Enbw Energie Baden-wuerttemberg Ag · XETR:EBK
Enbw Energie Baden-wuerttemberg — EnBW Energie Baden-Württemberg — Investor Presentation (October 2026)
65 slides from Enbw Energie Baden-wuerttemberg's investor presentation, October 2026
Slide 1: Investor Presentation October 2026
October 2026 Investor Presentation
Slide 2: EnBW is one of the largest integrated utilities in Europe
Investor EnBW Investor presentation presentation October September 2026 2026 EnBW is one of the largest integrated utilitie s in Europe # 1 # 2 # 1 # 2 # 1 Fully integrated Grid length Renewable Retail customers EV -charging utility electricity and gas installed capacity in gas & electricity solutio
Slide 3: EnBW Group – a key player in the energy transition
Investor presentation October 2026 EnBW Group – a key player in the energy transition System Critical Sustainable Generation Smart infrastructure Infrastructure Infrastructure for Customers Transmission Distribution Water supply electricity/gas electricity/gas Renewables Gas Thermal Trading District
Slide 4: Sustained strong earnings performance
Investor presentation October 2026 Sustained strong earnings performance Figures in 2025 Revenue Retained cashflow Gross investments Net Debt Credit ratings (S&P / Moody’s) €34.4 bn €3.3 bn €7.6 bn €13.2 bn A- (A-/ Baa1 / Ba €34.5 bn €2.3 bn €6.2 bn €14.2 bn A-- //Baa1 (A Baa1) 2024 2024 2024 2024 2
Slide 5: 6M 2026: Good and resilient earnings, 2026 guidance confirmed
Investor presentation October 2026 6M 2026: Good and resilient earnings, 2026 guidance confirmed FY26 guidance confirmed €2.3 bn 79% Adj. EBITDA Low -risk earnings €4.6 – 5.1 bn 6M 2025: €2.4 bn Group adj. EBITDA FY2026 Regulated grids and secured revenues from renewables €2.4 bn 84% in low -risk ac
Slide 6: 6M 2026: Relentless operational execution
Investor presentation October 2026 6M 2026: Relentless operational execution Sustainable Generation Smart Infrastructure for System Critical Infrastructure Infrastructure Customers SuedLink converter Renewables ' share of 2 GW 72% > 9 ,000 record EnBW’s fast -charging points close to completion tota
Slide 7: Outlook and financial targets 2030
Investor presentation October 2026 Outlook and financial targets 2030 Stable growth across all business Attractive opportunities across Diversified funding backed by segments our investment program strong cash flow & partnerships €5.8 – 6.6 bn up to €50 bn €2.5 – 3.0 bn 1 Adj. EBITDA Gross investmen
Slide 8: EnBW empowers the energy transition from all angles
Investor presentation October 2026 EnBW empowers the energy transition from all angles Creating long -term value through an integrated business model ”Our goal is an energy system that is affordable, climate -friendly, and secure. ” Dr. Georg Stamatelopoulos CEO of EnBW Decarbonization Affordability
Slide 9: Major energy policy reforms taking shape in Germany
Investor presentation October 2026 Major energy policy reforms taking shape in Germany StromVKG adopted Grid Package progressing EEG Reform underway Capacity market framework Faster grid & RES integration Investor -friendly renewables taking shape framework • 9 GW of new dispatchable capacity • Bett
Slide 10: Germany introduces a capacity market to ensure long-term security of supply
Investor presentation October 2026 Germany introduces a capacity market to ensure long -term security of supply Electricity Security and Capacity Act ( StromVKG ) 1 Capacity (de -rated ) in GW 40 Purpose: Investment framework for dispatchable capacity to safeguard Germany's security of supply from 2
Slide 11: He Dreiht – setting a new benchmark for German offshore wind
Investor presentation October 2026 He Dreiht – setting a new benchmark for German offshore wind Germany’s largest offshore wind farm nearing completion with all 64 turbines already installed He Dreiht Baltic 1 (EnBW’s 1st offshore • First subsidy -free offshore wind farm wind farm) worldwide 960 MW
Slide 12: Significant ESG impact and targets
Investor presentation October 2026 Significant ESG impact and targets Environmental Social Governance Scaling up renewables Attractive employer ESG fully integrated • Renewable capacity doubled to 7.4 GW • Among Forbes World’s Best Employers 2025 • In capital allocation, board remuneration Our achie
Slide 13: Driven by clear targets, EnBW keeps pushing the energy transition forward
