Enbw Energie Baden-wuerttemberg Ag · XETR:EBK
Enbw Energie Baden-wuerttemberg — EnBW Energie Baden-Württemberg — Investor Presentation (September 2026)
65 slides from Enbw Energie Baden-wuerttemberg's investor presentation, September 2026
Slide 1: Investor Presentation September 2026
September 2026 Investor Presentation
Slide 2: Agenda
Agenda 1. EnBW Group Overview 2. Energy Transition & ESG 3. Major energy policy developments & lighthouse projects 4. Funding strategy and financials 5. Business portfolio 6. Appendix
Slide 3: EnBW is one of the largest integrated utilities in Europe
Investor presentation EnBW Investor presentationSeptember 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 soluti
Slide 4: EnBW Group – a key player in the energy transition
Investor presentation September 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 Distri
Slide 5: Sustained strong earnings performance
Investor presentation September 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
Slide 6: Up to €50bn investment program guided by disciplined capital allocation
Investor presentation September 2026 Up to €50bn investment program guided by disciplined, value -driven capital allocation Total capex (gross) Financial discipline in € bn Up to 50 Retail 5 - 10% • Disciplined value -focused capital allocation with strict ~8% IRR 1 hurdle rates Generation 25 - 30%
Slide 7: Outlook and financial targets 2030
Investor presentation September 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 2030 Gross in
Slide 8: From financial targets to operational delivery across all our business segments by 2030
Investor presentation September 2026 From financial targets to operational delivery across all our business segments by 2030 System Critical Sustainable Generation Smart Infrastructure Infrastructure Infrastructure for Customers ~ €35 bn 10 – 11.5 GW up to 20,000 Regulated Asset Base installed renew
Slide 9: EnBW: A resilient credit story built on critical infrastructure and energy transition growth
Investor presentation September 2026 EnBW: A resilient credit story built on critical infrastructure and energy transition growth Key infrastructure platform at the heart of Europe’s energy transition EnBW is one of Europe’s leading integrated utilities with all key assets across the energy transiti
Slide 10: Agenda
Agenda 1. EnBW Group Overview 2. Energy Transition & ESG 3. Major energy policy developments & lighthouse projects 4. Funding strategy and financials 5. Business portfolio 6. Appendix
Slide 11: EnBW empowers the energy transition from all angles
Investor presentation September 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 Affordabili
Slide 12: Fundamental transformation of EnBW’s generation portfolio
Investor presentation September 2026 Fundamental transformation of EnBW’s generation portfolio Clear decarbonization path aligned with 1.5 °C pathway; 23 % 2012 66 % 2025 75 - 80 % 20 30 -70% to -75% scope 1&2 emissions Renewables in GW Renewables in GW Renewables in GW reduction target by 2030 (3.1
Slide 13: Steady decarbonization of the portfolio, coal phase-out by 2028
Investor presentation September 2026 Steady decarbonization of the portfolio, coal phase -out by 2028 Decarbonization path well on track Coal phase -out by 2028 in line with our SBTi 4 targets (in GW 1) 3.1 Lignite -free 2 • Lignite -free after sale of Lippendorf stake end of 2025 Hard coal Lignite
Slide 14: Driven by clear targets, EnBW keeps pushing the energy transition forward
Investor presentation September 2026 Driven by clear targets, EnBW keeps pushing the energy transition forward Decarbonization path expanded by net zero target Validated targets based on portfolio transformation Fuel switch projects Coal phase -out 1 Net zero From • Scope 1 & 2: -33%, Scope 3: -43%
Slide 15: EnBW’s bonds qualify as investible for any sustainable fund
Investor presentation September 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 controvers
Slide 16: Significant ESG impact and targets
Investor presentation September 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 ach
Slide 17: EnBW's strong sustainability performance is reflected in ESG ratings
Investor presentation September 2026 EnBW's strong sustainability performance is reflected in assessments by leading ESG ratings agencies 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
Slide 18: Agenda
Agenda 1. EnBW Group Overview 2. Energy Transition & ESG 3. Major energy policy developments & lighthouse projects 4. Funding strategy and financials 5. Business portfolio 6. Appendix
Slide 19: Major energy policy reforms taking shape in Germany
Investor presentation September 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 • Be
Slide 20: Germany introduces a capacity market to ensure long-term security of supply
Investor presentation September 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
Slide 21: EnBW: Multiple well-suited sites for StromVKG auctions
Investor presentation September 2026 EnBW: 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 H
Slide 22: EnBW: H2-ready CCGT project RDK 9 already in planning
