Enbw Energie Baden-wuerttemberg Ag · XETR:EBK
Enbw Energie Baden-wuerttemberg — EnBW Energie Baden-Württemberg — 6M 2026 Earnings Presentation
24 slides from Enbw Energie Baden-wuerttemberg's earnings presentation, Aug 7, 2026
Slide 1: 6M 2026 results
7 August 2026 6M 2026 results Thomas Kusterer Deputy CEO and CFO Marcel Münch SVP Finance, M&A and Investor Relations
Slide 2: 6M 2026 – Highlights
6M 2026 results 6M 2026 – Highlights Good and resilient Relentless operational Major energy policy earnings execution reforms amid ongoing geopolitical on strategic growth priorities taking shape in Germany tensions and volatile markets 2
Slide 3: Good and resilient earnings, 2026 guidance confirmed
6M 2026 results Good and resilient earnings, 2026 guidance confirmed FY26 guidance confirmed €2.3 bn 79% Adj. EBITDA Low -risk earnings €4.6 – 5.1 bn 6M 2025: €2.4 bn Group adj. EBITDA FY2026 Regulated grids and secured revenues from renewables €2.4 bn 84% in low -risk activities €13.9 bn Robust bal
Slide 4: Relentless operational execution
6M 2026 results Relentless operational execution Sustainable Generation Smart Infrastructure for System Critical Infrastructure Infrastructure Customers SuedLink converter Renewables ' share of 2 GW close to completion 72% record total installed capacity > 9 ,000 EnBW’s fast -charging points in Germ
Slide 5: He Dreiht – setting a new benchmark for German offshore wind
6M 2026 results He Dreiht – setting a new benchmark for German offshore wind Germany’s largest offshore wind farm nearing completion He Dreiht Baltic 1 (EnBW’s 1st offshore • First subsidy -free offshore wind farm wind farm) worldwide 960 MW • First commercial deployment of 15 MW Installed capacity:
Slide 6: Major energy policy reforms taking shape in Germany
6M 2026 results Major energy policy reforms taking shape in Germany StromVKG adopted Grid Package progressing EEG Reform underway Capacity market framework Faster grid & RES integration Investor -friendly renewables taking shape framework • 9 GW of new dispatchable capacity • Better coordination of
Slide 7: Resilient earnings with a strong contribution from low-risk activities
6M 2026 results Resilient earnings with a strong contribution from low -risk activities Adjusted EBITDA (in € m) €4.6 – 5.1 bn System Critical Infrastructure -6% Guidance 2026 2,420 • Higher grid earnings from prior -year investments 2,268 Renewable Energies 1,290 1,298 • Poor hydro levels outweighe
Slide 8: Robust performance backed by asset-based earnings growth
6M 2026 results System Critical Infrastructure Robust performance backed by asset -based earnings growth Adjusted EBITDA (in € m) €2.5 – 2.8 bn Guidance 2026 Transmission and distribution grids + 1% + Growing regulated asset base translates into higher earnings in 1,298 electricity and gas grids 1,2
Slide 9: Renewables holding up well despite adverse hydro conditions, weaker thermal generation and trading
6M 2026 results Sustainable Generation Infrastructure Renewables holding up well despite adverse hydro conditions, weaker thermal generation and trading Adjusted EBITDA (in € m) €2.0 – 2.3 bn Renewable Energies Guidance 2026 - Dry weather conditions affecting hydropower, and margins -26% 1,081 + Pos
Slide 10: Strong earnings growth in retail driven by e-mobility
6M 2026 results Smart Infrastructure for Customers Strong earnings growth in retail driven by e -mobility Adjusted EBITDA (in € m) €0.4 – 0.5 bn Guidance 2026 Customer and e -mobility business + Higher charging volumes driven by continued s trong e-mobility momentum, supported by accelerated BEV ado
Slide 11: Adjusted net profit in line with adjusted EBITDA development
6M 2026 results Adjusted net profit in line with adjusted EBITDA development (in € m) 2,268 103 1,392 1,379 -876 -116 vs. 6M 2025 -6% -316 595 -468 Adj. EBITDA Adj. amortization Adj. EBIT 6M 2026 Adj. investment Adj. financial result Adj. EBT 6M 2026 Adj. income tax Adj. share Adj. net profit 6M 202
Slide 12: Investments aligned with grid expansion, project progression and disciplined portfolio management
6M 2026 results I nvestments aligned with grid expansion, project progression and disciplined portfolio management Total investments Investments by segments (in € m) (in %) Net cash investments Co -financing/divestments -22% 1% 8% 3,107 7% System Critical Infrastructure 2,432 Sustainable Generation
Slide 13: Retained cash flow lower year-on-year due to increased non-cash items and dividends
6M 2026 results Retained cash flow lower year -on-year due to increased non -cash items and dividends (in € m) 2,268 -24 - 27% -303 1,678 -199 -78 14 1,081 786 -892 Adjusted EBITDA Non -cash items Taxes Payments in Dividends Others FFO Declared RCF RCF 6M 2026 in adj. EBITDA relation to received & d
Slide 14: Net debt slightly up since year-end driven by net cash investments
6M 2026 results Net debt slightly up since year -end driven by net cash investments (in € bn) +6% 2.0 0.01 13.9 -0.25 • Debt repayment -0.1 13.2 potential target of ≥15%1 • Commitment to -0.8 -0.1 maintain solid investment grade ratings Net debt Retained Adjusted Net cash Equity credit of Change in
Slide 15: FY26 earnings guidance confirmed, backed by EnBW's robust and resilient setup
6M 2026 results FY26 earnings guidance confirmed, backed by EnBW’s robust and resilient setup (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 grid -loss effects Sustainabl
Slide 16: Questions & Answers
—EnBW es ) Questions & Answers
Slide 17: Additional information
—EnBW eg] Additional information
Slide 18: Electricity generation hedge levels
6M 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
Slide 19: Well-diversified debt instruments
6M 2026 results Well -diversified debt instruments Capital market debt (in € bn) 3.5 0.6 0.2 0.4 0.9 0.2 0.1 0.7 Currency Fixed/ ~ €16.1bn 1 Mix 1 floating mix 0.6 0.7 10.6 14.1 15.7 Public senior Promissory Notes Public hybrid EUR CHF GBP Fix Private placement USPP AUD USD JPY Floating As of 30 Jun
Slide 20: Maturities of EnBW's bonds
6M 2026 results Maturities of EnBW’s bonds 1 (in € bn) As of 30 June 2026 Senior bonds Green First call dates of hybrid bonds bonds ratio: 59 % 2.0 2.0 0.5 1.8 0.5 1.5 1.3 1.3 1.2 0.5 0.5 1.0 0.5 1.5 1.5 0.7 0.5 0.5 0.5 1.0 0.3 0.8 0.7 0.2 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037
Slide 21: Financial calendar, important links and IR contacts
6M 2026 results Financial calendar, important links and IR contacts Upcoming events Key IR contacts Publication reporting 9M 2026 : 12 November 2026 Publication reporting 12M 2026 24 March 2027 Annual General Meeting 2027 13 May 2027 Marcel Münch Lenka Zikmundova SVP Finance, M&A Head of Investor Re
Slide 22: Important note (1/2)
6M 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
Slide 23: Important note (2/2)
6M 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
Slide 24: 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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