Investor presentation October 2026 Driven by clear targets, EnBW keeps pushing the energy transition forward Early coal phase -out by 2028 in line with our SBTi 1 Decarbonization path expanded by net zero target targets, way ahead of Germany’s 2038 target (in GW 2) Fuel switch projects Coal phase -o
Slide 14: FY 2025 & 6M 2026 on track with clear trajectory to 2030
Investor presentation October 2026 FY 2025 & 6M 2026 on track with clear trajectory to 2030 Strong FY 2025 results Adj. EBITDA of €5.1 bn in line with guidance driven by growing grid earnings and sustained high investments Disciplined delivery across all segments with investments of €7.6 bn in 2025
Slide 15: Strategy update
Investor presentation October 2026 Strategy update Unlocking our full potential 15
Slide 16: EnBW – Unique in Europe with all key assets of the energy transition
Investor presentation October 2026 EnBW – Unique in Europe with all key assets of the energy transition with outstanding execution # 1 # 2 # 1 # 2 # 1 Fully integrated Grid length Renewables Retail customers EV -charging utility electricity and gas capacity installed in gas & electricity solutions (
Slide 17: Low-risk growth safeguarded by disciplined & value-driven capital allocation
Investor presentation October 2026 Low -risk growth safeguarded by disciplined & value -driven capital allocation Long -term value creation through a grid -focused capex profile and selective generation Return discipline reinforced by efficiency (Gross capex in € bn) Ø 2020 - 23 2024 2025 ∑ 2024 - 3
Slide 18: Fully funded investment program supported by cash flow, partnerships and capital markets
Investor presentation October 2026 Fully funded investment program supported by cash flow, partnerships and capital markets Balanced funding mix over 2024 – 2030 (in € bn) up to 50 up to 50 • Senior and hybrid bonds • Bank and ECA -backed funding Capital market funding 1 13 • Other financing instrum
Slide 19: Financial outlook 2030 – growth across all segments led by strong regulated earnings
Investor presentation October 2026 Financial outlook 2030 – growth across all segments led by strong regulated earnings Steady, regulated -driven EBITDA growth with resilient downside protection Adj. EBITDA (in € bn) Low -risk earnings FY 2026 4.6 – 5.1 +6% A-/Baa1 Commitment to solid CAGR investmen
Slide 20: EnBW's fully integrated electricity & gas grids
System Critical Infrastructure Investor presentation October 2026 EnBW’s fully integrated electricity & gas grids uniquely positioned to deliver strong transmission & distribution RAB growth Anchored in southern Germany, EnBW’s grid backbone is essential for national decarbonization Total regulated
Slide 21: Capex acceleration delivers predictable RAB-driven growth
System Critical Infrastructure Investor presentation October 2026 Capex acceleration delivers predictable RAB -driven growth in low -risk, regulated grid earnings EnBW’s rapid RAB expansion will continue Robust German regulatory framework ~13% CAGR ~14% CAGR 2020 - 2025 2026 - 2030 Predictable earni
Slide 22: Greener and smarter generation portfolio
Sustainable Generation Infrastructure Investor presentation October 2026 Greener and smarter generation portfolio – strong progress from 2020 to today Substantial additions to EnBW’s installed renewables capacity Diversified pipeline for selective growth … 12.5 GW 11.2 GW ~13 - 14.5 GW H 2-ready gas
Slide 23: Flexible generation – the backbone of a stable low-carbon system
Sustainable Generation Infrastructure Investor presentation October 2026 Flexible generation – the backbone of a stable low -carbon system with energy management to unlock value EnBW’s dispatchable portfolio as key stabilizer in Trading as smart energy manager of flexible increasingly volatile energ
Slide 24: Deep electrification of mobility & heating unlocks growth in retail
Smart Infrastructure for Customers Investor presentation October 2026 Deep electrification of mobility & heating unlocks strong growth potential across EnBW’s retail activities >6 m loyal B2C & B2B customers 1 SubstantialCross - selling cross -sellingopportunities in in opportunities anan increasing
Slide 25: EnBW leverages its strong consumer brand to power EV charging
