EnBW repays hybrid bond initially issued in 2020

Karlsruhe. EnBW Energie Baden-Württemberg AG will call its hybrid bond issued in June 2020 (ISIN XS2196328608 / Common Code 219632860 / WKN A289QA) for early redemption on 29 June 2026. The hybrid bond with a volume of €500 million will be redeemed at its principal amount plus accrued interest in accordance with the terms and conditions of the Notes on 29 June 2026.

Hybrid bonds, i.e. subordinated debt, continue to be an important financing instrument for EnBW. They support the Company’s credit ratings and capital structure as they are partly treated as equity by rating agencies. EnBW sees hybrid capital as a permanent layer of its capital structure.

Most recently, EnBW issued two hybrid bonds with a volume of €500 million each in February 2026. Following the redemption, the outstanding hybrid bond volume will amount to €3.5 billion, a level EnBW intends to maintain going forward.

Further information on EnBW bonds and credit ratings is available on the EnBW website Bonds | EnBW.

About EnBW Energie Baden-Württemberg AG    

With a workforce of some 31,500 employees, EnBW is one of the largest energy supply companies in Germany and Europe. Providing energy to some 5.5 million customers, EnBW serves all stages of the value chain, from generation and trading to grid operation and the sale of electricity, heat energy and gas. In the company’s transformation from a traditional energy provider to a sustainable infrastructure group, the expansion of renewable energy sources and of the distribution and transportation grids for electricity and gas, including hydrogen, are cornerstones of EnBW’s growth strategy and the focus of its investment spending. EnBW plans to invest up to €50 billion by 2030, around 85% of which will be in Germany. By then, renewables are planned to account for around 80% of the EnBW generation portfolio, with coal to be phased out by the end of 2028 provided conditions allow. These are key milestones on the way to the net zero target for the company’s own greenhouse gas emissions by 2040.