Investor presentation September 2026 EnBW: H 2-ready CCGT project RDK 9 already in planning RDK 9 – key figures and current status › Technical planning completed; re-using existing infrastructure to minimize C apex › Advanced permitting process › Key supply chain components secured Expected key date
Slide 23: German Network Regulation: New incentive framework from 2028/2029
Investor presentation September 2026 German Network Regulation: New incentive framework from 2028 / 2029 Regulatory periods for electricity and gas grids Current regulatory framework NEW regulatory framework • Future regulatory framework continues to 4 th regulatory period 5th regulatory period 6 th
Slide 24: EnBW: SuedLink – Germany’s largest energy transition project under construction
Investor presentation September 2026 EnBW: SuedLink – Germany’s largest energy transition project under construction Key facts on SuedLink Project description Brunsbüttel Wilster ~700 km project length • SuedLink is one of Germany's key energy infrastructure projects, jointly delivered by the 100% t
Slide 25: EnBW: Ultranet - a well-advanced transmission project nearing commissioning
Investor presentation September 2026 EnBW: Ultranet - a well -advanced transmission project nearing commissioning Key facts on Ultranet Project description ~34 0 km Emden project length • Ultranet is a joint project between the TSOs Corridor Amprion and Transnet BW A-Nord 100% overhead lines • Trans
Slide 26: The EEG 2027 and the Offshore Wind Act make two-sided CfDs the key support mechanism
Investor presentation September 2026 The EEG 2027 and the Offshore Wind Act make lower -risk two - sided CFDs the key support mechanism EEG reform: Renewable Offshore Wind Energy Act Energy Sources Act 2027 • Priority in principle for subsidy -free projects • Introduction of 2-sided CfDs (market -ba
Slide 27: EnBW: He Dreiht – setting a new benchmark for German offshore wind
Investor presentation September 2026 EnBW: 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 • First subsidy -free offshore wind farm (EnBW’s 1st offshore worldwide 960 MW • F
Slide 28: Agenda
Agenda 1. EnBW Group Overview 2. Energy Transition & ESG 3. Major energy policy developments & lighthouse projects 4. Funding strategy and financials 5. Business portfolio 6. Appendix
Slide 29: Up to €50 bn investment program 2024-2030
Investor presentation September 2026 Up to €50 bn investment program 2024 - 2030 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 - 30 • Strict hurdle rate policy wit
Slide 30: Fully funded investment program supported by cash flow, partnerships and capital markets
Investor presentation September 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 instr
Slide 31: Financial outlook 2030 – growth across all segments led by strong regulated earnings
Investor presentation September 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 investm
Slide 32: EnBW’s financial steering framework is designed to protect solid investment-grade ratings
Investor presentation September 2026 EnBW’s financial steering framework is designed to protect solid investment -grade ratings Key components of EnBW’s financial steering Target share of low -risk earnings 1 Debt repayment potential target ≥70% ≥15% RCF 2 / Net debt Strong visibility and predictabi
Slide 33: EnBW continues to maintain high-IG ratings, reaffirmed in 2026
Investor presentation September 2026 EnBW continues to maintain high -IG ratings, reaffirmed in 2026 by both rating agencies Credit ratings A-/negative 1 Baa1/stable 2 S&P rating at A- for more than 6 years Moody’s rating remains unchanged at Baa1/stable since 2021 • Strong and resilient business ri
Slide 34: Diversified funding strategy with strong access to a global investor base
Investor presentation September 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
Slide 35: Flexible access to various funding instruments
Investor presentation September 2026 Flexible access to various funding instruments Financing sources Financing programs Strong bank access for additional liquidity Other financing sources EMTN programme €15 bn • Bilateral credit lines (committed and Uncommitted uncommitted) bilateral credit lines •
Slide 36: Green bond proceeds support investments across EnBW’s integrated utility business
Investor presentation September 2026 Green bond proceeds support investments across EnBW’s integrated utility business Allocation in terms of bonds and projects Allocation of green proceed s 1 Allocation of proceeds to new projects or refinancing 31% Solar 2 36% 5% New build projects E-mobility char
Slide 37: Green Financing Framework reflects our commitment to best market practices
Investor presentation September 2026 Green Financing Framework reflects our commitment to best market practices and the regulatory 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
Slide 38: Well-diversified bond portfolio with a strong green bond focus
Investor presentation September 2026 Well -diversified bond portfolio with a strong green bond focus Maturities of EnBW’s bonds in € bn Senior bonds First call dates of hybrid bonds Green 2.0 2.0 bonds ratio: 1.8 59 % 0.5 0.5 1.5 1.3 1.3 0.5 1.2 0.5 1.0 1.8 0.5 1.5 1.5 0.7 0.5 0.5 1.3 0.5 1.0 1.0 0.
