Enbw Energie Baden-wuerttemberg Ag · XETR:EBK
Enbw Energie Baden-wuerttemberg — EnBW Energie Baden-Württemberg — 9M 2024 Earnings Presentation
26 slides from Enbw Energie Baden-wuerttemberg's earnings presentation, Nov 12, 2024
Slide 1: 9M 2024 results
Slide 2: 9M results highlights
• 9M results in-line across all segments returning to normality €3.7 bn €1.3 bn • 2024 guidance on track and confirmed Adj. EBITDA Adj. net profit1 9M 2023: €4.9 bn 9M 2023: €2.4 bn • MSCI upgrades EnBW to ESG leader (AA) AA A$1.0 bn • First green Australian $ bond successfully placed and very well
Slide 3: Adjusted EBITDA 9M 2024 by segment
in € m €4.6 - 5.2 bn 4,921 Guidance 2024 - Lower earnings from pumped storage due to decreased spreads 2,105 3,745 1,104 876 - Normalized earnings level after extraordinarily high earnings contribution 1,360 71% low-risk in previous year 57% low-risk earnings earnings -24% 1,772 1,428 + Higher earni
Slide 4: Sustainable Generation Infrastructure: Renewable Energies and Thermal Generation
in € m €2.6 – 3.1 bn 3,465 Guidance 2024 - Lower margins from pumped storage + Higher wind resources and water levels 1,360 1,981 876 - Market normalization with lower realized hedged generation margins 2,105 - Reduced volatility in commodity markets and lower market prices -43% 1,104 9M 20231 9M 20
Slide 5: System Critical Infrastructure
in € m €1.9 - 2.2 bn Guidance 2024 + Higher earnings due to returns from increased investments in grid 1,772 1,428 + Lower expenses for grid reserve and redispatch thanks to fewer requests and lower fuel costs - Higher personnel expenses +24% 9M 2023 9M 2024 • €1.7 bn (9M 2023: €1.4 bn) predominantl
Slide 6: Smart Infrastructure for Customers
in € m €0.25 - 0.35 bn Guidance 2024 + Absence of negative prior-year effect relating to deconsolidation of our subsidiary bmp greengas1 - Restructuring of the product portfolio and marketing expenses of our solar home storage subsidiary Senec 225 233 - Lower sales volumes +4% 9M 2023 9M 2024 • €468
Slide 7: Net cash investments
in € m Net cash investments Co-financing/divestments 3,873 1% 12% 2,801 29% Sustainable Generation Infrastructure Renewable Energies 3,394 €3.9 bn Thermal Generation and Trading 2,328 9M 2024 System Critical Infrastructure Smart Infrastructure for Customers +38% 44% Other/consolidation 14% 473 480 9
Slide 8: Retained cash flow
in € m -54% 3,745 -303 3,174 -629 -361 -47 -185 2,219 -756 1,463 Adjusted EBITDA Non-cash items Taxes paid Payments in Dividends Others FFO Declared RCF RCF 9M 2024 in adj. EBITDA relation to received & dividends 9M 2024 9M 2023 ALM model2 interests paid/received 1 Deviations due to rounding. | 2 As
Slide 9: Net debt development
in € bn +14% • Debt repayment 3.4 potential target of 0.1 13.3 ≥15%1 -0.3 -0.2 11.7 • Current credit ratings: A-/Baa1 0.1 -1.5 • Commitment to maintain solid investment grade ratings Net debt RCF Adjusted Net cash Equity credit of Change in pension Others Net debt 31.12.2023 working capital investme
Slide 10: Outlook 2024 adjusted EBITDA
in € bn • Lower energy prices due to normalized market environment 4.6 2.6 - 3.1 • Capacity growth in renewables 4.6 – 5.2 1.8 1.9 - 2.2 • Higher earnings from grids as a result of 2023: 6.41 increased investments • No repetition of negative one-offs 2023 0.2 0.25 - 0.35 • Restructuring of the produ
Slide 11: Questions & Answers
—EnBW > Questions & Answers
Slide 12: Additional information
—EnBW > Additional information
Slide 13: Adjusted earnings
