Slide 1: H1 2026: Stronger platform & increased earnings growth
13 August 2026 H1 2026 Stronger platform & increased earnings growth Investor & Analyst Conference Call Markus Krebber, CEO Michael Müller, CFO Thomas Denny, Head of Investor Relations 13 August 2026 H1 2026 Results
Slide 2: Disclaimer
Disclaimer This document contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management, and are based on information currently available to the management. Forward-looking statements shall not be construed as a promi
Slide 3: Strategy execution & stronger platform
H1 2026 Strategy execution & stronger platform Markus Krebber, CEO 13 August 2026 H1 2026 Results
Slide 4: Stronger platform and increased long-term earnings growth
Stronger platform and increased long-term earnings growth Excellent H1 2026 results demonstrate continued strong financial performance; guidance for 2026, 2027 and 2031 raised Structural demand growth, energy sovereignty and grid build-out provide significant investment opportunities Business extend
Slide 5: Excellent H1 2026 financial performance; guidance for 2026 and 2027 upgraded
Excellent H1 2026 financial performance; guidance for 2026 and 2027 upgraded H1 2026 Guidance actuals, adj. EPS in EUR increased, adj. EPS in EUR FY 2026 Previous guidance New guidance 2.55 2.95 +64% 1.77 1.08 FY 2027 Previous guidance New guidance H1 2025 H1 2026 3.05 3.15 13 August 2026 H1 2026 Re
Slide 6: Structural trends continue to accelerate investment opportunities across power generation and grids
Structural trends continue to accelerate investment opportunities across power generation and grids Sustained power demand Energy sovereignty Significant grid Power systems growth driven by has become a build-out required in provide substantial electrification across strategic priority transition to
Slide 7: Diversified investment programme captures structural trends and delivers long-term earnings growth
Diversified investment programme captures structural trends and delivers long-term earnings growth Net cash investments Return Adj. EPS in EUR bn1 targets in EUR >8.5% 2026 – 2031 Offshore CAGR Regulated Grid Wind +10% ~4.55 Infrastructure average IRR 2 for new power 7 generation projects ~3.15 ~2.9
Slide 8: Strong strategy execution and operational delivery reinforce investment programme
Strong strategy execution and operational delivery reinforce investment programme Great strategy execution Strong operational delivery in H1 2026 in H1 2026 >15 GW 9.9% Strategic expansion into regulated grid infrastructure by increasing stake in electricity TSO Amprion to 55% new secured income IRR
Slide 9: Well positioned to capitalise on multiple growth catalysts
Well positioned to capitalise on multiple growth catalysts Regulatory tailwinds & Strong pipeline & investment opportunities attractive sites Auction for new-build flexible generation in Germany in 2026/2027 >3 GW of gas new-build capacity ready to bid Introduction of a capacity market in Germany wi
Slide 10: Attractive long-term earnings growth and visibility driving shareholder value creation
Attractive long-term earnings growth and visibility driving shareholder value creation Disciplined Strong balance High earnings Mid-term adj. EPS Attractive capital allocation sheet with visibility through growth with 10% shareholder balancing growth leverage at the a growing share of CAGR to 2031 r
Slide 11: Strong financial delivery & increased earnings growth
H1 2026 Strong financial delivery & increased earnings growth Michael Müller, CFO 13 August 2026 H1 2026 Results
Slide 12: Strong earnings development due to portfolio growth, better offshore wind conditions and a compensation payment
Strong earnings development due to portfolio growth, better offshore wind conditions and a compensation payment Adj. EBITDA in EUR m • Offshore Wind earnings higher due to +919 normalised wind conditions 3,011 • Onshore Wind/Solar result increased due to organic growth 810 • Flexible Generation sign
Slide 13: Adjusted EPS increased more than 60% on the back of strong adjusted EBITDA
Adjusted EPS increased more than 60% on the back of strong adjusted EBITDA Adj. net income in EUR m • Adj. depreciation higher due to H1 2025 H1 2026 organic growth • Adj. financial result improved due 2,092 Adj. EBITDA 3,011 to higher capitalised interest -1,008 Adj. depreciation -1,226 • Adj. tax
Slide 14: Adjusted operating cash flow marked by seasonal effects in working capital
Adjusted operating cash flow marked by seasonal effects in working capital Reconciliation to adj. operating cash flow for H1 2026 in EUR m 3,011 -1,149 -2,712 305 -214 -759 Adj. EBITDA Changes in Changes in Cash Cash Adj. operating provisions/ operating financial result taxes cash flow (non-) cash i
