Enbw Energie Baden-wuerttemberg Ag · XETR:EBK

Enbw Energie Baden-wuerttemberg — EnBW Energie Baden-Württemberg — 3M 2024 Earnings Presentation

27 slides from Enbw Energie Baden-wuerttemberg's earnings presentation, May 14, 2024

  1. Slide 1: 3M 2024 results

  2. Slide 2: 3M 2024 financials in line with expectations

    3M 2024 financials in line with expectations • Group adj. EBITDA of €1.3 bn reflects lower power prices • Outlook for 2024 confirmed backed by resilient operations ESG & sustainable finance • CDP score raised to leadership level (A-) • Issuance of €0.5bn green subordinated bond in January 2024 to fi

  3. Slide 3: 67% low-risk earnings

    in € m in € m 1,756 713 1,345 517 67% low-risk -23% earnings -28% 3M 20232 3M 2024 3M 20232 3M 2024 1 Attributable to the shareholders of EnBW AG. I 2 Previous year’s figures restated. 3

  4. Slide 4: Sustainable generation infrastructure earnings

    in € m 1,267 • Increase in earnings from run-of-river and offshore » » 437 • Increased capacity due to reallocation of pumped storage assets 798 • Lower realized electricity prices » 331 830 -37% • Significantly lower realized hedged generation margins » » » 467 • Absence of income from nuclear gene

  5. Slide 5: System critical infrastructure earnings

    in € m » »  Organic growth from new projects 585 574  Good grid reserve and redispatch performance  Higher personnel expenses » -2% 3M 2023 3M 2024 5

  6. Slide 6: Smart infrastructure for customers earnings

    in € m Seasonally lower procurement prices due to market normalization » »   Good underlying performance, in particular from B2B at EnBW's subsidiaries 78 0 3M 2023 3M 2024 6

  7. Slide 7: 90% of total investments in growth projects

    in € m Net cash investments Co-financing / Divestments 1,337 8% 23% Sustainable Generation Infrastructure 749 1,054 Renewable Energies 31% Thermal Generation and Trading System Critical Infrastructure Smart Infrastructure for Customers 711 79% 282 38% 38 3M 20231 3M 2024 90% of total investments in

  8. Slide 8: Retained cash flow

    in € m  Lower operating earnings » » 1,758  Higher dividends 1,095 -38% 3M 20231 3M 2024 1 Previous year’s figures restated. 8

  9. Slide 9: Net debt development

    in € bn -0.2% 1.1 11.7 • Debt repayment 11.5 -0.3 potential target of -0.1 ≥15% 0.2 • Securing solid -1.1 investment grade ratings A-/Baa1 Net debt RCF Adjusted Net cash Subordinated Change in pension Net debt 31.12.2023 working capital investments bond provisions 31.3.2024 9

  10. Slide 10: Outlook 2024

    in € bn • Decline on the back of the falling energy prices and lower hedged generation margins 4.6 2.6 - 3.1 • Increased capacity in renewables 4.6 – 5.2 1.8 1.9 - 2.2 • Higher earnings from grids through returns 2023: 6.4 from increased investments • No repeat of negative one-offs 2023 0.2 0.25 - 0

  11. Slide 11: Questions & Answers

    —EnBW > Questions & Answers

  12. Slide 12: Additional information

    —EnBW > Additional information

  13. Slide 13: Non-operating result

    in € m 3M 2024 3M 2023 Change in % Income/expenses relating to nuclear power -9.6 -95.9 -90 Result from disposals 0.9 4.0 - Restructuring -5.6 -6.8 -18 Valuation effects 463.5 1,977.8 -77 Other non-operating result 33.8 319.3 -89 Non-operating EBITDA 483.0 2,198.4 -78 Impairment losses 0.0 -0.1 - No

  14. Slide 14: Net debt composition

    in € m 17,498 -1,500 -6,265 10,257 11,484 -8,506 7,492 Financial debt and others 50% equity Operating cash & Net financial debt Pension and nuclear Dedicated financial assets Net debt credit from cash equivalents power provisions (net) subordinated bonds 1 As of 31 March 2024. 14

