Enbw Energie Baden-wuerttemberg Ag · XETR:EBK
Enbw Energie Baden-wuerttemberg — EnBW Energie Baden-Württemberg — H1 2025 Earnings Presentation
22 slides from Enbw Energie Baden-wuerttemberg's earnings presentation, Aug 8, 2025
Slide 1: 6M 2025 results
8 August 2025 6M 2025 results Thomas Kusterer Deputy CEO and Chief Financial Officer Marcel Münch SVP Finance, M&A and Investor Relations
Slide 2: Delivering solid results while advancing our strategic agenda
6M 2025 results Delivering solid results while advancing our strategic agenda through increased investments and diversified funding • EnBW’s balanced strategic set-up ensured resilient adjusted EBITDA performance in the first half of the year €2.4 bn Adj. EBITDA • 6M results aligned with full-year t
Slide 3: EnBW is actively contributing to the energy system transformation
6M 2025 results EnBW is actively contributing to the energy system transformation – fully integrated, fully committed Generation +220 MW +1.7 GW 0 GW renewables added in H1 to renewables under lignite-free by end of 6.8 GW total construction 20251 Grids 85% >260 of Ultranet completed, SuedLink DSO c
Slide 4: Solid results backed by grid business
6M 2025 results Solid results backed by grid business Adjusted EBITDA in € m €4.8 – 5.3 bn 2,588 Guidance 2025 Renewable Energies 2,420 - Lower wind speeds and below-average hydro generation 855 556 Thermal Generation and Trading 525 596 75% low-risk - Lower realised hedged generation margins and we
Slide 5: Earnings softened by weather headwinds and lower price levels
6M 2025 results Sustainable Generation Infrastructure Earnings softened by weather headwinds and lower price levels Adjusted EBITDA in € m €2.4 – 2.7 bn Renewable Energies 1,451 Guidance 2025 - Unfavorable weather for wind and hydro generation + Higher earnings from pumped storage and solar 1,081 85
Slide 6: Increased grid investments support earnings growth
6M 2025 results System Critical Infrastructure Increased grid investments support earnings growth Adjusted EBITDA in € m €2.3 – 2.6 bn Guidance 2025 Transmission and distribution grids + Increasing earnings from grid investments + Lower expenses for grid losses 1,290 1,157 - Higher expenses due to p
Slide 7: Positive momentum in both retail and e-mobility business
6M 2025 results Smart Infrastructure for Customers Positive momentum in both retail and e - mobility business Adjusted EBITDA in € m €0.25 – 0.35 bn Guidance 2025 Customer and e - mobility business + Improved earnings in B2C + E-mobility business with continued positive development - Higher overhead
Slide 8: Adjusted net profit at solid level of ~€0.6 bn in the first half
6M 2025 results Adjusted net profit at solid level of ~€0.6 bn in the first half of the year in € m 2,420 -866 1,554 82 -296 -32% 1,340 -324 927 -385 632 Adj. EBITDA Adj. amortization Adj. EBIT Adj. investment Adj. financial Adj. EBT Adj. income tax Adj. share Adj. net profit Adj. net profit 6M 2025
Slide 9: Consistent investment acceleration powers the sustainable transformation
6M 2025 results Consistent investment acceleration powers the sustainable transformation of the energy system Total investments Investments by segments 2 in € m Net cash investments Co-financing/divestments 3,107 7% 1% 2,480 28% Sustainable Generation Infrastructure Renewable Energies 2,933 €3.1 bn
Slide 10: Retained cash flow up year-on-year, benefitting from lower tax outflows
6M 2025 results Retained cash flow up year - on - year, benefitting from lower tax outflows Retained cash flow in € m 2,420 33 -195 -90 -330 1,838 +18% -757 1,081 914 Adjusted EBITDA Non-cash items Payments in Dividends received Others incl. taxes FFO Declared dividends RCF RCF 6M 2025 in adj. EBITD
Slide 11: Net debt increase in line with accelerated investments
6M 2025 results Net debt increase in line with accelerated investments Net debt 1 in € bn +7% 2.9 0.2 15.3 • Debt repayment -0.2 14.2 potential target of ≥15%2 -1.1 • Commitment to -0.7 maintain solid investment grade ratings Net debt Retained Adjusted Net cash Change in pension Others Net debt 31.1
Slide 12: 2025 earnings guidance confirmed across Group and all segments
6M 2025 results 2025 earnings guidance confirmed across Group and all segments in € bn FY 2024 Guidance 2025 • Contribution of wind and solar assets Sustainable Generation commissioned during 2025 Group Infrastructure 2.6 2.4 - 2.7 • Normalized price levels on energy markets 4.8 – 5.3 System Critica
Slide 13: Questions & Answers
—EnBW > Questions & Answers
Slide 14: Additional information
—EnBW > Additional information
Slide 15: Adjusted working capital
6M 2025 results Adjusted working capital 1 in € m -361 726 -55 616 975 -97 42 112 Trade Inventories and Other assets Change in Change in EEG Change in non- Construction Change in receivables/payables, obligations from and liabilities adjusted fund and other operating valuation cost subsidies working
Slide 16: Calculation of net debt
6M 2025 results Calculation of net debt 1 in € bn 20.2 -1.3 -6.2 9.1 -6.6 15.3 12.4 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 June 2025.
Slide 17: Electricity generation hedge levels
6M 2025 results Electricity generation hedge levels 1 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 18: Well-diversified debt instruments
6M 2025 results Well - diversified debt instruments Capital market debt 1 in € bn 2.5 0.2 0.4 0.8 0.6 0.3 0.9 0.2 0.6 Currency Fixed/ ~€15.7 bn mix2 floating mix3 0.7 11.0 13.6 15.2 Public senior Promissory Notes Public hybrid EUR CHF GBP Fix Private placement USPP AUD USD JPY Floating 1As of 30 Jun
Slide 19: Maturities of EnBW's bonds
6M 2025 results Maturities of EnBW’s bonds 1 in € bn As of 30 June 2025, i.e., prior the €500 m green hybrid issuance on 28 July 2025. Senior bonds Green First call dates of hybrid bonds bonds ratio: 2.0 53% 1.7 1.8 0.5 1.5 1.5 0.5 1.3 0.5 1.0 1.5 0.7 0.7 1.2 0.5 0.5 0.6 1.0 0.3 0.2 2026 2027 2028 2
Slide 20: Financial calendar, important links and IR contacts
6M results 2025 Financial calendar, important links and IR contacts Upcoming events Key IR contacts Publication reporting 9M 2025 13 November 2025, 2:00 p.m. (CET) Publication reporting 12M 2025 25 March 2026, 2:00 p.m. (CET) Annual General Meeting 2026 7 May 2026, 10:00 a.m. (CEST) Important links
Slide 21: Important note
6M results 2025 Important note 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
Slide 22: EnBW Energie Baden-Württemberg AG Investor Relations
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:
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