society goal dimension
Reputation Index (old)
|
2025
57
|
2024
56
|
Change in %
1.8
|
|
Customers and society goal dimension
EnBW Customer Satisfaction Index
|
2025
123
|
2024
123
|
Change in %
0.0
|
|
Customers and society goal dimension
Yello Customer Satisfaction Index
|
2025
170
|
2024
168
|
Change in %
1.2
|
|
Customers and society goal dimension
SAIDI (electricity) in min/year
|
2025
28.6
|
2024
13.6
|
Change in %
110.3
|
|
Customers and society goal dimension
Environment goal dimension
| |||
|
Customers and society goal dimension
Installed output of renewable energies (RE) in GW
|
2025
7.4
|
2024
6.6
|
Change in %
12.1
|
|
Customers and society goal dimension
Share of the generation capacity accounted for by RE in %
|
2025
65.6
|
2024
58.7
|
Change in %
-
|
|
Customers and society goal dimension
CO₂ intensity in g/kWh0The calculation for this performance indicator does not include the share of positive redispatch that cannot be controlled by EnBW and nuclear generation. In the reporting year, this performance indicator includes generation volumes of 25.665 GWh (previous year: 23,307 GWh). The amount of CO₂-emissions from controllable electricity generation included in the performance indicator is 8.992 thousand t (previous year: 6,338 thousand t).We publish a five-year comparison of the performance indicators in our “Multi-year overview”
|
2025
353
|
2024
272
|
Change in %
29.8
|
|
Customers and society goal dimension
Employees goal dimension
| |||
|
Customers and society goal dimension
People Engagement Index (PEI)0Variations in the group of consolidated companies (all companies with more than 100 employees are considered [except ITOs]).
|
2025
83
|
2024
83
|
Change in %
0.0
|
|
Customers and society goal dimension
LTIF Energy0Newly fully consolidated companies are not included for a maximum transition period of three years. 0According to the new definition introduced in the 2025 financial year, LTIF energy (excluding waste management) and LTIF overall, which includes waste management, each cover the entire group of consolidated companies for the financial reports, including companies with less than 100 employees and excluding contractors.
|
2025
1.8
|
2024
2.6
|
Change in %
-30.8
|
|
Customers and society goal dimension
LTIF overall0According to the new definition introduced in the 2025 financial year, LTIF energy (excluding waste management) and LTIF overall, which includes waste management, each cover the entire group of consolidated companies for the financial reports, including companies with less than 100 employees and excluding contractors.
|
2025
2.9
|
2024
4.0
|
Change in %
-27.5
|
|
Customers and society goal dimension
LTIF for companies controlled by the Group0Newly fully consolidated companies are not included for a maximum transition period of three years. 0The LTIF for companies controlled by the Group excluding waste management and LTIF overall, which includes the area of waste management, only include companies with more than 100 employees excluding external agency workers and contractors.
|
2025
1.7
|
2024
2.3
|
Change in %
-26.1
|
|
Customers and society goal dimension
LTIF overall (old)0The LTIF for companies controlled by the Group excluding waste management and LTIF overall, which includes the area of waste management, only include companies with more than 100 employees excluding external agency workers and contractors.
|
2025
2.9
|
2024
4.0
|
Change in %
-27.5
|
|
Customers and society goal dimension
Employees0Number of employees excluding apprentices/trainees and inactive employees.0Converted into full-time equivalents: 29.728 (previous year: 28.597)
|
2025
31,541
|
2024
30,391
|
Change in %
3.8
|
|
Customers and society goal dimension
Proportion of women in management functions in %
|
2025
23.4
|
2024
22.5
|
Change in %
-
|
Non-financial performance indicators
Guidance 2026
Reflecting continued operational strength
in € bn
¹ Incl. Other/consolidation with -€0.3 bn
Reporting 9M 2025
Even in the third quarter, we continued to invest heavily in the transformation of the energy system. From January to September alone, our investments amounted to 4.7 billion euros – a historic high. Over the course of this decade, we plan to invest up to 50 billion euros.