Smart Infrastructure for Customers Investor presentation October 2026 EnBW leverages its strong consumer brand to power its attractive EV charging business Contributing double -digit to adjusted EBITDA in FY 2025, our charging infrastructure will further benefit from promising market fundamentals CA
Slide 26: Key credit strengths & highlights
Investor presentation October 2026 Key credit strengths & highlights Integrated, low -risk portfolio with predictable earnings A high share of regulated and long -term contracted businesses ensures stable, visible earnings through all market cycles Sustainable growth path builds on a proven track re
Slide 27: Additional information on FY 2025
Additional information on FY 2025
Slide 28: Delivering across all business segments along the entire energy value chain
Investor presentation October 2026 Delivering across all business segments along the entire energy value chain System Critical 99% >310 Infrastructure of 2 GW Ultranet transmission line DSO concessions completed renewed Sustainable Generation +0.8 GW +0.1 GW -1.7GW renewables added in H 2-ready flex
Slide 29: Strong financial performance delivered by focused investments and diversified funding
Investor presentation October 2026 Strong financial performance delivered by focused investments and diversified funding Integrated set -up ensures Strong cash flow strengthens our Diversified funding increases our reliable profitability ability to invest at scale financial flexibility €5.1 bn €3.3
Slide 30: Earnings growth shaped by strong, investment-backed grid performance
Investor presentation October 2026 Earnings growth shaped by strong, investment -backed grid performance Adjusted EBITDA (in € m) €4.8 – 5.3 bn System Critical Infrastructure +3% Guidance 2025 4,903 5,072 + Investment -driven earnings growth; positive peak -load & loss -energy effects Renewable Ener
Slide 31: Solid adj. net profit at previous year's level with a dividend of €1.70
Investor presentation October 2026 Solid adj. net profit at previous year‘s level with a dividend of €1.70 (in € m) Dividend per share 5,072 (in €) 39% Dividend payout 172 ratio 3,301 -1,771 2,946 +6% vs. FY 2024 -528 -5% 1.60 1.70 -753 1,423 -770 Adj. EBITDA Adj. Adj. EBIT Adj. Adj. financial Adj.
Slide 32: Continued strong investment levels with grids leading the way
Investor presentation October 2026 Continued strong investment levels – with grids leading the way Total investments Investments by segment (in € m) (in %) Net cash investments Co -financing/divestments 3% 7% +22% 9% 7,582 System Critical Infrastructure 6,242 Sustainable Generation Infrastructure €7
Slide 33: Stronger retained cash flow and lower net debt
Investor presentation October 2026 Stronger retained cash flow and lower net debt drive a debt repayment potential well ahead of target Retained cash flow 1 Net debt (in € m) (in € m) +42% -8% 3,315 25% 14,244 13,152 Debt repayment potential 2,340 FY 2024: 16% 15 - 18% Guidance 2025 achieved FY 2024
Slide 34: Guidance 2026 reflecting continued operational strength
Investor presentation October 2026 Guidance 2026 reflecting continued operational strength Confirmed in 6M 2026 (in € bn) FY 2025 Guidance 2026 • Positive organic growth from substantial grid System Critical investments Group Infrastructure 2.7 2.5 - 2.8 • Normalization of peak -load and grid -loss
Slide 35: Additional information on 6M 2026
Additional information on 6M 2026
Slide 36: 6M 2026 – Highlights
Investor presentation October 2026 6M 2026 – Highlights Good and resilient Relentless operational Major energy policy earnings execution reforms amid ongoing geopolitical on strategic growth priorities taking shape in Germany tensions and volatile markets 36
Slide 37: Resilient earnings with a strong contribution from low-risk activities
Investor presentation October 2026 Resilient earnings with a strong contribution from low -risk activities Adjusted EBITDA (in € m) €4.6 – 5.1 bn System Critical Infrastructure -6% Guidance 2026 2,420 • Higher grid earnings from prior -year investments 2,268 Renewable Energies 1,290 1,298 • Poor hyd
Slide 38: Adjusted net profit in line with adjusted EBITDA development
Investor presentation October 2026 Adjusted net profit in line with adjusted EBITDA development (in € m) 2,268 103 1,392 1,379 -876 -116 vs. 6M 2025 -6% -316 595 -468 Adj. EBITDA Adj. amortization Adj. EBIT 6M 2026 Adj. investment Adj. financial result Adj. EBT 6M 2026 Adj. income tax Adj. share Adj