  15. Slide 15: Change in working capital

    in € m 59 -172 -159 -987 756 -677 -1,008 Trade receivables/payables, Inventories and obligations Other assets and liabilities Change in Change in EEG funds Change in non- Change in working capital services not yet invoiced, from emission rights adjusted working capital operating valuation advance pa

  16. Slide 16: Adjusted income statement

    in € m 3M 2024 3M 2023 Change in % Adjusted EBITDA 1,344.9 1,755.8 -23 Amortization and depreciation -397.9 -424.1 6 Adjusted EBIT 947.0 1,331.7 -29 Investment and financial result 42.1 -128.0 - Adjusted EBT 989.1 1,203.7 -18 Income tax -250.5 -259.1 3 Adjusted Group net profit 738.6 944.6 -22 of wh

  17. Slide 17: Retained cash flow development

    in € m -38% 1,758 1,345 81 -179 1,204 -96 57 -99 94 1,094 -110 Adjusted Non-cash items Taxes paid Payments in Interest & Interest paid Others FFO Declared RCF RCF EBITDA in adj. EBITDA relation to dividends dividends 3M 2024 3M 20231 3M 2024 ALM model received 1 Previous year’s figures restated. 17

  18. Slide 18: Funds from operations and retained cash flow

    in € m 3M 2024 3M 2023 Change in % EBITDA 1,827.9 3,954.2 -54 Changes in provisions excluding obligations from emission rights -81.3 -51.9 57 Neutral valuation effects derivatives -463.5 -1,977.8 -77 Other non-cash-relevant income/expenses 80.5 -68.4 - Income tax paid -190.5 -123.3 55 Interest and d

  19. Slide 19: EnBW follows a risk mitigating hedging strategy

    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 and emission allowances 70 - 90 • Sales contracts clo

  20. Slide 20: Financing sources and liquidity

    in € bn Other sources undrawn utilized • EIFO2 covered bank loan of €0.5 bn with a consortium, partial amount of €0.25 bn utilized 10.0 • Financing activities in the form of bank loans and promissory notes in subsidiaries 1.2 8.8 3.9 3.0 2.0 1.9 1.5 3.7 0.9 1.7 0.5 0.2 0.2 Debt issuance US private P

  21. Slide 21: Bond maturity profile

    in € m, as of 31 March 2024 Senior bonds First call dates of green subordinated bonds Green subordinated bonds First call dates of subordinated bonds Subordinated bonds Green senior bonds 1,669 1,650 1,500 500 650 5004 1,000 1,000 950 1,000 1,000 5002 751 750 700 5006 500 500 5001 5001 5007 500 500

  22. Slide 22: Credit ratings: Moody's and S&P

    Baa1 / stable A- / stable Latest update Latest update 10 January 2024 15 November 2023 • Leadership position as vertically integrated utility • Diversified and integrated position throughout the energy supply chain, within Baden-Württemberg which has demonstrated its resilience across different econ

  23. Slide 23: ESG ratings

    A Average B Prime Status 29.4 Medium Risk A- Leadership 1 MSCI Scale: AAA to CCC (Leader AAA – AA; Average A – BB, Laggard B – CCC). I 2 ISS ESG Scale: A+ to D- (absolute best-in-class basis; Prime Status awarded). I 3 Sustainalytics Scale: 0 to 40+ 23 (Risk Score: negligible (0-10); low (10-20); me

  24. Slide 24: Investor Relations contacts

    SVP Finance, M&A and Head of Head of Finance Investor Relations Investor Relations ma.muench@enbw.com l.zikmundova@enbw.com p.berlin@EnBW.com +49 721 63 16 102 +49 721 63 12 210 +49 721 63 12 844 Senior Manager Manager Manager Investor Relations Investor Relations Investor Relations j.vonwietersheim

  25. Slide 25: Financial calendar and publications

    August 2024, 01:00 p.m. CEST Integrated Annual Report 2023 9 Publication of figures for 6M 2024 Investor and analyst conference call Green Bond Impact Report 2023 November 2024, 01:00 p.m. CET Investor presentation 12 Publication of figures for 9M 2024 Investor and analyst conference call Factbook 2

  26. Slide 26: Disclaimer

    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 deemed to be, recommendation t

  27. Slide 27: Investor Relations

    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: Dr. Georg Stamatelopoulos (Chairman)

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