Enbw Energie Baden-wuerttemberg Ag · XETR:EBK
Enbw Energie Baden-wuerttemberg — EnBW Energie Baden-Württemberg — FY2025 Earnings Presentation
42 slides from Enbw Energie Baden-wuerttemberg's earnings presentation, Mar 25, 2026
Slide 1: FY 2025 results & strategy update
25 March 2026 FY 2025 results & strategy update Dr. Georg Stamatelopoulos Chief Executive Officer Thomas Kusterer Deputy CEO and Chief Financial Officer Marcel Münch SVP Finance, M&A and Investor Relations
Slide 2: Agenda
EnBW FY 2025 results & strategy update Agenda Part 1 Part 2 Q&A FY 2025 Strategy Results Update
Slide 3: FY 2025 results
1FY 2025 results Dr. Georg Stama telo poulos CEO Thomas Kusterer Deputy CEO and CFO
Slide 4: In 2025 we delivered on our guidance with strong earnings, sustained high investments
EnBW FY 2025 results & strategy update In 2025 we delivered on our guidance with strong earnings, sustained high investments and clear progress in decarbonization Strong earnings Substantial investments Clear low -carbon progress Guidance 2025 Lignite -free 2025 achieved Net Zero 2040 +3% +22% +7%p
Slide 5: Delivering across all business segments along the entire energy value chain
EnBW FY 2025 results & strategy update 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
Slide 6: Strong financial performance delivered by focused investments and diversified funding
EnBW FY 2025 results & strategy update 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 €
Slide 7: Earnings growth shaped by strong, investment-backed grid performance
EnBW FY 2025 results & strategy update 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
Slide 8: Solid adj. net profit at previous year's level with a dividend proposal of €1.70
EnBW FY 2025 results & strategy update Solid adj. net profit at previous year‘s level with a dividend proposal 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. fi
Slide 9: Continued strong investment levels with grids leading the way
EnBW FY 2025 results & strategy update 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 Infrastructur
Slide 10: Stronger retained cash flow and lower net debt drive debt repayment potential
EnBW FY 2025 results & strategy update 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
Slide 11: Guidance 2026 reflecting continued operational strength
EnBW FY 2025 results & strategy update Guidance 2026 reflecting continued operational strength (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 loss -energy effects Sustain
Slide 12: Strategy update
EnBW FY 2025 results & strategy update 2 Strategy update Unlocking our full potential Dr. Georg Stamatelopoulos CEO 12
Slide 13: EnBW – Unique in Europe with all key assets of the energy transition
EnBW FY 2025 results & strategy update EnBW – Unique in Europe with all key assets of the energy transition and 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 solution
Slide 14: Decarbonization unlocks opportunities across EnBW's integrated portfolio
EnBW FY 2025 results & strategy update Decarbonization unlocks opportunities and EnBW is ready to capture them across its integrated portfolio Electrification & Significant renewables New flexible assets Grids investments decarbonization drives build -out to be essential for system to eliminate ener
Slide 15: Grids – core enabler of the energy transition
EnBW FY 2025 results & strategy update Grids – core enabler of the energy transition System Critical Infrastructure Dr. Georg Stamatelopoulos CEO 15
Slide 16: EnBW's fully integrated electricity & gas grids uniquely positioned
EnBW FY 2025 results & strategy update 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 asset base 2 Key grid proje
Slide 17: Capex acceleration delivers predictable RAB-driven growth
EnBW FY 2025 results & strategy update 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 earnings growth: • Fully reimbur
Slide 18: Smart, green, and flexible generation for a resilient energy system
Smart, green, and flexible generation for a resilient energy system Sustainable Generation Infrastructure Dr. Georg Stamatelopoulos CEO
Slide 19: Greener and smarter generation portfolio – strong progress from 2020 to today
EnBW FY 2025 results & strategy update 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 Batteries 5.4 GW 10 - 11.5 GW H 2-ready gas 7% 7.
