EnBW operating result and net profit higher than expected

EnBW expects adjusted EBITDA of around €3.3 billion for the 2022 financial year. In the downgraded guidance of November 2022, EnBW was still expecting adjusted EBITDA of up to €2.9 billion. All segments contributed to the positive deviation from guidance. Adjusted EBITDA in the segment Sustainable Generation Infrastructure is now expected to be well above guidance. The main reasons for the variance are a lower than expected negative impact from marking energy derivatives to market and higher earnings from energy trading. In the segment System Critical Infrastructure, as expected, the original guidance of March 2022 could not be achieved due to the high cost of reserve power plants to ensure system stability. However, the impact in the fourth quarter of 2022 was lower than had been assumed in the updated guidance of November 2022, notably due to the warm weather at the end of the year. In the segment Smart Infrastructure for Customers, higher earnings in particular from business customers and in sales at international subsidiaries led to a positive deviation from the guidance.

Based on the improved operating result and a clearly positive non-operating result, EnBW expects net profit attributable to the shareholders of EnBW AG to be around €1.7 billion (previous year: €363.2 million). All figures are preliminary and unaudited. The audited annual and consolidated financial statements of EnBW will be published as planned on 27 March 2023.