Enbw Energie Baden-wuerttemberg Ag · XETR:EBK

Enbw Energie Baden-wuerttemberg — EnBW Energie Baden-Württemberg — Q1 2026 Earnings Presentation

20 slides from Enbw Energie Baden-wuerttemberg's earnings presentation, May 12, 2026

  1. Slide 1: 3M 2026 results

    12 May 2026 3M 2026 results Thomas Kusterer Deputy CEO and CFO Lenka Zikmundova Head of Investor Relations

  2. Slide 2: Q1 delivers a solid foundation for FY26 with resilient earnings and strong operational execution

    3M 2026 results Q1 delivers a solid foundation for FY26 with resilient earnings and strong operational execution • Adjusted EBITDA of €1.2 bn in line with expectations; FY26 guidance confirmed • 81% of earnings generated from stable, low -risk business, led by grids, underpinning resilience in volat

  3. Slide 3: Adjusted EBITDA in line with expectations, driven by low-risk earnings

    3M 2026 results Adjusted EBITDA in line with expectations, driven by low -risk earnings Adjusted EBITDA (in € m) €4.6 – 5.1 bn System Critical Infrastructure -18% Guidance 2026 1,410 • Solid earnings from prior -year investments, partly offset by higher personnel expenses and a temporary effect 1,15

  4. Slide 4: Stable earnings backed by continued high investments

    3M 2026 results System Critical Infrastructure Stable earnings backed by continued high investments Adjusted EBITDA (in € m) €2.5 – 2.8 bn Guidance 2026 Transmission and distribution grids -3% + Higher earnings, particularly from electricity and gas distribution 684 grids, driven by substantial inve

  5. Slide 5: Lower earnings mainly driven by weaker thermal generation and trading performance

    3M 2026 results Sustainable Generation Infrastructure Lower earnings mainly driven by weaker thermal generation and trading performance Adjusted EBITDA (in € m) €2.0 – 2.3 bn Renewable Energies Guidance 2026 - Lower hydro levels across Germany, accompanied by declining spreads -38% 691 + Favorable w

  6. Slide 6: E-mobility remains strong and drives the retail segment

    3M 2026 results Smart Infrastructure for Customers E-mobility remains strong and drives the retail segment Adjusted EBITDA (in € m) €0.4 – 0.5 bn Guidance 2026 Customer and e -mobility business + Increased charging volumes and positive momentum in e -mobility + Higher sales volume in gas retail supp

  7. Slide 7: Adjusted net profit mainly reflects lower adjusted EBITDA

    3M 2026 results Adjusted net profit mainly reflects lower adjusted EBITDA (in € m) 1,158 33 717 -441 582 -168 vs. 3M 2025 -49% -134 227 -221 Adj. EBITDA Adj. amortization Adj. EBIT 3M 2026 Adj. investment Adj. financial result Adj. EBT 3M 2026 Adj. income tax Adj. share Adj. net profit 3M 2026 & dep

  8. Slide 8: Investments shaped by grid expansion, advanced project execution and selective portfolio optimization

    3M 2026 results Investments shaped by grid expansion, advanced project execution and selective portfolio optimization Total investments Investments by segments 1 (in € m) (in %) Net cash investments Co -financing /divestments -21% 8% 1% 1,480 10% System Critical Infrastructure 1,167 Sustainable Gene

  9. Slide 9: Retained cash flow marked by lower adjusted EBITDA, higher non-cash items and dividends

    3M 2026 results Retained cash flow marked by lower adjusted EBITDA, higher non -cash items and dividends (in € m) 1,158 - 42% 117 1,045 -236 -100 -23 798 -118 607 -191 Adjusted EBITDA Non -cash items Taxes Payments in Dividends Others FFO Declared RCF RCF 3M 2026 in adj. EBITDA relation to received

  10. Slide 10: Net debt broadly stable since year-end

    3M 2026 results Net debt broadly stable since year -end (in € bn) -4% 13.2 0.8 • Debt repayment potential target of 0.1 12.7 ≥15%1 -0.5 -0.6 -0.2 • Commitment to -0.2 maintain solid investment grade ratings Net debt Retained Adjusted Net cash Equity credit of Change in pension Others Net debt 31.12.

  11. Slide 11: FY26 earnings guidance reaffirmed, supported by EnBW's resilient, well-balanced integrated business model

    3M 2026 results FY26 earnings guidance reaffirmed, supported by EnBW’s resilient, well -balanced integrated business model (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

  12. Slide 12: Questions & Answers

    —EnBW es ) Questions & Answers

  13. Slide 13: Additional information

    —EnBW eg] Additional information

  14. Slide 14: Electricity generation hedge levels

    3M 2026 results 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 prices for necessary fuels

  15. Slide 15: Well-diversified debt instruments

    3M 2026 results Well -diversified debt instruments Capital market debt (in € bn) 4.0 0.8 0.2 0.4 0.9 0.2 0.1 Currency Fixed/ 0.7 ~ €17.3 bn 1 Mix 1 floating mix 0.6 0.7 11.3 15.1 16.9 Public senior Promissory Notes Public hybrid EUR CHF GBP Fix Private placement USPP AUD USD JPY Floating As of 31 Ma

  16. Slide 16: Maturities of EnBW's bonds

    3M 2026 results Maturities of EnBW’s bonds 1 (in € bn) As of 31 March 2026 Senior bonds Green First call dates of hybrid bonds bonds ratio : 58 % 2.0 2.0 1.7 0.5 1.8 0.5 1.5 0.5 1.3 1.3 1.2 0.5 0.5 1.0 0.5 1.5 1.5 0.7 1.2 0.5 0.5 1.0 0.3 0.8 0.7 0.2 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

  17. Slide 17: Important links and IR contacts

    3M 2026 results Important links and IR contacts IR contacts Annual Report 2025 Annual Report 2025 Quarterly Statement 3M 2026 Quarterly Statement 3M 2026 Factbook 2025 Marcel Münch Lenka Zikmundova Julia von Wietersheim Factbook 2025 SVP Finance, M&A Head of Investor Relations Senior Manager and Inv

  18. Slide 18: Important note (1/2)

    3M 2026 results 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 -looking measures) that a

  19. Slide 19: Important note (2/2)

    3M 2026 results 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 totals or differences o

  20. Slide 20: 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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