Enbw Energie Baden-wuerttemberg Ag · XETR:EBK
Enbw Energie Baden-wuerttemberg — EnBW Energie Baden-Württemberg — FY2024 Earnings Presentation
30 slides from Enbw Energie Baden-wuerttemberg's earnings presentation, Mar 26, 2025
Slide 1: FY 2024 results
Slide 2: Dr. Georg Stamatelopoulos, Chief Executive Officer
—EnBW — Dr. Georg Stamatelopoulos Chief Executive Officer
Slide 3: FY24 adjusted EBITDA guidance reached across all segments
FY24 adjusted EBITDA guidance reached across all segments €4.9 bn 71% benefitting from EnBW‘s broadly diversified setup delivering high Adj. EBITDA Low-risk earnings share of low-risk earnings FY 2023: €6.4 bn FY 20231: 55% Laying the foundation for growth with substantial investments focusing on gr
Slide 4: Portfolio transformation key figures
6.6 GW -0.5 GW (to 3.1 GW) >2.1 GW Renewable installed capacity Coal-based generation capacity yoy1 New flexible power incl. grid booster2 59%/63% 4% >1,200 km Renewable capacity/generation Coal-based revenues Main electricity grids projects in execution >25 GW -15% >6,000 Wind and solar pipeline CO
Slide 5: Flexible merchant fuel switch power plants and grid booster
Flexible merchant fuel switch power plants ~2 GW in total • 3 H2-ready dispatchable CCGTs with 1.5 GW in total + grid booster • All under construction with first COD in 2025 • Immediate 55% carbon reduction with switch to natural gas Grid stabilization power plant Marbach • 300 MW, started operation
Slide 6: ~7 GW offshore pipeline
He Dreiht (under construction) • With 960 MW one of the largest offshore wind farms in Germany • Construction well on track with all 64 foundations in only 3 months installed; COD end of 2025 Hier He Dreiht • More than half of capacity secured via PPAs Morven Dreekant Dreekant (site secured) • 1 GW
Slide 7: Grid and hydrogen infrastructure projects
SuedLink1 (under construction) • One of the largest energy infrastructure projects in Germany • 700 km, 100% underground, high-voltage • Transmits 2 x 2 GW of wind power • ~130 km currently under construction; COD 2028 Corridor A-Nord Ultranet1 (under construction) • 340 km, 100% overhead, high-volt
Slide 8: Thomas Kusterer, Deputy CEO and Chief Financial Officer
—EnBW Thomas Kusterer Deputy CEO and Chief Financial Officer
Slide 9: FY24 performance meets expectations
FY24 performance meets expectations with good adj. EBITDA in line €4.9 bn €6.2 bn with market normalization while capturing growth opportunities in Adj. EBITDA Gross invest the mid- and long-term through significant investments FY 2023: €6.4 bn FY 2023: €4.9 bn Key milestones in sustainable finance
Slide 10: Adjusted EBITDA by segment
in € m 6,365 €4.6 – 5.2 bn Guidance 2024 - Pumped storage earnings contribution below exceptionally high level 4,903 in the previous year 2,901 1,408 1,225 1,746 71% low-risk - Return to normalized earnings with reduced volatility in energy markets 55% low-risk earnings earnings -23% 2,243 1,772 + H
Slide 11: Sustainable Generation Infrastructure adjusted EBITDA
in € m 4,648 €2.6 – 3.1 bn Guidance 2024 - Lower earnings from pumped storage due to declining price levels + Increase in earnings from run-of-river 2,901 2,633 1,408 - Lower realized hedged generation margins due to market normalization - Reduced volatility and less favorable gas market conditions
Slide 12: System Critical Infrastructure adjusted EBITDA
in € m €1.9 – 2.2 bn Guidance 2024 + Higher earnings as a result of increased investments in grid expansion and reinforcement 2,243 + Lower expenses for maintaining grid reserve and redispatch 1,772 - Increased personnel expenses and higher costs for operation and maintenance +27% FY 2023 FY 2024 •
Slide 13: Smart Infrastructure for Customers adjusted EBITDA
in € m €0.25 – 0.35 bn Guidance 2024 + Absence of negative prior-year effects from deconsolidation of our subsidiary bmp greengas1 - Lower sales volumes - Operational effects from our solar home storage subsidiary Senec 324 + E-mobility achieves EBITDA break-even 240 +35% FY 2023 FY 2024 • €643 m (F
Slide 14: Adjusted net profit and dividend payout
