"We are currently operating in an increasingly difficult climate, one shaped above all by uncertainties in foreign and domestic policies. Given the aggressive tariff policies adopted by the US, the growth forecasts for Germany, which were already subdued, have been cut further. Not only that, key energy industry decisions by the new Federal Government, such as on the future of heating, are still outstanding", commented Dr. Gabriël Clemens, the new Chief Executive Officer of Mannheim-based energy company MVV Energie AG (ISIN: DE000A0H52F5; WKN: A0H52F) with regard to the company's results for the first half of the 2025 financial year (1 October 2024 - 31 March 2025).
At Euro 3.5 billion, MVV's adjusted sales fell significantly short of the previous year's very high figure (Euro 4.4 billion). This was due above all to the decline in wholesale electricity prices, as well as to lower electricity and gas turnover.
As expected by the energy company given the difficult market climate, its operating earnings (adjusted EBIT) of Euro 273 million also fell somewhat short of the figure for the first half of the previous year (Euro 299 million). Based on multiyear comparisons, however, earnings remained at a good level and benefited in particular from improved availabilities at generation plants in the Generation and Infrastructure reporting segment, as well as from higher income due to regulatory factors at grid companies. Cooler weather conditions overall impacted positively on MVV's earnings, while wind volumes were significantly lower than the very high previous year's figure. In the previous year, moreover, MVV had still received earnings contributions from additional revenues due to wholesale prices in its Commodity Services business field. These could not be repeated in the same way in the current year. "The bottom line is that, based on multiyear comparisons, we generated good earnings and again documented our resilience with our broad-based business model", commented Dr. Clemens in summarising MVV's first-half business performance.
From an operating perspective, MVV continues without amendment to expect that the Group's adjusted EBIT will amount to between Euro 350 million and Euro 400 million in the 2025 financial year and has thus confirmed its forecast.
Highest volume of first-half investment in past 10 years
"Our stable business performance forms the basis for future investments in generation technologies, infrastructures and products and services. This way, we are promoting the energy transition and making it possible to achieve further growth on our #climatepositive course. At the same time, it enables us to ensure a reliable, affordable and climate-friendly energy supply for our customers even in unpredictable times", stressed MVV's CEO. In view of this, the energy company had further stepped up its level of investment and invested a total of Euro 202 million in its climate-friendly energy future in the first six months of the 2025 financial year, more than Euro 50 million more than in the previous year's period. Dr. Clemens: "That is MVV's highest volume of first-half investment in the past ten years. It shows just how consistently we are implementing the heat transition, electricity transition and green customer solutions in line with our Mannheim Model."
To accelerate the heat transition in Mannheim and the region, in March 2025 MVV issued a Europe-wide call for tenders for its second river heat pump and is thus promoting the third stage of expansion for green district heat by 2030. The new plant, which will be located close to MVV's first river heat pump on the site of the Grosskraftwerk Mannheim (GKM) power plant, should have thermal capacity of around 150 megawatts (MWt). One of the largest plants of its kind in Europe, it will then supply climate-friendly heat to around 40,000 further households in the Rhine-Neckar metropolitan region. In addition, MVV plans to build a hydrogen-capable district heat reheater with a rated thermal input of up to 160 megawatts. Construction work on the two plants is due to start 2026, with operations scheduled to be launched in autumn 2028.
Overall, MVV has already invested around Euro 20 million in projects relating to green heat in Mannheim in the first half of the 2025 financial year alone. Further investment focuses of around Euro 50 million each involved expanding renewable energies and upgrading grid infrastructures for the energy transition. Furthermore, the company invested in extending its portfolio of climate-friendly products and services.
The complete Half-Year Financial Report can be found on the internet atmvv.de/investors.