EnBW reports stable earnings in first half of 2025

• Adjusted EBITDA of €2.4 billion almost at previous year’s level
• Guidance confirmed for fiscal year 2025
• Investment exceeds €3 billion in first six months
• CFO Kusterer: “Need a clear and reliable policy framework”

Karlsruhe/Stuttgart. Despite unfavorable weather conditions for renewable energy throughout Germany, EnBW’s diversified business model has once again demonstrated its resilience: EnBW Energie Baden-Württemberg AG generated operating earnings (adjusted EBITDA) of €2.4 billion in the first six months of this year, almost equaling the previous year’s level (€2.6 billion, a decrease of 7%). For the full year 2025, EnBW confirms the guidance published in the Annual Report 2024: As before, adjusted EBITDA for the EnBW Group is expected to be between €4.8 billion and €5.3 billion.

Thomas Kusterer, Deputy CEO and CFO of EnBW: “We are in a phase of unprecedently high investment, with over €3 billion invested in the first six months of 2025 alone. We are planning to invest up to €50 billion by 2030. This results in an above-average need for capital. We have provided for this with our €3.1 billion capital increase, which gives us greater financial headroom in all business areas and enables us to successfully secure and expand our market position in key growth segments.”

With a view to energy policy, Kusterer called for the right decisions to be made now. “For the continued sustainable transformation of the energy system, we need a clear and reliable policy framework.” There is not only a need for more cost-consciousness, he added, but also attractive conditions for investment. “This means we urgently need the Power Plant Security Act and also for this to be consistent with the capacity mechanism planned from 2028. How this is ultimately implemented in practice will decide whether the necessary flexibly dispatchable gas power plants will be built to complement renewable energy sources,” the CFO said.

He added that the same applies for investment in the expansion and operation of transmission and distribution grids. Without a stable policy framework and an internationally competitive return on capital, he said, the necessary investment in energy infrastructure would not be possible.

Adjusted Group net profit attributable to the shareholders of EnBW AG for the first half-year of 2025 decreased to €632 million (previous year: €927 million). Besides the development of adjusted EBITDA, this was due to a lower financial result, mainly because of the lower market valuation of securities compared to the previous year.

The EnBW Group’s gross investment, at around €3.1 billion, was some 25% higher in the first six months of 2025 than in the same period of the previous year. This was spent on the expansion of the electricity transmission and distribution grids, the expansion of offshore wind power – including what is now EnBW’s fifth offshore wind farm, He Dreiht – and the construction of low-carbon, hydrogen-ready and flexibly dispatchable gas-fired power plants.

Renewable energy assets with a capacity of around 1.7 gigawatts are currently under construction. By 2030, renewables are to account for between 75% and 80% of EnBW’s installed generation capacity, compared to around 60% today.

The segment Sustainable Generation Infrastructure recorded adjusted EBITDA of €1.1 billion in the first half of 2025, down by around 26% on the previous year.

At around €525 million, adjusted EBITDA in Renewable Energies was around 12% down year on year. This was mainly due to unfavorable weather conditions. Offshore wind conditions in particular were very weak across Germany in the first six months of 2025, compared to both the long-term average and the same period last year. 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 pumped storage power plants and solar farms.

In Thermal Generation and Trading, adjusted EBITDA in the first six months of the year amounted to €556 million, corresponding to a decrease of 35%. This is mainly due to lower income from trading.

The segment System Critical Infrastructure – comprising the electricity and gas transmission and distribution grids – increased adjusted EBITDA to €1.29 billion in the first half of 2025. This represents a 12% increase on the previous 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.

Adjusted EBITDA in the segment Smart Infrastructure for Customers came to €233 million in the first half of 2025, 35% higher than in the first six months of the previous year. The improvement is due to good overall earnings in the B2C business and increased earnings contributions from electric mobility. The earnings for the first six months of 2025 thus conform with expectations in all segments. Consequently, the full-year guidance for each of the segments and for the EnBW Group remains unchanged.