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Finance and strategy
In the period from 2024 to 2030, we plan to invest a total of up to €50 billion. 60 % to 70 % of this is attributable to the expansion of the electricity grids in the segment System Critical Infrastructure and around 25 % to 30 % of the total will be invested in the construction of wind farms, solar parks and hydrogen-ready power plants in the segment Sustainable Generation Infrastructure. Most of the remaining 5 % to 10 % will go on the expansion of electromobility in the segment Smart Infrastructure for Customers. The vast majority of the investment will be realized in Germany. When making our investments, we will strive to maintain a taxonomy-aligned expanded capex of more than 85 %.
At the Annual General Meeting on 7 May 2026, a dividend of EUR 1.70 per share entitled to dividends was resolved from the net profit of EnBW AG. The dividend was paid on 12 May 2026.
Retail investors can purchase EnBW's senior bonds.As EnBW does not issue a Key Information Document, private investors are not able to acquire subordinated bonds.
EnBW is rated by Moody's and Standard & Poor's: 'Baa1/stable' by Moody’s and 'A-/stable' by Standard & Poor’s. EnBW continues to have one of the strongest credit ratings among integrated energy supply companies in Europe.
EnBW aims to maintain solid investment grade ratings.
EnBW's key performance indicator for this purpose is debt repayment potential. This is the ratio of retained cash flow to net debt. EnBW uses this key performance indicator to measure its ability to meet its payment obligations from current earnings.
By ensuring compliance with the quantitative requirements of the rating agencies for EnBW's financial profile, EnBW aims to achieve controlled earnings growth in line with its targets while at the same time safeguarding solid investment grade ratings. For this reason, EnBW regularly checks that the target value for the debt repayment potential is in line with the current requirements of Moody's and S&P. The current target value for the debt repayment potential is ≥ 15.
We have been successfully issuing green bonds on the capital market since 2018. In accordance with our Green Financing Framework, the proceeds will be exclusively used in the areas of renewable energies and clean transport. Activities under the banner of renewable energies include the product categories offshore wind, onshore wind, photovoltaics, electricity distribution grids, smart meter and, as of the middle of 2024, electricity transmission grids and hydropower. Clean transport covers investment in the charging infrastructure for electromobility. We provide detailed information on the allocationof the funds regularly in our Green Bond Impact Report.
These include the Debt Issuance Programme (abbreviated DIP, through which bonds are issued), subordinated bonds, private placements, promissory notes, commercial paper programs, credit lines and bank loans.
Further informations about our emission programmes can be found here.
More details on the financing instruments can be found here.
ESG
EnBW aims to reduce CO₂ emissions to net zero by 2040 for scopes 1 and 2, and by no later than 2050 for scope 3. On the way there, from 2035 onwards, remaining own emissions will be offset via climate protection projects according to the highest standards such as the Gold Standard. In 2025, the carbon intensity of our own electricity generation increased in comparison to the previous year by 29.8% to 353 g/kWh and was thus slightly above our forecasted range of between 290 g/kWh and 350 g/kWh. In comparison to 2024, generation from renewable energy sources decreased due to lower wind yields across Germany and lower generation from run-of-river power plants. In addition, the partial commissioning of our new EnBW He Dreiht wind farm was delayed. Due to market prices and issues of availability, our coal power plants were deployed to a significantly higher extent to ensure the security of supply.
EnBW is planning to gradually phase-out of coal by 2028, provided that the framework conditions set by the German government allow this. Compliance with our climate protection targets confirmed by SBTi and Moody's is a top priority here.
Currently, EnBW has 7.4 GW of renewable generation capacity, representing approx. 66 % of the total generation capacity (as of 31 December 2025). Our goal is generation capacity of 6.5 – 7.5 GW by 2025 and 10 – 11.5 GW by 2030.
In 2025, the share of coal in total external revenue was 4.9 %. Coal accounted for 20% of the total installed capacity (31 December 2025). The generation capacity of our remaining coal-fired power plants is 2.3 GW (31 December 2025).
In March 2023, we published our climate protection targets confirmed by the Science Based Targets initiative (SBTi). We supplemented these in November 2025 with net-zero targets for the period up to 2050, which Moody's rated as consistent with a 1.5 °C decarbonization pathway with a NZ-2 (“Advanced”) score in its Net Zero Assessment.
The proportion of taxonomy-aligned expanded capex in 2025 was 89.6% and thus higher than our target value of at least 85%. The increase compared with the previous year was mainly due to the significant rise in investment in the electricity transmission grid as well as higher investment in the gas transmission grid and in our wind projects.
The Sustainable Development Goals (SDGs) define the global framework for sustainable development. As a sustainable and innovative infrastructure partner, we aim to contribute to the achievement of these goals through our activities
while also creating value for our stakeholders. Specifically, we make a contribution to four key SDGs:
- SDG 7: Affordable and clean energy
- SDG 9: Industry, innovation and infrastructure
- SDG 11: Sustainable cities and communities
- SDG 13: Climate action
These four central SDGs each have at least one key performance indicator assigned to them, based on which we measure progress towards our corporate targets.