Enbw Energie Baden-wuerttemberg Ag · XETR:EBK
Enbw Energie Baden-wuerttemberg — EnBW Energie Baden-Württemberg — Q1 2025 Earnings Presentation
21 slides from Enbw Energie Baden-wuerttemberg's earnings presentation, May 2025
Slide 1: Q1 2025 Investor and Analyst Presentation
Thomas, Kusterer Deputy CEO and Chief Financial Officer Lenka Zikmundova Head of Investor Relations
Slide 2: Good operational performance in Q1 2025
• Good operational performance in Q1 2025 leading to Group adjusted EBITDA of €1.4 bn and in line with our guidance for 2025 • Capex acceleration progressing well across all segments with €1.5 bn • Successful return to the Swiss market with a bond issuance of CHF350 m • One of Germany's first H2-rea
Slide 3: Group adjusted EBITDA and guidance 2025
in € m €4.8 – 5.3 bn 1,345 1,410 Guidance 2025 388 - Poor wind and hydro conditions 467 303 331 70% low-risk - Lower realised hedged generation margins 67% low-risk earnings earnings 684 574 +5% + Higher earnings driven by increased grid investments 78 120 -105 -85 3M 2024 3M 2025 + Solid B2C and e-
Slide 4: Sustainable Generation Infrastructure: adj. EBITDA and guidance
in € m €2.4 – 2.7 bn 798 Guidance 2025 - Lower wind yields across Germany and reduced water flow 691 + Higher margins from pumped storage and run-of-river 467 388 - Lower realised hedged generation margins and weaker performance in gas business -13% + Earnings contribution from the new grid stabiliz
Slide 5: System Critical Infrastructure: adj. EBITDA and guidance
in € m €2.3 – 2.6 bn Guidance 2025 + Increased earnings due to returns from investments + Higher congestion revenues and lower costs for energy losses in the grid 684 - Personnel expenses 574 +19% 3M 2024 3M 2025 • €619 m (3M 2024: €414 m) predominantly in transmission grid projects 5
Slide 6: Smart Infrastructure for Customers: adj. EBITDA and guidance
in € m €0.25 – 0.35 bn Guidance 2025 + Solid B2C performance + Earnings contribution from e-mobility 120 78 +54% 3M 2024 3M 2025 • €104 m (3M 20241: €222 m) – predominantly in expanding the e-mobility charging infrastructure 1 Previous year’s figures restated. 6
Slide 7: From adjusted EBITDA to adjusted net profit
in € m 1,410 -430 980 25 -160 845 -14% -203 517 -200 442 Adj. EBITDA Adj. amortization Adj. EBIT 3M 2025 Adj. investment Adj. financial Adj. EBT 3M 2025 Adj. income tax Adj. share Adj. net profit Adj. net profit 3M 2025 & depreciation result result attributable to 3M 20251 3M 20241 non-controlling i
Slide 8: Net cash investments
in € m Net cash investments Co-financing/divestments 1,480 1,337 7% 1% Sustainable Generation Infrastructure 34% Renewable Energies 1,054 1,264 €1.5 bn Thermal Generation and Trading 3M 2025 System Critical Infrastructure 42% Smart Infrastructure for Customers +11% Other/consolidation 282 216 17% 3M
Slide 9: Adjusted EBITDA to retained cash flow
in € m 1,410 -6% -40 -98 -36 1,173 -63 -146 1,027 1,095 Adjusted EBITDA Non-cash items Payments in Dividends received Others incl. taxes FFO Declared dividends RCF RCF 3M 2025 in adj. EBITDA relation to & interests 3M 2025 3M 2024 ALM model1 paid/received 1 Asset Liability Management Model: manageme
Slide 10: Commitment to maintain solid investment grade
in € bn -6% 14.2 • Debt repayment 1.3 0.1 13.4 potential target of ≥15%2 -1.0 -0.3 • Commitment to -1.0 maintain solid investment grade ratings Net debt RCF Adjusted Net cash Change in pension Others Net debt 31.12.2024 working capital investments provisions 31.03.2025 1 Deviations due to rounding.
Slide 11: Outlook 2025
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 12: Questions & Answers
—EnBW > Questions & Answers
Slide 13: Additional information
—EnBW > Additional information
Slide 14: Change in working capital
in € m -123 952 27 -230 749 1,171 -97 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 15: Net debt composition
in € bn 20.8 -1.3 -6.2 -9.1 9.1 13.4 10.5 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 31 March 2025. Deviations due to rounding. 15
Slide 16: EnBW follows a 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, whilst also hedging the prices for necessary fuels and emission allowances 70 - 90 • Sales contracts clo
Slide 17: Financing structure by instrument and currency
in € bn 2.5 0.2 0.4 0.8 0.6 0.3 0.9 0.2 0.6 Currency Fixed/ ~€16.2 bn mix2 floating mix3 0.7 11.5 14.1 15.7 Public senior Promissory Notes Public hybrid EUR CHF GBP Fix Private placement USPP AUD USD JPY Floating 1As of 31 March 2025. | 2 Swapped to EUR or used for hedging purposes. | 3 Deviations d
Slide 18: Bond maturity profile and green bonds ratio
in € bn As of 31 March 2025 Senior bonds Green First call dates of hybrid bonds 2.0 bonds ratio: 1.7 1.8 53% 0.5 1.5 1.5 0.5 1.3 0.5 1.0 1.5 0.7 0.7 0.5 1.2 0.5 0.5 0.6 1.0 0.3 0.2 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 ≥2040 1 Further information on our website:
Slide 19: Financial calendar and IR contacts
8 August 2025, 2:00 p.m. (CEST) 13 November 2025, 2:00 p.m. (CET) 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 Download now
Slide 20: No offer or investment recommendation; forward-looking statements
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 21: 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)
EnBW Energie Baden-Württemberg — Q1 2025 Earnings Presentation on 6ix