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.
Thomas Kusterer, Deputy CEO and CFO

Downloads

Quarterly Statement 3M 2025

(pdf 194 kB)

Investor and analyst presentation 3M 2025

(pdf 1.3 MB)

Tables 3M 2025

(xls 366 kB)

Press release 3M 2025

(pdf 318 kB)

Investors and analyst conference call

13 May 2025, 2:00 p.m. (CEST)

Recording

Figures 3M 2025

Adjusted EBITDA

€1410 m

Adjusted Group net profit

€442 m

Retained cash flow

€1027 m

Net debt

€13361 m

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

Download performance indicators of the EnBW Group