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
attributable to the shareholders of EnBW AG
as of 31.12.2024
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
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
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
|
|
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
|
|
|
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
|
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
attributable to the shareholders of EnBW AG
as of 30.09.2024
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
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
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
|
|
|
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
|
Reporting 6M 2024
Our half-year earnings are fully in line with our expectations. After the previous year’s exceptional performance due to the unusual market price levels, earnings have returned to normal. We continue to expect earnings in the current financial year to be in a range between €4.6 bn and €5.2 bn.
Figures 6M 2024
attributable to the shareholders of EnBW AG
as of 30.06.2024
Sustainable Generation Infrastructure
Renewable Energies
- Lower margins from pumped storage
+ New capacity additions in onshore wind and solar
+ Higher run-of-river power generation and better wind yields
Thermal Generation and Trading
- Lower realized hedged generation margins
- Lower trading results due to reduced volatility in commodity markets
System Critical Infrastructure
+ Higher earnings as a result of increased investments in grid expansion
+ Lower expenses for maintaining grid reserve and redispatch
- Higher personnel expenses
Smart Infrastructure for Customers
+ Absence of negative prior-year effect relating to deconsolidation of our subsidiary bmp greengas
- Lower sales volumes due to mild temperatures
- Restructuring of the product portfolio of our solar home storage subsidiary
Reporting 3M 2024
In the current financial year we continue to expect earnings lightly lower, in a range between €4.6 billion and €5.2 billion. The reason for this is lower revenue from the marketing of electricity generated by our power plants, due to the normalization of the market price level. However, our integrated portfolio approach means that we have a highly robust business model.
Figures 3M 2024
Attributable to the shareholders of EnBW AG
as of 31.03.2024
Sustainable Generation Infrastructure
Renewable Energies
↑ Increase in earnings from run-of-river and offshore
↓ Increased capacity due to reallocation of pumped storage assets offset by lower realized electricity
Thermal Generation and Trading
↓ Significantly lower realized hedged generation margins
↓ Lower volatility and less favorable commodity environment in the gas market
↓ Absence of income from nuclear generation
System Critical Infrastructure
↑ Positive margin effects
↑ Good grid reserve and redispatch performance
↓ Higher personnel expenses
Smart Infrastructure for Customers
↑ Lower seasonality in the purchase prices
↑ Good underlying performance, in particular from B2B at EnBW's subsidiaries