EnBW shows stable business performance in first nine months of 2025

• Adjusted EBITDA of €3.6 billion in line with expectations
• Group-level earnings guidance confirmed for fiscal year 2025
• Investment of €4.7 billion in transformation of the energy system
• Clear focus on decarbonization path and expanded by net zero target

Karlsruhe/Stuttgart. EnBW Energie Baden-Württemberg AG generated operating Group earnings (adjusted EBITDA) of €3.6 billion in the first nine months of this year. This is on a par with the previous year (around €3.7 billion). The stable earnings performance is once again due to the company’s integrated portfolio, from power generation to grid operation to the customer business. For the 2025 as a whole, EnBW confirms the forecast published in the Annual Report 2024: Adjusted EBITDA for the EnBW Group is expected to be between €4.8 billion and €5.3 billion in the full year.

Thomas Kusterer, Deputy CEO and CFO of EnBW: “In the third quarter, we continued to invest heavily in the transformation of the energy system. From January to September, we invested some €4.7 billion. That is an all-time record. This decade, we are planning to invest up to €50 billion.” With a view to the high costs of the transition Kusterer emphasized: “The continued transformation of the future energy system crucially depends on everyone pulling together to finance this huge level of investment. We at EnBW are promoting a buildout that meets actual demand. Our aim is to deploy every euro with maximum efficiency and, in this way, to make sure energy stays affordable in the long term. The monitoring report from the German Federal Ministry for Economic Affairs and Energy highlights what we agree are the right focal areas. Now it’s time to act on them.”

Adjusted Group net profit attributable to the shareholders of EnBW AG amounted to €994 million in the first nine months of this year (previous year: €1.27 billion). The main reason was a weaker financial result, primarily due to the lower market valuation of securities compared to the previous year.

Gross investment, at around €4.7 billion, was some 21% higher in the first nine months of 2025 than in the same period of the previous year. One investment focus was on the development of electricity and gas grids, including the SuedLink power transmission link expected to go into operation in late 2028. With a length of around 700 km and four gigawatts capacity, this is one of the largest energy infrastructure projects in Germany. Other spending targeted the expansion of offshore wind power, including what is now EnBW’s fifth offshore wind farm, He Dreiht, which will start generating electricity and feeding it into the grid in the near future. This flagship project, scheduled to go into commercial operation in summer 2026, will significantly increase renewable generation capacity next year. Further investment went on the construction of flexibly dispatchable hydrogen-ready gas power plants.

Renewable energy assets with a capacity of around 1.7 gigawatts are currently under construction. The first nine months also saw EnBW win tenders for future onshore wind projects and solar parks totaling 330 megawatts. By 2030, renewables are to account for between 75% and 80% of EnBW’s installed generation capacity, compared to already around 60% today.

EnBW reaffirms its commitment to national and international climate targets and expands its decarbonization path with a net zero target for all corporate emissions. Direct and indirect (Scope 1 and 2) emissions are to be reduced to net zero by 2040, and upstream and downstream value chain (Scope 3) emissions by 2050 at the latest. The company has thus mapped out a clearly defined long-term reduction pathway, securing a very good NZ-2 (“advanced”) net zero assessment rating from the rating agency Moody’s. Moody’s also confirmed that the submitted pathway is consistent with the 1.5°C target. The implementation of EnBW’s climate targets assumes that the corresponding policy and regulatory conditions will be in place.

The segment Sustainable Generation Infrastructure recorded adjusted EBITDA of €1.6 billion in the first nine months of 2025. This is down by around 20% on the same period of the previous year.

In Renewable Energies, adjusted EBITDA was around 10% down year on year, at €793 million. This was mainly due to unfavorable weather conditions. Offshore wind conditions in particular were very weak across Germany, especially in the first half of 2025, even compared to the long-term average. Run-of-river power plants also generated less electricity than in the previous year due to low river levels. The lower generation volumes were only partly offset by higher revenue from solar farms.

In Thermal Generation and Trading, adjusted EBITDA fell by 28% to €796 million due to a year-on-year decrease in revenue from trading activities.

Looking to 2025 as a whole, adjusted EBITDA in the segment Sustainable Generation Infrastructure is expected to remain below the previous year’s figure. This relates both to Renewable Energies and to Thermal Generation and Trading. The forecast range for the entire segment has thus been adjusted from between €2.4 billion and €2.7 billion to between €2.1 billion and €2.4 billion.

Adjusted EBITDA in the segment System Critical Infrastructure – transmission and distribution grids for electricity and gas – came to around €2 billion in the first nine months of 2025, an increase of around 12% year on year. Most of all, returns from the substantial increase in grid investment had a positive impact here. This led to higher grid usage revenues. Conversely, there was a growth-driven increase in personnel expenses. The full-year guidance range for expected earnings in the segment System Critical Infrastructure has therefore been raised to between €2.6 billion and €2.9 billion (previously between €2.3 billion and €2.6 billion).

Adjusted EBITDA in the segment Smart Infrastructure for Customers came to €288 million in the first nine months of 2025, 24% higher than in the same period of the previous year. This improvement in earnings is due, among other things, to positive developments with regard to electric mobility and good overall earnings in the B2C business.

The expected earnings trends in the segments Sustainable Generation Infrastructure and System Critical Infrastructure are likely to balance each other out. Accordingly, the guidance for adjusted EBITDA of the EnBW Group in the full year 2025 remains unchanged at between €4.8 billion and €5.3 billion.