Historical perspective on the EnBW Share
The EnBW share represents the success story of a pioneering merger: In 1997, Badenwerk AG and Energie-Versorgung Schwaben GmbH (EVS) combined their strengths to form EnBW AG, laying the foundation for a future-oriented energy supply in Baden-Württemberg. EnBW is characterized by a highly stable shareholder structure. Since the capital increase in July 2025, during which the state of Baden-Württemberg and Zweckverband Oberschwäbische Elektrizitätswerke exercised their subscription rights in full, the two main shareholders of EnBW have each held 47% (previously, both had held around 45% since 2010). To this day, the EnBW share embodies a unique combination of regional responsibility, entrepreneurial strength, and stable ownership.
Key figures of the EnBW share
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ISIN no.:
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DE0005220008
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Share identification no.:
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522 000
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Symbol:
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EBK
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Industry:
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Utility
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Markets:
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Listed on the stock exchanges in Frankfurt a. M. and Stuttgart in the regulated market
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Index:
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DAXsector All Utilities
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Number of shares:
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330,160,843 shares without a par value (voting shares)
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As part of its dividend policy, EnBW plans in the long term to pay out between 40% and 60% of adjusted Group net profit.
¹ Dividend proposal for 2025, subject to the approval of the annual general meeting on 7 May 2026.
Who owns EnBW
¹Indirectly held by NECKARPRI-Beteiligungsgesellschaft mbH, which is a wholly-owned subsidiary of NECKARPRI GmbH, which in turn is wholly owned by the state of Baden-Württemberg
²Wholly-owned subsidiary of Zweckverband Oberschwäbische Elektrizitätswerke which is an association of 9 districts with headquarters in Ravensburg
Capital stock: € 845,211,758, divided into 330,160,843 no par value bearer shares with an imputed value of € 2.56 each
Divergence from 100 percent possible due to rounding effects
(as of 31 December 2025)
Investment highlights
- EnBW is the only German utility active in the entire energy value chain
- EnBW is driving the energy transition in its entirety
- Highly robust business model based on balanced portfolio
- Low-risk business profile from regulated grids and renewable energies
- Stable cash flows
- Attractive risk-return profile
- Natural hedge between EnBW’s competitive business areas sales and generation
- Supply contracts closed on a back-to-back basis
- Generation margins locked in for up to 3 years in advance for cash flow predictability
- Long-term PPAs for high cash flow visibility
- Net-zero targets (NZ-2 in Moody's Net Zero Assessment) with SBTi-approved interim targets
- Coal exit brought forward to 2028
- Net-zero emissions by 2040 for scopes 1 and 2, and by no later than 2050 for scope 3
- Financial policy geared towards credit investors' needs and protecting solid credit ratings
- Dedicated asset liability management for long-term provisions
- Diversified funding and prudent liquidity management using state-of-the-art systems and tools
- The State of Baden-Württemberg and OEW (an association of counties) hold 94% of share capital
- Most of the remaining shares are held by other municipal shareholders’ associations in Baden-Wuerttemberg
- Shareholder structure reflects EnBW’s roots in Baden-Wuerttemberg, one of the economically strongest regions in Europe
EnBW successfully completed a rights issue capital increase in July 2025. Thanks to the strong support of its shareholders, total proceeds of €3.1 billion were raised. The capital increase was initiated to support the largest investment program in EnBW’s history. Between 2024 and 2030, we plan to invest up to €50 billion in the climate-neutral transformation of the energy system.
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New shares
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53,556,136
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Subscription ratio
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5:1
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Subscription price
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€58.00
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Gross proceeds
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€3.1 billion
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Share capital after the capital increase
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€845,211,758
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Total number of shares after the capital increase
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330,160,843
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Please note that the following documents refer to the rights issue capital increase completed in July 2025.