EnBW Energie Baden-Württemberg (EBK) Q4 2025 (Media) earnings summary

Executive summary

• Adjusted EBITDA reached €5.1 billion for 2025, within the guidance range, reflecting strong operational performance despite a challenging market environment.

• Record €7.6 billion invested in energy infrastructure transformation, with 66% of generation capacity now from renewables.

• Achieved key strategic milestones, including significant expansion in wind and solar, and the largest electricity price cut for customers in recent years.

Financial highlights

• Adjusted EBITDA rose 3.4% year-over-year to €5.1 billion.

• Adjusted Group net profit attributable to shareholders was €1.4 billion, down 5.4% from the previous year due to weaker financial results.

• External revenue was €34.4 billion, nearly flat year-over-year.

• Dividend proposal of €1.70 per share, a 6% increase, with a payout ratio of 39%.

• Net debt decreased by 7.7% to €13.2 billion.

Outlook and guidance

• 2026 Group adjusted EBITDA expected between €4.6 billion and €5.1 billion.

• System Critical Infrastructure segment EBITDA forecasted at €2.5–2.8 billion; Sustainable Generation Infrastructure at €2.0–2.3 billion; Smart Infrastructure for Customers at €400–500 million.

• Strategic focus on regulatory reforms to ensure reliable and attractive investment conditions.