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EnBW Energie Baden Wuerttemberg AG
XMUN:EBK

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EnBW Energie Baden Wuerttemberg AG Logo
EnBW Energie Baden Wuerttemberg AG
XMUN:EBK
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Price: 68.6 EUR Market Closed
Market Cap: €18.6B

EnBW Energie Baden Wuerttemberg AG
Investor Relations

EnBW Energie Baden-Württemberg is a German utility company that makes, moves, and sells electricity and gas. It also owns and runs power grids, which are the wires and substations that deliver energy to homes and businesses. In addition, it develops wind and solar projects and offers related energy services such as charging infrastructure for electric vehicles. Its main customers are households, small and large businesses, municipalities, and industrial users, especially in Germany. EnBW earns money in several ways: by charging for regulated grid access, by selling electricity and gas to end users, by producing power from its own plants and renewable assets, and by trading energy in wholesale markets. That mix gives it both utility-style recurring income and exposure to market-based power sales. What makes EnBW different is that it sits in several important places in the energy chain at once. It is not just a power seller; it is also a grid owner and a generator, which gives it a central role in keeping energy flowing and in building new low-carbon supply. For investors, that means the business combines stable, regulated infrastructure income with the more cyclical economics of power generation and energy trading.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
May 12, 2026
AI Summary
Q1 2026

Guidance confirmed: EnBW said first-quarter results were in line with expectations and reaffirmed full-year 2026 guidance.

Stable earnings base: About 81% of adjusted EBITDA came from low-risk activities, with grids again providing the main earnings backbone.

Project progress: He Dreiht offshore wind is advancing well, with 45 of 64 turbines installed and commercial operations expected this summer.

Funding and balance sheet: EnBW issued a EUR 1 billion green hybrid bond in February, while net debt ended the quarter at EUR 12.7 billion and remained broadly stable.

Mixed segment performance: Grid earnings were steady, renewables were hurt by weak hydro conditions, and trading was softer, while e-mobility continued to grow strongly.

Key Financials
Adjusted EBITDA
EUR 1.2 billion
Adjusted EBITDA from low-risk activities
81%
System Critical Infrastructure adjusted EBITDA
EUR 667 million
Sustainable Generation Infrastructure adjusted EBITDA
EUR 429 million
Renewables adjusted EBITDA
EUR 275 million
Thermal Generation and Trading adjusted EBITDA
EUR 154 million
Smart Infrastructure for Customers adjusted EBITDA
EUR 143 million
Adjusted net profit attributable to shareholders
EUR 227 million
Gross investments
EUR 1.2 billion
Taxonomy-aligned investments
87%
Growth projects share of gross investments
83%
Retained cash flow
EUR 607 million
Net debt
EUR 12.7 billion
Cash and cash equivalents
nearly EUR 10 billion
Undrawn facilities
almost EUR 10 billion
Permanent hybrid capital
EUR 3.5 billion
Green hybrid bond issue
EUR 1 billion
He Dreiht turbines installed
45 of 64 turbines
Battery storage project in Marbach
100 megawatt hours
Battery storage development pipeline
around 2 gigawatt hours
Philippsburg battery storage project
800 megawatt hours
Fast-charging points
more than 8,500
Hedge ratio for 2027
70% to 90%
Hedge ratio for 2028
20% to 50%
Earnings Call Recording
Other Earnings Calls

Management

Dr. Georgios Nikolaos Stamatelopoulos
Chairman of Management Board, CEO & COO of Sustainable Generation Infrastructure
No Bio Available
Mr. Thomas Andreas Kusterer
Deputy Chairman of the Management Board, Deputy CEO & CFO
No Bio Available
Ms. Colette Rückert-Hennen
Chief HR Officer, Director of Personnel & Member of the Management Board
No Bio Available
Mr. Dirk Gusewell
COO of System-Critical Infrastructure & Customers and Member of the Management Board
No Bio Available
Dr. Bernd-Michael Zinow
General Counsel, Head of Legal Services, Compliance & Regulation and Supervisory Board Member
No Bio Available
Mr. Peter Heydecker
COO of Sustainable Generation Infrastructure & Member of Management Board
No Bio Available
Mr. Marcel Peter Munch
Head of Finance, M&A and Investor Relations
No Bio Available
Dr. Andreas Schweinberger
Head of Compliance
No Bio Available
Mr. Marc Burgstahler
Head of Electromobility
No Bio Available
Ms. Iris Schmitz-Kleinhenz
Head of Legal Market, Data Protection and Digital Business Models
No Bio Available

Contacts

Address
BADEN-WUERTTEMBERG
Karlsruhe
Durlacher Allee 93
Contacts
+497216300.0
www.enbw.com
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