in € m 4,903 in € 29% -1,726 Dividend payout ratio 3,178 195 3,090 -282 1.60 -899 1.50 -688 1,504 +7% Adj. EBITDA Adj. Adj. EBIT Adj. investment Adj. financial Adj. EBT Adj. income tax Adj. share Adj. net profit FY 2023 FY 20242 FY 2024 amortization & FY 2024 result result FY 2024 attributable to FY
Slide 15: Net cash investments
in € m Net cash investments Co-financing/divestments 6,242 1% 10% 4,903 23% Sustainable Generation Infrastructure Renewable Energies 5,197 2,740 €6.2 bn Thermal Generation and Trading FY 2024 System Critical Infrastructure 13% Smart Infrastructure for Customers +27% Other/consolidation 2,163 54% 1,0
Slide 16: Funds from operations and retained cash flow
in € m 4,903 -53% -147 4,832 -937 -382 -48 3,030 -359 -758 2,272 Adjusted EBITDA Non-cash items Taxes paid Payments in Dividends Others FFO Declared RCF RCF FY 2024 in adj. EBITDA relation to received & dividends FY 2024 FY 2023 ALM model1 interests paid/received 1 Asset Liability Management Model:
Slide 17: Debt repayment potential at top end of target range
in € bn +22% • Debt repayment potential achieved at 5.2 top end of 13 – 16% 0.2 14.2 target range for 2024 -0.8 11.7 with 16% and in line with the long-term 0.2 target of ≥15%2 -2.3 • Commitment to maintain solid investment grade ratings Net debt RCF Adjusted Net cash CTA1 Others Net debt 31.12.2023
Slide 18: 2025 adjusted EBITDA outlook
in € bn • Contribution of wind and solar assets commissioned during 2025 2.6 2.4 - 2.7 • Normalized price levels on energy markets 4.8 – 5.3 2.2 2.3 - 2.6 • Higher earnings from grids thanks to 2024: 4.91 substantial investments • Emerging dynamics in the B2B and B2C 0.3 0.25 - 0.35 business • Furth
Slide 19: Q&A
Q&A Dr. Georg Stamatelopoulos Thomas Kusterer Chief Executive Officer Deputy CEO and Chief Financial Officer
Slide 20: Additional information
—EnBW — Additional information
Slide 21: Change in working capital
in € m 33 -210 282 -888 -716 396 -893 Trade receivables/payables, Inventories and obligations Other assets and liabilities Change in Change in EEG Change in non- Change in working capital services not yet invoiced, from emission rights adjusted working capital fund and other operating valuation adva
Slide 22: Net debt bridge
in € bn 20.7 -1.3 -6.3 -8.4 9.5 14.2 11.0 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 31 December 2024. 22
Slide 23: 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 ≥95 • Sales contra
Slide 24: Financial debt currency and fixed/floating mix
in % 16 32 3 4 1 5 1 4 Currency Fixed/ 3 ~€16.1 bn mix1 floating mix 72 90 97 Public senior Promissory Notes Public hybrid EUR CHF GBP Fix Private placement USPP AUD USD JPY Floating As of 31 December 2024. | 1 May not add up to 100% due to rounding. 24
Slide 25: Bond maturity profile and green bonds ratio
in € bn As of 31 December 2024 Senior bonds Green First call dates of hybrid bonds bonds ratio: 2.610 54% 2.0 1.7 1.8 0.56 1.5 0.51 1.48 0.54 1.2 1.0 1.0 0.7 0.7 1.55 0.6 1.22 0.53 0.57 1.0 0.29 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 ≥2040 1 First call date: green
Slide 26: Credit and ESG ratings
AA Leader Baa1 / stable2 B Prime status 23.6 Medium risk A- / stable2 A-3 Leadership 1 As of March 2025. | 2 Moody’s: latest update and credit opinion published on 22 October 2024.I S&P: latest update published on 23 September 2024 and latest full analysis on 23 August 2024. | 3 CDP Climate Change r
Slide 27: Investor Relations contacts
SVP Finance, M&A Head of Investor Relations and Investor Relations +49 721 63 16 102 +49 721 63 12 210 ma.muench@enbw.com l.zikmundova@enbw.com Senior Manager Manager Manager Investor Relations Investor Relations Investor Relations +49 721 63 12 060 +49 711 289 86 056 +49 721 63 12 69 j.vonwietershe
Slide 28: Financial calendar and downloads
8 May 2025, 10:00 a.m. (CEST) Download now (PDF, 4.7 MB) Download now (PDF, 3.6 MB) Download now (PDF, 11.5 MB) 13 May 2025, 2:00 p.m. (CEST) Investor and analyst conference call Download now (PDF, 5.6 MB) Download now (PDF, 8.6 MB) 8 August 2025, 2:00 p.m. (CEST) Investor and analyst conference cal
Slide 29: 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 30: 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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