Slide 39: Investments aligned with grid expansion and disciplined portfolio management
Investor presentation October 2026 I nvestments aligned with grid expansion, project progression and disciplined portfolio management Total investments Investments by segments (in € m) (in %) Net cash investments Co -financing/divestments -22% 1% 8% 3,107 7% System Critical Infrastructure 2,432 Sust
Slide 40: Retained cash flow lower year-on-year
Investor presentation October 2026 Retained cash flow lower year -on-year due to increased non -cash items and dividends (in € m) 2,268 -24 - 27% -303 1,678 -199 -78 14 1,081 786 -892 Adjusted EBITDA Non -cash items Taxes Payments in Dividends Others FFO Declared RCF RCF 6M 2026 in adj. EBITDA relat
Slide 41: Net debt slightly up since year-end driven by net cash investments
Investor presentation October 2026 Net debt slightly up since year -end driven by net cash investments (in € bn) +6% 2.0 0.01 13.9 -0.25 • Debt repayment -0.1 13.2 potential target of ≥15%1 • Commitment to -0.8 -0.1 maintain solid investment grade ratings Net debt Retained Adjusted Net cash Equity c
Slide 42: Additional information on funding
Additional information on funding
Slide 43: Diversified funding strategy with strong access to a global investor base
Investor presentation October 2026 Diversified funding strategy with strong access to a global investor base €2.5 - 3 bn p.a. • Funding of corporate growth Funding volumes on average • Refinancing of maturing liabilities • EnBW’s assets are typically characterized by long life cycles Tenors up to 30
Slide 44: Resilient rating performance despite market volatility
Investor presentation October 2026 Resilient rating performance despite market volatility reflects a balanced financial policy Our credit ratings reflect a balanced financial policy Key credit metrics Target share of low - Baa1/stable 1 A-/negative 2 ≥ 70% risk earnings 3 EnBW wants to ensure strong
Slide 45: Well-diversified debt instruments
Investor presentation October 2026 Well -diversified debt instruments Capital market debt (in € bn) 3.5 0.6 0.2 0.4 0.9 0.2 0.1 0.7 Currency Fixed/ ~ €16.1bn 1 Mix 1 floating mix 0.6 0.7 10.6 14.1 15.7 Public senior Promissory Notes Public hybrid EUR CHF GBP Fix Private placement USPP AUD USD JPY Fl
Slide 46: Maturities of EnBW's bonds
Investor presentation October 2026 Maturities of EnBW’s bonds 1 (in € bn) As of 30 June 2026 Senior bonds Green First call dates of hybrid bonds bonds ratio: 59 % 2.0 2.0 0.5 1.8 0.5 1.5 1.3 1.3 1.2 0.5 0.5 1.0 0.5 1.5 1.5 0.7 0.5 0.5 0.5 1.0 0.3 0.8 0.7 0.2 2026 2027 2028 2029 2030 2031 2032 2033 2
Slide 47: EnBW's green financing framework
Investor presentation October 2026 EnBW ´s green financing framework Green Financing Framework and use of proceeds First published in 2018 and most recently updated in 2024 Alignment with ICMA 2 Green Bond 100% Principles & LMA 3 Green Loan Principles taxonomy aligned 1 Second -party opinion by ISS
Slide 48: Additional information on segments
Additional information on segments
Slide 49: EnBW – Anchored in the transformation of the entire energy system
Investor presentation October 2026 EnBW – Anchored in the transformation of the entire energy system System Critical Infrastructure Regional footprint in Europe Adj. EBITDA FY 2025: €2,701 m Electricity grids Gas grids • Germany ( core market), Austria, Czech Republic, 53% 150k km 29k km France, Pol
Slide 50: New-build project – SuedLink
System Critical Infrastructure Investor presentation October 2026 New -build project – SuedLink transports offshore wind power to southern Germany Key facts on SuedLink Project description Brunsbüttel Wilster • SuedLink is one of Germany's key energy infrastructure ~700 km project length projects, e
Slide 51: New-build project – Ultranet
System Critical Infrastructure Investor presentation October 2026 New -build project – Ultranet, a well -advanced north –south transmission project, is nearing commissioning Key facts on Ultranet Project description • Ultranet is a joint project between Amprion and ~34 0 km Emden project length Tran
Slide 52: A balanced solar and onshore wind portfolio