in € m 9M 2024 9M 2023 Change in % Adjusted EBITDA 3,745 4,921 -24 Amortization and depreciation -1,247 -1,236 1 Adjusted EBIT 2,498 3,685 -32 Investment and financial result -114 -183 -38 Adjusted EBT 2,384 3,502 -32 Income tax -618 -905 -32 Adjusted Group net profit 1,766 2,598 -32 of which profit
Slide 14: Non-operating result
in € m 9M 2024 9M 2023 Change in % Income/expenses relating to nuclear power -59 -258 -77 Result from disposals -5 3 - Restructuring -18 -21 -15 Valuation effects 685 1,412 -52 Other non-operating result -53 -393 -87 Non-operating EBITDA 550 744 -26 Impairment losses 0 -389 - Non-operating EBIT 550
Slide 15: Funds from operations and retained cash flow
in € m 9M 2024 9M 2023 Change in % EBITDA 4,295 5,665 -24 Changes in provisions excluding obligations from emission rights -605 7 - Non-operating valuation effects derivatives -685 -1,412 -52 Other non-cash-relevant income/expenses -295 55 - Income tax paid -642 -592 8 Interest and dividends receive
Slide 16: Change in working capital
in € m 3 -60 -90 -287 225 -762 -912 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 payment
Slide 17: Net debt
in € bn 18.6 -1.5 -6.3 10.1 13.3 -7.6 9.5 Financial debt and others 50% equity Operating cash & Net financial debt Pension and nuclear Dedicated financial assets Net debt credit from hybrid bonds cash equivalents power provisions (net) 1 As of 30 September 2024. 17
Slide 18: 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 generation, whilst also hedging the prices for necessary fuels and emission allowances 90 - 100 • Sales c
Slide 19: Other financing sources
in € bn Other financing sources undrawn utilized • EIFO2 covered bank loan of €0.5 bn with a consortium, partial amount of €0.25 bn utilized 10.0 • Bank loans and promissory notes of subsidiaries 4.1 3.0 2.0 2.0 3.9 1.7 0.9 0.6 1.6 0.2 0.1 Debt issuance US private Promissory notes Hybrid bonds Comme
Slide 20: Bond maturity profile
in € bn As of 30 September 2024, i.e. before the call of the green €0.5bn hybrid (redeemed on 5 November 2024) and the A$1bn green dual-tranche bond with a maturity of 5 years (A$350m) and 10 years (A$650m) issued on 24 October 2024. 1.7 Senior bonds First call dates of hybrid bonds Hybrid bonds Gre
Slide 21: Credit ratings
Baa1 / A- / stable1 stable1 • Leadership position as vertically integrated utility • Strong EBITDA base with diversified and integrated position along energy within Baden-Württemberg supply chain demonstrated resilience across different economic and geopolitical cycles • High share of regulated earn
Slide 22: ESG ratings
AA Leader AAA – AA; Average A – BB; Laggard B – CCC Leader B absolute best-in-class basis; Prime Status awarded Prime status 28.0 Risk Score: negligible (0-10); low (10-20); medium (20-30); high (30-40); severe (40+) Medium risk A- Leadership A/A-; Management B/B-; Awareness C/C-; Disclosure D/D-; F
Slide 23: Investor Relations contacts
SVP Finance, M&A Head of Investor Relations Senior Manager and Investor Relations Investor Relations +49 721 63 16 102 +49 721 63 12 210 +49 721 63 12 060 ma.muench@enbw.com l.zikmundova@enbw.com j.vonwietersheim@enbw.com Manager Manager Manager Investor Relations Investor Relations Investor Relatio
Slide 24: Financial calendar
26 March 2025, 03:00 p.m. (CET) Download now (PDF, 4.7 MB) Investor and analyst conference call Download now (PDF, 3.6 MB) 8 May 2025, 10:00 a.m. (CEST) Download now (PDF, 11.5 MB) 13 May 2025, 02:00 p.m. (CEST) Download now (PDF, 5.6 MB) Investor and analyst conference call Download now (PDF, 8.6 M
Slide 25: 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
Slide 26: 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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