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
€3,645
Adjusted Group net profit
€994
Retained cash flow
€2,035
Net debt
€12,196
Performance indicators of the EnBW Group
Financial and strategic performance indicators
|
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
|
Employees
|
|
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
|
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
€2,420
Adjusted Group net profit
€632
Retained cash flow
€1,081
Net debt
€15,290
Interview with Thomas Kusterer (Deputy CEO and CFO) on the half-year figures 6M 2025
Performance indicators of the EnBW Group
Financial and strategic performance indicators
|
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
|
Non-financial 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
|
Employees
|
|
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
|
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
€1,410
Adjusted Group net profit
€442
Retained cash flow
€1,027
Net debt
€13,361
Performance indicators of the EnBW Group
Financial and strategic performance indicators
|
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
|
Employees
|
|
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
|