Enbw Energie Baden-wuerttemberg Ag · XETR:EBK
Enbw Energie Baden-wuerttemberg — EnBW Energie Baden-Württemberg — 9M 2025 Earnings Presentation
21 slides from Enbw Energie Baden-wuerttemberg's earnings presentation, Nov 13, 2025
Slide 1: 9M 2025 results
13 November 2025 9M 2025 results Thomas Kusterer Deputy CEO and Chief Financial Officer Lenka Zikmundova Head of Investor Relations
Slide 2: Earnings in line with prior year and sustained momentum on the path to net zero
9M 2025 results Earnings in line with prior year and sustained momentum on the path to net zero • Earnings performance reflects a continuation of trends from H1 with adj. EBITDA at prior-year level €3.6 bn • Full-year Group earnings guidance reaffirmed with segment realignment – grids up, Adj. EBITD
Slide 3: Earnings almost flat year-on-year with strong grids contribution
9M 2025 results Earnings almost flat year - on - year with strong grids contribution Adjusted EBITDA in € m €4.8 – 5.3 bn Guidance 2025 Renewable Energies confirmed 3,745 3,645 - Weaker wind speeds and lower hydro levels 1,104 796 Thermal Generation and Trading 793 - Lower realized hedged generation
Slide 4: Lower price levels and poor weather weigh on earnings; segment guidance adjusted
9M 2025 results Sustainable Generation Infrastructure Lower price levels and poor weather weigh on earnings; segment guidance adjusted Adjusted EBITDA in € m €2.1 – 2.4 bn Renewable Energies Guidance 2025 lowered2 - Wind and hydro conditions below normal 1,980 + Higher earnings from solar 1,588 1,10
Slide 5: Strong organic growth driven by all grid assets; segment guidance adjusted
9M 2025 results System Critical Infrastructure Strong organic growth driven by all grid assets; segment guidance adjusted Adjusted EBITDA in € m €2.6 – 2.9 bn Guidance 2025 increased1 Transmission and distribution grids 1,981 + Strong earnings across all grid assets driven by robust investments 1,77
Slide 6: Retail and e-mobility deliver solid performance
9M 2025 results Smart Infrastructure for Customers Retail and e - mobility deliver solid performance Adjusted EBITDA in € m €0.25 – 0.35 bn Guidance 2025 confirmed Customer and e - mobility business + E-mobility and B2C business well on track + Growth in customer base driven by successful new client
Slide 7: Adjusted net profit reaches solid level of €1 bn
9M 2025 results Adjusted net profit reaches solid level of €1 bn in € m 3,645 -1,304 2,341 113 -453 -22% 2,002 -481 1,268 -527 994 Adj. EBITDA Adj. amortization Adj. EBIT Adj. investment Adj. financial Adj. EBT Adj. income tax Adj. share Adj. net profit Adj. net profit 9M 2025 & depreciation 9M 2025
Slide 8: Sustained high investments driving full-scale energy system transformation
9M 2025 results Sustained high investments driving full - scale energy system transformation Total investments Investments by segments 1 in € m Net cash investments Co-financing/divestments 4,691 8% 1% 3,873 25% Sustainable Generation Infrastructure Renewable Energies 3,993 €4.7 bn Thermal Generatio
Slide 9: RCF significantly above previous year's level
9M 2025 results RCF significantly above previous year's level Retained cash flow in € m 3,645 70 -198 -293 +34% -164 2,813 -247 -779 2,035 1,514 Adjusted EBITDA Non-cash items Taxes paid Payments in Dividends Others FFO Declared RCF RCF 9M 2025 in adj. EBITDA relation to received & dividends 9M 2025
Slide 10: Lower net debt largely resulting from executed capital increase
9M 2025 results Lower net debt largely resulting from executed capital increase Net debt in € bn -14% 4.0 -0.4 • Debt repayment 14.2 potential target of ≥15%1 12.2 -2.0 -3.1 -0.1 • Commitment to -0.4 maintain solid investment grade ratings Net debt Retained Adjusted Net cash Change in pension Capita
Slide 11: 2025 earnings guidance confirmed for the Group – adjusted at segment level
9M 2025 results 2025 earnings guidance confirmed for the Group – adjusted at segment level in € bn Guidance 2025 Adjustment • Poor weather conditions for wind and hydro Sustainable Generation Infrastructure 2.4 - 2.7 2.1 - 2.4 • Normalized price levels and reduced volatility Group on energy markets
Slide 12: Questions & Answers
—EnBW > Questions & Answers
Slide 13: Additional information
—EnBW > Additional information
Slide 14: Adjusted working capital
9M 2025 results Adjusted working capital in € m 649 66 44 71 144 -95 395 420 Trade Inventories and Other assets Change in Change in EEG Change in non- Construction Change in receivables/payables, obligations from and liabilities adjusted fund and other operating valuation cost subsidies working capi
Slide 15: Calculation of net debt
9M 2025 results Calculation of net debt in € bn 20.9 -1.5 -6.2 -9.8 8.8 12.2 9.6 Financial debt and others 50% equity Operating cash & Net financial debt Pension and nuclear Dedicated financial assets Net debt credit from hybrid bonds cash equivalents power provisions (net) As of 30 September 2025 1
Slide 16: Electricity generation hedge levels
9M 2025 results Electricity generation hedge levels in % EnBW follows a risk mitigating hedging strategy • Risk mitigating hedging strategy focuses on reducing price fluctuations risks • Forward hedging up to 3 years in advance of our electricity, whilst also hedging the prices for necessary fuels a
Slide 17: Well-diversified debt instruments
9M 2025 results Well - diversified debt instruments Capital market debt in € bn 3.0 0.2 0.4 0.8 0.6 0.3 0.2 0.9 Currency Fixed/ 0.6 ~€16.1 bn2 Mix1, 2 floating mix 0.7 11.0 14.1 15.7 Public senior Promissory Notes Public hybrid EUR CHF GBP Fix Private placement USPP AUD USD JPY Floating As of 30 Sep
Slide 18: Maturities of EnBW's bonds
9M 2025 results Maturities of EnBW’s bonds 1 in € bn As of 30 September 2025 Senior bonds Green First call dates of hybrid bonds bonds ratio: 57% 2.0 2.0 1.7 0.5 1.8 0.5 1.5 0.5 1.3 0.5 1.0 1.5 0.7 1.5 0.7 1.2 0.5 0.5 0.6 1.0 0.3 0.2 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2
Slide 19: Financial calendar, important links and IR contacts
9M results 2025 Financial calendar, important links and IR contacts Upcoming events Key IR contacts Publication reporting 12M 2025 25 March 2026, 2:00 p.m. (CET) Annual General Meeting 2026 7 May 2026, 10:00 a.m. (CEST) Publication reporting 3M 2026 Marcel Münch Lenka Zikmundova SVP Finance, M&A Hea
Slide 20: Important note
9M results 2025 Important note No offer or investment recommendation Forward-looking statements This presentation is prepared for information purposes only. It does not constitute an offer, an invitation or a This presentation, which has been prepared by EnBW, includes statements that are, or may be
Slide 21: EnBW Energie Baden-Württemberg AG Investor Relations
EnBW Energie Baden - Württemberg AG Investor Relations investor.relations@enbw.com +49 721 63-12060 Durlacher Allee 93 76131 Karlsruhe, Germany Companies registered office: Karlsruhe, Germany Local court Mannheim ⋅ HRB no. 107956 Chairman of the Supervisory Board: Lutz Feldmann Board of management:
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