Slide 15: Net debt driven by growth investments and the capital increase
Net debt driven by growth investments and the capital increase Development of net debt in H1 2026 in EUR bn 1.0 -3.9 15.0 6.3 -0.1 10.9 0.8 Net debt Adj. operating Net cash Dividends Other changes in Changes in Net debt 31 Dec 25 cash flow investments net financial debt provisions1 30 Jun 26 Net cas
Slide 16: Outlook upgraded for full year 2026
Outlook upgraded for full year 2026 Group outlook FY 2026 Divisional outlook FY 2026 in EUR m in EUR m Outlook Adj. EBITDA Outlook Adj. EBITDA 5,750 – 6,350 Offshore Wind 1,650 – 2,150 Adj. depreciation approx. -2,450 Onshore Wind/Solar 1,750 – 2,250 Adj. EBIT 3,300 – 3,900 Flexible Generation 1,500
Slide 17: Appendix
Appendix 13 August 2026 H1 2026 Results
Slide 18: New guidance 2026 and 2027
New guidance 2026 and 2027 € million 2026 2027 Offshore Wind 1,650 – 2,150 2,000 – 2,500 Onshore Wind/Solar 1,750 – 2,250 2,250 – 2,750 Flexible Generation 1,500 – 1,900 1,450 – 1,850 Regulated Grid Infrastructure - 450 – 500 Supply & Trading 100 – 500 100 – 500 Other/Consolidation 100 – 2001 -200 –
Slide 19: Sensitivities
Sensitivities Commodity Adj. EBITDA prices1 sensitivities 2026 2027 in EUR m 2026 2027 Power Base DE €/MWh el 111 93 Offshore +/- 1 EUR/MWh 4 6 Carbon EUA €/t CO2 80 83 Onshore/Solar +/- 1 EUR/MWh 1 2 Gas TTF €/MWh th 44 35 Europe Power Base UK £/MWh el 98 81 Onshore/Solar +/- 1 EUR/MWh 1 3 US Carbo
Slide 20: 10.3 GW of capacity under construction
10.3 GW of capacity under construction Development of our renewables and flexible generation portfolio GW pro rata1 +10.3 3.0 51.3 0.4 2.3 2.5 1.4 0.8 0.5 1.5 0.9 0.5 (US) (Europe) (US) (Europe) 40.4 41.0 3.1 (US) (Europe) 0.6 31 Dec 2025 Net capacity 30 Jun 2026 Offshore Onshore Solar Batteries Fle
Slide 21: Offshore Wind: Earnings increased mainly driven by normalised wind conditions
Offshore Wind Earnings increased mainly driven by normalised wind conditions Key financials H1 2026 – Offshore Wind Adj. EBITDA H1 2026 vs. H1 2025 in EUR m H1 2026 H1 2025 Change Normalised wind conditions Adj. EBITDA 810 643 167 Leasing effect from long-term charter of installation vessels (EBIT n
Slide 22: Onshore Wind/Solar: Earnings up on the back of organic growth and better wind conditions in Europe
Onshore Wind/Solar Earnings up on the back of organic growth and better wind conditions in Europe Key financials H1 2026 – Onshore Wind/Solar Adj. EBITDA H1 2026 vs. H1 2025 in EUR m H1 2026 H1 2025 Change Higher earnings due to organic growth Adj. EBITDA 1,016 830 186 Better wind conditions in Euro
Slide 23: Flexible Generation: Higher earnings on the back of a compensation payment and higher capacity payments in the UK
Flexible Generation Higher earnings on the back of a compensation payment and higher capacity payments in the UK Key financials H1 2026 – Flexible Generation Adj. EBITDA H1 2026 vs. H1 2025 in EUR m H1 2026 H1 2025 Change EUR 332 m compensation for production restrictions of Adj. EBITDA 1,025 606 41
Slide 24: Supply & Trading: Strong trading performance in Q2 after a weak start into the year in Q1
Supply & Trading Strong trading performance in Q2 after a weak start into the year in Q1 Key financials H1 2026 – Supply & Trading Adj. EBITDA H1 2026 vs. H1 2025 in EUR m H1 2026 H1 2025 Change Strong trading performance in Q2 2026 Adj. EBITDA 134 16 118 t/o non-recurring items - - - Adj. EBITDA Ou
Slide 25: Phaseout Technologies: Adjusted cash flow lower due to lower hedged margins
Phaseout Technologies Adjusted cash flow lower due to lower hedged margins Key financials H1 2026 – Phaseout Technologies Adj. cash flow H1 2026 vs. H1 2025 in EUR m H1 2026 H1 2025 Change Lower hedged margins Adj. cash flow -427 -315 -112 Cost reductions Better availability (outage of Neurath F in
Slide 26: Economic net debt
Economic net debt Net assets/net debt in EUR m 30 Jun 2026 31 Dec 2025 +/- Net debt definition Cash and cash equivalents 6,106 7,734 -873 • Net debt does not contain Marketable securities 7,107 5,994 1,113 mining provisions, which Other financial assets 1,783 1,004 779 essentially cover our Financia
Slide 27: Your contacts in Investor Relations
Your contacts in Investor Relations Where to meet us Important Links • 01 Sep 26: DB European Utilities Conference • 22-23 Sep 26: GS & Berenberg Conference • Annual and interim reports & statements • 02 Sep 26: GS Utilities Virtual IR Day • 28 Sep 26: Mizuho’s Investor Conference • Financial Calend