With our sustainable financial instruments, we support sustainability-related financing activities as part of our corporate strategy.
We actively contribute to the public debate on sustainable finance and engage in dialogue with leading sustainability rating agencies. By issuing our sustainable finance instruments, we want to underpin our corporate strategy and combine economic success with environmental and social goals as an infrastructure company.
The EU Green Deal aims to reduce net greenhouse gas emissions to zero. A key element of the EU Green Deal is the EU taxonomy, a classification system used to define “environmentally sustainable” business activities. As part of our corporate strategy, we voluntarily disclosed information on our taxonomy-aligned business activities even before the official reporting obligation and published our experiences in two case studies.
We have been reporting our taxonomy-aligned business activities in full since the 2021 financial year. With a taxonomy-aligned share of capital expenditure (extended capex) of around 90%, we show that our corporate strategy is clearly focused on sustainable energy and grid infrastructures. Within the scope of our capabilities, we thereby contribute to the decarbonisation of the energy system and the transformation of the wider economy.We report on the mandatory key performance indicators (KPI) revenue and capex pursuant to article 8 of the Taxonomy Regulation. In addition, we voluntarily report on other performance indicators that are relevant to ongoing management: adjusted EBITDA and capex including the proportion for entities accounted for using the equity method (expanded capex). The taxonomy alignment of our economic activities was derived by a central project team working closely together with experts from the specialist departments.
Economic activities examined for the EU Taxonomy Regulation
Taxonomy conformity was demonstrated for the business activities shown in the chart.
Based on the six environmental objectives of the EU , we carried out an examination of our business activities. Based on our business model, we see our business activities as making a substantial contribution to the environmental target “Climate change mitigation”.
The EU Taxonomy defines business activities as being “environmentally sustainable” if they:
- contribute substantially to one of the six environmental objectives, verified by compliance with the technical screening criteria,
- do not significantly harm the five remaining EU environmental objectives and
- comply with minimum safeguards with regard to labour and human rights.
The following proportions were determined:
|
|
2025
|
2024
|
|---|---|---|
|
Adjusted EBITDA
|
2025
5,072.3 / 100.0
|
2024
4,903.3 / 100.0
|
|
of which environmentally sustainable
|
2025
3,602.4 / 71.0
|
2024
3,240.5 / 66.1
|
|
Capex
|
2025
7,568.8 / 100.0
|
2024
6,317.4 / 100.0
|
|
of which environmentally sustainable
|
2025
6,739.7 / 89.0
|
2024
5,571.4 / 88.2
|
|
Expanded Capex0Capex including the proportion for entities accounted for using the equity method
|
2025
8,029.9 / 100.0
|
2024
6,742.3 / 100.0
|
|
of which environmentally sustainable
|
2025
7,196.1 / 89.6
|
2024
5,986.4 / 88.8
|
|
Revenue
|
2025
34,390.0 / 100.0
|
2024
34,524.4 / 100.0
|
|
of which environmentally sustainable
|
2025
8,173.3 / 23.8
|
2024
7,525.8 / 21.8
|
in € million / in %
|
|
2025
|
2024
|
|---|---|---|
|
Adjusted EBITDA Sustainable Generation Infrastructure
|
2025
2,292.6 / 100.0
|
2024
2,633.1 / 100.0
|
|
of which environmentally sustainable
|
2025
1,335.9 / 58.3
|
2024
1,395.6 / 53.0
|
|
Adjusted EBITDA System Critical Infrastructure
|
2025
2,700.5 / 100.0
|
2024
2,243.1 / 100.0
|
|
of which environmentally sustainable
|
2025
2,221.1 / 82.2
|
2024
1,838.5 / 82.0
|
|
Adjusted EBITDA Smart Infrastructure for Customers
|
2025
353.1 / 100.0
|
2024
323.9 / 100.0
|
|
of which environmentally sustainable
|
2025
45.4 / 12.9
|
2024
6.4 / 2.0
|
in € million / in %
|
|
2025
|
2024
|
|---|---|---|
|
Expanded capex Sustainable Generation Infrastructure
|
2025
2,441.5 / 100.0
|
2024
2,241.1 / 100.0
|
|
of which environmentally sustainable
|
2025
2,157.9 / 88.4
|
2024
1,940.4 / 86.6
|
|
Expanded capex System Critical Infrastructure
|
2025
4,816.5 / 100.0
|
2024
3,817.7 / 100.0
|
|
of which environmentally sustainable
|
2025
4,709.6 / 97.8
|
2024
3,730.4 / 97.7
|
|
Expanded capex Smart Infrastructure for Customers
|
2025
666.1 / 100.0
|
2024
599.8 / 100.0
|
|
of which environmentally sustainable
|
2025
328.7 / 49.3
|
2024
315.6 / 52.6
|
in € million / in %
Environmentally sustainable activities of EnBW in relation to the Group as a whole in 2025:
Environmentally sustainable revenue
This corresponds to a share of 23.8
Environmentally sustainable capex
This corresponds to a share of 89
Environmentally sustainable expanded capex
This corresponds to a share of 89.6
Environmentally sustainable adjusted EBITDA
This corresponds to a share of 71