EnBW Energie Baden-Württemberg AG reported adjusted EBITDA of €2.42 billion ($2.63 billion) for the first six months of 2025, a 6.5% decline compared to the previous year. The company nevertheless maintained its annual guidance range of between €4.8 billion and €5.3 billion, supported by balanced contributions across its business segments.
Strong investment growth
The group invested around €3.1 billion ($3.37 billion) during the period, up 25% compared to 2024. Funds were allocated to expanding electricity transmission and distribution networks, developing offshore wind farms – including its fifth site, He Dreiht – and building flexible, hydrogen-ready gas-fired power plants. According to Chief Financial Officer and Deputy CEO Thomas Kusterer, this investment pace could reach €50 billion by 2030.
Mixed segment performance
The sustainable generation infrastructure segment recorded adjusted EBITDA of €1.08 billion, down 25.5% year on year, mainly due to poor wind conditions and low river levels affecting run-of-river hydropower plants. Renewable energy revenues declined 12%, despite higher earnings from pumped storage and solar facilities.
In thermal generation and trading, EBITDA fell 35% to €556 million, reflecting weaker trading revenues. Conversely, the system-critical infrastructure segment, which covers electricity and gas networks, rose 12% to €1.29 billion, driven by increased investment and higher grid usage revenues.
Profitability and outlook
Adjusted net profit attributable to shareholders was €632 million ($686 million), down 31.8% year on year, due to a less favourable financial result linked to the valuation of securities. The Smart Infrastructure for Customers segment posted a 35% increase in EBITDA, reaching €233 million, supported by strong B2C performance and higher contributions from electric mobility.
For the full year, EnBW confirmed its guidance at both segment and group levels, while calling for a stable regulatory framework to support investments in dispatchable generation capacity and grid infrastructure.