Slide 20: Flexible generation – the backbone of a stable low-carbon system
EnBW FY 2025 results & strategy update 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 energy system and renewable assets (in
Slide 21: We turn energy into action
We turn energy into action Smart Infrastructure for Customers Thomas Kusterer Deputy CEO and CFO
Slide 22: Deep electrification of mobility & heating unlocks growth in retail
EnBW FY 2025 results & strategy update 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 inin opportunities anan increasingly increasingly digitize digitize
Slide 23: EnBW leverages its strong consumer brand to power its EV charging business
EnBW FY 2025 results & strategy update 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 CAGR +35% No. 1 in scale DACH -re
Slide 24: Capital allocation and financial targets
Capital allocation and financial targets Financials Thomas Kusterer Deputy CEO and CFO
Slide 25: Low-risk growth safeguarded by disciplined, value-driven capital allocation
EnBW FY 2025 results & strategy update 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
Slide 26: Fully funded investment program supported by cash flow, partnerships and capital markets
EnBW FY 2025 results & strategy update 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 ins
Slide 27: Financial outlook 2030 - growth across all segments led by regulated earnings
EnBW FY 2025 results & strategy update 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 inves
Slide 28: Q&A
Q&A Dr. Georg Stama telopoulos Thomas Kusterer CEO Deputy CEO and CFO 28
Slide 29: Additional information
—EnBW — Additional information
Slide 30: System Critical Infrastructure
EnBW FY 2025 results & strategy update System Critical Infrastructure Adjusted EBITDA (in € m) €2.6 – 2.9 bn Guidance 2025 Transmission and distribution grids +20% + Good earnings result thanks to substantial investments in our grids 2,701 + Favorable transmission peak -load effects and lower loss -
Slide 31: Sustainable Generation Infrastructure
EnBW FY 2025 results & strategy update Sustainable Generation Infrastructure Adjusted EBITDA (in € m) €2.1 – 2.4 bn Renewable Energies Guidance 2025 - Weaker weather conditions for offshore wind and hydro -13% 2,633 + Increased earnings from solar and onshore wind 2,293 Thermal Generation and Tradin
Slide 32: Smart Infrastructure for Customers
EnBW FY 2025 results & strategy update Smart Infrastructure for Customers Adjusted EBITDA (in € m) €0.25 – 0.35 bn Guidance 2025 Customer and e -mobility business + Increased sales and charging volumes in e -mobility and retail - Higher overhead and personnel expenses +9% 324 353 FY 2024 FY 2025 Gro
Slide 33: Retained cash flow
EnBW FY 2025 results & strategy update Retained cash flow (in € m) 5,078 160 -332 +42% -390 4,104 -188 -224 3,315 -789 2,340 Adjusted EBITDA Non -cash items Taxes paid Payments in Dividends Others FFO Declared RCF RCF FY 2025 in adj. EBITDA relation to received & dividends FY 2025 FY 2024 2 ALM mode
Slide 34: Net debt
EnBW FY 2025 results & strategy update Net debt (in € bn) -8% 6.1 -0.6 • Debt repayment 14.2 potential target of 0.2 13.2 ≥15%1 -3.1 • Commitment to -3.3 -0.3 maintain solid investment grade ratings Net debt Retained Adjusted Net cash Change in pension Capital increase Others Net debt 31.12.2024 cas
Slide 35: Adjusted working capital
EnBW FY 2025 results & strategy update Adjusted working capital (in € m) 328 117 472 68 326 -39 -183 180 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 valuatio
Slide 36: Electricity generation hedge levels
EnBW FY 2025 results & strategy update 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 pri
Slide 37: Well-diversified debt instruments
EnBW FY 2025 results & strategy update Well -diversified debt instruments Capital market debt (in € bn ) 3.0 0.8 0.1 0.4 0.9 0.2 0.2 0.7 0.6 Currency Fixed/ ~ €16.3 bn 1 Mix 1 floating mix 0.7 11.3 14.1 15.9 Public senior Promissory Notes Public hybrid EUR CHF GBP Fix Private placement USPP AUD USD
Slide 38: Maturities of EnBW's bonds
EnBW FY 2025 results & strategy update Maturities of EnBW’s bonds 1 (in € bn ) As of 31 December 2025 Senior bonds Green First call dates of hybrid bonds bonds ratio: 55 % 2.0 2.0 1.7 0.5 1.8 0.5 1.5 0.5 1.3 0.5 1.0 0.8 0.7 1.5 1.5 0.7 1.2 0.5 0.5 1.0 0.3 0.2 2026 2027 2028 2029 2030 2031 2032 2033
Slide 39: Important links and IR contacts
EnBW FY 2025 results & strategy update Important links and IR contacts IR contacts Annual Report 2025 Annual Report 2025 Factbook 2025 Factbook 2025 ESG Factbook 2025 Marcel Münch Lenka Zikmundova Julia von Wietersheim ESG Factbook 2025 SVP Finance, M&A Head of Investor Relations Senior Manager and
Slide 40: Important note (1/2)
EnBW FY 2025 results & strategy update 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 -l
Slide 41: Important note (2/2)
EnBW FY 2025 results & strategy update 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
Slide 42: 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: D
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