EnBW Energie Baden-Württemberg (EBK) investor relations material

Executive summary

• Q1 2026 delivered resilient earnings and strong operational execution, with adjusted EBITDA at €1.2 billion, down 17.9% year-over-year but in line with expectations and full-year forecasts.

• Over 80% of earnings stemmed from stable, low-risk segments, mainly grids, supporting resilience in volatile markets.

• Major projects progressed, including the He Dreiht offshore wind farm (45 of 64 turbines installed) and the launch of a 100 MWh battery storage project in Marbach.

• E-mobility infrastructure expanded by over 500 fast-charging points, now exceeding 8,500 in Germany, supporting Smart Infrastructure for Customers.

• Decarbonization advanced, with coal now only 3% of revenue and significant renewable capacity growth.

Financial highlights

• Adjusted EBITDA for Q1 2026 was €1.2 billion, down 17.9% year-over-year, with 81% from low-risk business.

• Adjusted net profit attributable to shareholders declined sharply year-over-year, reaching €227 million.

• Gross investment for Q1 was €1.2 billion, focused on grid and offshore wind, and 83% directed toward growth projects.

• Net debt at quarter-end was €12.7 billion, down 3.8% from year-end 2025.

• Retained cash flow was €607 million, down 41.9% year-over-year.

Outlook and guidance

• Full-year 2026 adjusted EBITDA guidance is confirmed at €4.6–5.1 billion, supported by a well-balanced portfolio and high hedge ratios.

• Segment guidance: System Critical Infrastructure €2.5–2.8 billion; Sustainable Generation Infrastructure €2.0–2.3 billion; Smart Infrastructure for Customers €0.4–0.5 billion.

• Renewables expected to reach 80% of generation portfolio by 2030, with coal phased out by 2028 if conditions allow.

• Net zero target for own emissions by 2040 and supply chain by 2050.

• Guidance assumes full commissioning of He Dreiht and normalization of hydro levels.