S&P revises EnBW’s outlook to stable

• Solid financial performance in 2022 despite negative one-offs acknowledged
• Strong credit metrics expected

On 30 March 2023, the rating agency S&P announced that it has revised EnBW’s outlook to stable. The credit rating was confirmed at A-. This rating update was after EnBW published solid results for 2022 despite the volatile environment and despite the negative impact from gas procurement at high prices for missing volumes which VNG, one of EnBW’s subsidiaries, had to replace due to the war in Ukraine.

Based on the solid financial performance, our accelerated coal exit and the SBTI-approved CO2-reduction path, S&P believes that EnBW “has a good track record of delivering its strategy on or ahead of time”, which makes them expect that “EnBW's transformation will position it among the strongest integrated European utilities in the long term”.

Thomas Kusterer, CFO: “We are pleased that S&P with its latest rating action acknowledges the benefits of our integrated setup und trusts in the further development of EnBW. We will continue to follow our strategy of implementing the energy transition in Germany and Europe stringently.”

The full information may be viewed at: Bonds | EnBW