Figures 9M 2025
Adjusted EBITDA
€3645 m
Adjusted Group net profit
€994 m
attributable to the shareholders of EnBW AG
Retained cash flow
€2035 m
Net debt
€12196 m
as of 30.9.2025
Performance indicators of the EnBW Group
|
in € million
|
01/01-30/09/2025
|
01/01-30/09/2024
|
Change in %
|
01/01-31/12/2024
|
|---|---|---|---|---|
|
in € million
External revenue0The figures for the previous year have been restated.
|
01/01-30/09/2025
25,830.1
|
01/01-30/09/2024
25,866.0
|
Change in %
-0.1
|
01/01-31/12/2024
34,524.4
|
|
in € million
Adjusted EBITDA
|
01/01-30/09/2025
3,645.1
|
01/01-30/09/2024
3,744.9
|
Change in %
-2.7
|
01/01-31/12/2024
4,903.3
|
|
in € million
Share of adjusted EBITDA accounted for by Sustainable Generation Infrastructure in € million/in %
|
01/01-30/09/2025
1,588.2 / 43.6
|
01/01-30/09/2024
1,980.5 / 52.9
|
Change in %
-19.8 / -
|
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 %
|
01/01-30/09/2025
1,980.5 / 54.3
|
01/01-30/09/2024
1,771.6 / 47.3
|
Change in %
11.8 / -
|
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 %
|
01/01-30/09/2025
288.1 / 7.9
|
01/01-30/09/2024
233.0 / 6.2
|
Change in %
23.6 / -
|
01/01-31/12/2024
323.9 / 6.6
|
|
in € million
Share of adjusted EBITDA accounted for by Other/Consolidation in € million/in %
|
01/01-30/09/2025
-211.7 / -5.8
|
01/01-30/09/2024
-240.2 / -6.4
|
Change in %
11.9 / -
|
01/01-31/12/2024
-296.8 / -6.1
|
|
in € million
EBITDA
|
01/01-30/09/2025
3,360.4
|
01/01-30/09/2024
4,294.8
|
Change in %
-21.8
|
01/01-31/12/2024
5,149.3
|
|
in € million
Adjusted EBIT
|
01/01-30/09/2025
2,341.4
|
01/01-30/09/2024
2,498.4
|
Change in %
-6.3
|
01/01-31/12/2024
3,177.8
|
|
in € million
EBIT
|
01/01-30/09/2025
1,810.0
|
01/01-30/09/2024
3,047.9
|
Change in %
-40.6
|
01/01-31/12/2024
2,838.1
|
|
in € million
Adjusted Group net profit0In relation to the profit/ loss attributable to the shareholders of EnBW AG.
|
01/01-30/09/2025
994.0
|
01/01-30/09/2024
1,267.9
|
Change in %
-21.6
|
01/01-31/12/2024
1,504.0
|
|
in € million
Group net profit/loss0In relation to the profit/ loss attributable to the shareholders of EnBW AG.
|
01/01-30/09/2025
589.2
|
01/01-30/09/2024
1,578.9
|
Change in %
-62.7
|
01/01-31/12/2024
1,243.7
|
|
in € million
Earnings per share from Group net profit in €0In relation to the profit/ loss attributable to the shareholders of EnBW AG.
|
01/01-30/09/2025
2.06
|
01/01-30/09/2024
5.83
|
Change in %
-64.7
|
01/01-31/12/2024
4.59
|
|
in € million
Retained cash flow0The figures for the previous year have been restated.
|
01/01-30/09/2025
2,034.8
|
01/01-30/09/2024
1,513.9
|
Change in %
34.4
|
01/01-31/12/2024
2,340.3
|
|
in € million
Net cash investment
|
01/01-30/09/2025
3,992.5
|
01/01-30/09/2024
3,393.5
|
Change in %
17.7
|
01/01-31/12/2024
5,196.7
|
|
in € million
|
30/09/2025
|
31/12/2024
|
Change in %
|
|---|---|---|---|
|
in € million
Net debt
|
30/09/2025
12,196.3
|
31/12/2024
14,244.1
|
Change in %
-14.4
|
Financial and strategic performance indicators
|
|
30/09/2025
|
30/09/2024
|
Change in %
|
31/12/2024
|
|---|---|---|---|---|
|
Employees0Number of employees excluding apprentices/ trainees and inactive employees.0The number of employees for the ITOs (ONTRAS Gastransport GmbH, terranets bw GmbH and TransnetBW GmbH) is only updated at the end of the year; for intervals of less than a year, the number of employees from 31/12/2024 is carried forward.
|
30/09/2025
30,952
|
30/09/2024
29,462
|
Change in %
5.1
|
31/12/2024
30,391
|
|
Employee equivalents0Converted into full-time equivalents.
|
30/09/2025
29,139
|
30/09/2024
27,696
|
Change in %
5.2
|
31/12/2024
28,597
|
Employees
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
€2420 m
Adjusted Group net profit
€632 m
attributable to the shareholders of EnBW AG
Retained cash flow
€1081 m
Net debt
€15290 m
as of 30.6.2025
Interview with Thomas Kusterer (Deputy CEO and CFO) on the half-year figures 6M 2025
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
€1410 m
Adjusted Group net profit
€442 m
attributable to the shareholders of EnBW AG
Retained cash flow
€1027 m
Net debt
€13361 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