Sustainable Generation Infrastructure Investor presentation October 2026 A balanced solar and onshore wind portfolio with selective expansion ahead Our solar and onshore wind portfolio Development portfolio Installed capacity 1 0.6 GW 14 GW 1.6 GW Solar Germany Solar & onshore wind Solar & onshore w
Slide 53: H2-ready gas power plants pave the way for the phase-out of coal
Sustainable Generation Infrastructure Investor presentation October 2026 H 2-ready gas power plants pave the way for the phase -out of coal EnBW has deep expertise across three new -build projects Stuttgart - Münster 3 new H 2-ready gas power plants Gas turbine plant , 122 MW (OCGT 1) will replace c
Slide 54: Capacity auctions to ensure long-term security of supply
Investor presentation October 2026 Capacity auctions to ensure long -term security of supply in Germany from 2031 onwards Electricity Security and Capacity Act ( StromVKG ) Long -term capacities Generation capacities Further capacities • New generation assets only 1 • New & existing generation asset
Slide 55: Multiple well-suited sites for StromVKG auctions
Investor presentation October 2026 Multiple well -suited sites for StromVKG auctions EnBW is well positioned for the planned auctions Existing sites in South Germany are located… Lampertheim Southwest Germany is expected to require ~6.5 GW of SEL dispatchable capacity. Obrigheim H 2ercules Heilbronn
Slide 56: Trading – Managing market risks and creating value for EnBW
Investor presentation October 2026 Trading – Managing market risks and creating value for EnBW Trading at a glance Our main tasks Our markets >590 >700 De -risking of EnBW’s Markets international OTC 2 employees portfolio through (long - Offices partners term) hedging 4 locations International Germa
Slide 57: ESG & other
—EnBW — ESG & other
Slide 58: EnBW's bonds qualify as investible for any sustainable fund
Investor presentation October 2026 Meeting ESMA 1 requirements for CTP EnBW’s bonds qualify as investible for any sustainable fund 2 Climate Transition Benchmark (CTB) or Paris -Aligned Benchmark (PAB) Exclusion criterion FY 2025: EnBW… Benchmark Involvement in any activities related to controversia
Slide 59: Our integrated business model contributes to the UN SDGs
Investor presentation October 2026 Our integrated business model contributes to the UN’s Sustainable Development Goals (SDGs 1) Four key SDGs at EnBW – activities and performance indicators (examples) Our commitment SDG 7 SDG 9 SDG 11 SDG 13 Affordable and Industry, Sustainable clean energy innovati
Slide 60: ESG ratings - Consistent outperformance vs. industry
Investor presentation October 2026 ESG ratings - Consistent outperformance vs. industry across all major ESG ratings AA 22.1 B A Leader Medium Risk Prime status Leadership ESG rating type ESG Rating ESG Risk Rating ESG Rating Climate Rating Date 23.03.2026 14.07.2026 20.04.2026 10.12.2025 Current ES
Slide 61: Financial, strategic and sustainable ambitions
Investor presentation October 2026 Financial, strategic and sustainable ambitions Goal Key Performance Indicator 2025 Target 2030 Securing profitability Adjusted EBITDA in € bn 5.1 5.8 – 6.6 Managing the financial profile Debt repayment potential in % 25 ≥15 Robustness of earnings potential Adj. EBI
Slide 62: Important links, events and IR contacts
Investor presentation October 2026 Important links, events and IR contacts Your IR contacts Annual Report 2025 Annual Report 2025 Six-Monthly Financial Report 6M 2026 Six -Monthly Financial Report 6M 2026 Factbook 2026 Lenka Zikmundova Lena Zinow Factbook 2026 Head of Investor Relations Manager Inve
Slide 63: Important note (1/2)
Investor presentation October 2026 Important note (1/2) No offer or investment recommendation Non -IFRS figures This document and the presentation to which it relates contains information relating to EnBW Energie Baden - This presentation contains certain financial measures (including forward -looki
Slide 64: Important note (2/2)
Investor presentation October 2026 Important note (2/2) Rounding Certain numerical data, financial information and market data (including percentages) in this presentation have been rounded according to established commercial standards . As a result, the aggregate amounts (sum totals or interim tota
Slide 65: EnBW Energie Baden-Württemberg AG
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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