Slide 39: Key credit strengths
Investor presentation September 2026 Key credit strengths EnBW’s integrated, low -risk portfolio with predictable earnings High share of regulated and long -term contracted activities, providing stable and visible earnings across market cycles Rating -focused financial steering EnBW has clear target
Slide 40: Agenda
Agenda 1. EnBW Group Overview 2. Energy Transition & ESG 3. Major energy policy developments & lighthouse projects 4. Funding strategy and financials 5. Business portfolio 6. Appendix
Slide 41: System Critical Infrastructure – EnBW’s electricity and gas grid business
System Critical Infrastructure Investor presentation September 2026 System Critical Infrastructure – EnBW’s electricity and gas grid business Regulated Asset Base (RAB 3) and grid length Germany’s No. 2 grid operator 1: Electricity grids T&D 4 EnBW is the only utility with fully integrated electrici
Slide 42: EnBW is stepping up grid investments, driving strong RAB and low-risk earnings growth
System Critical Infrastructure Investor presentation September 2026 EnBW is stepping up grid investments, driving strong RAB and low -risk earnings growth EnBW’s annual gross C apex: EnBW’s Regulated Asset Base shows strong Segment System Critical Infrastructure organic growth (in € bn) (in € bn) 20
Slide 43: Robust German regulatory framework – grid earnings are fully secured and regulated
System Critical Infrastructure Investor presentation September 2026 Robust German regulatory framework – grid earnings are fully secured and regulated Predictable earnings growth • Fully reimbursed investments and instant, regulated returns – with upside from operational excellence Long -term earnin
Slide 44: Overview of key electricity transmission projects
System Critical Infrastructure Investor presentation September 2026 Overview of key electricity transmission projects Bruns - Wilster büttel Projects Grid length Grid length Scheduled Emden Routes are total TransnetBW approximate SuedLink2 Corridor ~ 700 km ~450 km 2028 A-Nord DC 1 grid 2x2 GW expan
Slide 45: Sustainable Generation Infrastructure - EnBW’s generation and trading business
Sustainable Generation Infrastructure Investor presentation September 2026 Sustainable Generation Infrastructure - EnBW’s generation and trading business Installed capacity Germany’s No. 1 renewables player : EnBW portfolio covers wind, solar and hydro 34% assets 11.2 GW Renewables (2025) Dispatchab
Slide 46: Greener, smarter generation portfolio with visible growth ahead
Sustainable Generation Infrastructure Investor presentation September 2026 Greener, smarter generation portfolio with visible growth ahead 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 5.4 GW 7.4
Slide 47: Flexible generation – the backbone of a stable low-carbon system
Sustainable Generation Infrastructure Investor presentation September 2026 Flexible generation – the backbone of a stable low -carbon system EnBW’s dispatchable portfolio as key stabilizer in increasingly volatile energy system (in GW) 3.9 3.9 3.7 ✓24/7 controllable capacity 1.3 ✓Cogeneration of hea
Slide 48: H2-ready gas power plants pave the way for the phase-out of coal
Sustainable Generation Infrastructure Investor presentation September 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
Slide 49: Trading unlocks value across EnBW’s flexible and renewable portfolio
Sustainable Generation Infrastructure Investor presentation September 2026 Trading unlocks value across EnBW’s flexible and renewable portfolio EnBW’s trading business: Value creation through: 4 trading locations International Germany, Switzerland, presence across 20+ Markets UK, Norway countries •
Slide 50: Our retail business at a glance – EnBW serves more than 6 million customers
Smart Infrastructure for Customers Investor presentation September 2026 Our retail business at a glance – EnBW serves more than 6 million loyal customers More than 6 million B2C and B2B customers Market leader in DACH region : EnBW provides access to ~1 million charging points and 0.6 Electricity 0.
Slide 51: Loyal electricity and gas customer base contributes to resilient earnings
Smart Infrastructure for Customers Investor presentation September 2026 Loyal electricity and gas customer base contributes to resilient earnings and low volatility Electricity & gas customers by country 1(in m) High customer loyalty Average customer tenure: 10 years Germany (4.6 m) Electricity: 4.0
Slide 52: Deep electrification of mobility & heating unlocks strong growth potential
Smart Infrastructure for Customers Investor presentation September 2026 Deep electrification of mobility & heating unlocks strong growth potential across EnBW’s retail activities Cross -selling Substantial cross -selling opportunities opportunities indigitized in an increasingly an increasingly ecos
Slide 53: EnBW leverages its strong consumer brand to power its EV charging business
Smart Infrastructure for Customers Investor presentation September 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
Slide 54: Guidance 2026 reflecting continued operational strength
Investor presentation September 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 -los
Slide 55: Agenda
Agenda 1. EnBW Group Overview 2. Energy Transition & ESG 3. Major energy policy developments & lighthouse projects 4. Funding strategy and financials 5. Business portfolio 6. Appendix
Slide 56: 6M 2026 – Highlights
Investor presentation September 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 56
Slide 57: Resilient earnings with a strong contribution from low-risk activities
Investor presentation September 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 h
Slide 58: Adjusted net profit in line with adjusted EBITDA development
Investor presentation September 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 A
Slide 59: Investments aligned with grid expansion, project progression and disciplined portfolio management
Investor presentation September 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 Su
Slide 60: Retained cash flow lower year-on-year due to increased non-cash items and dividends
Investor presentation September 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 rel
Slide 61: Net debt slightly up since year-end driven by net cash investments
Investor presentation September 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
Slide 62: Important links, events and IR contacts
Investor presentation September 2026 Important links, events and IR contacts Main IR contacts Annual Report 2025 Annual Report 2025 Six-Monthly Financial Report 6M 2026 Six -Monthly Financial Report 6M 2026 Factbook 2026 Factbook 2026 Peter721 +49 p.berlin@enbw.com Berlin 63 12 Head 844of Finance Ma
Slide 63: Important note (1/2)
Investor presentation September 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 -loo
Slide 64: Important note (2/2)
Investor presentation September 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 to
Slide 65: 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: D
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