ENBW Energie Baden-Wuerttemberg AG · XETR:EBK
ENBW Energie Baden-Wuerttemberg — EnBW Energie Baden-Württemberg — Investor Presentation (April 2026)
48 slides from ENBW Energie Baden-Wuerttemberg's investor presentation, April 2026
Slide 1: Investor Presentation April 2026
April 2026 Investor Presentation
Slide 2: FY 2025 highlights and a strong, compelling outlook to 2030
Investor presentation April 2026 FY 2025 highlights and a strong, compelling outlook to 2030 Strong FY 2025 results Adj. EBITDA of €5.1 bn in line with guidance driven by growing grid earnings and sustained high investments; robust FY 2026 ahead Disciplined delivery across all segments with investme
Slide 3: FY 2025 results
1FY 2025 results
Slide 4: Delivering across all business segments along the energy value chain
Investor presentation April 2026 Delivering across all business segments along the entire energy value chain System Critical 99% >310 Infrastructure of 2 GW Ultranet transmission line DSO concessions completed renewed Sustainable Generation +0.8 GW +0.1 GW -1.7GW renewables added in H 2-ready flexib
Slide 5: Strong financial performance delivered by focused investments and diversified funding
Investor presentation April 2026 Strong financial performance delivered by focused investments and diversified funding Integrated set -up ensures Strong cash flow strengthens our Diversified funding increases our reliable profitability ability to invest at scale financial flexibility €5.1 bn €3.3 bn
Slide 6: Earnings growth shaped by strong, investment-backed grid performance
Investor presentation April 2026 Earnings growth shaped by strong, investment -backed grid performance Adjusted EBITDA (in € m) €4.8 – 5.3 bn System Critical Infrastructure +3% Guidance 2025 4,903 5,072 + Investment -driven earnings growth; positive peak -load & loss -energy effects Renewable Energi
Slide 7: Solid adj. net profit at previous year's level with a dividend proposal of €1.70
Investor presentation April 2026 Solid adj. net profit at previous year‘s level with a dividend proposal of €1.70 (in € m) Dividend per share 5,072 (in €) 39% Dividend payout 172 ratio 3,301 -1,771 2,946 +6% vs. FY 2024 -528 -5% 1.60 1.70 -753 1,423 -770 Adj. EBITDA Adj. Adj. EBIT Adj. Adj. financia
Slide 8: Continued strong investment levels with grids leading the way
Investor presentation April 2026 Continued strong investment levels – with grids leading the way Total investments Investments by segment (in € m) (in %) Net cash investments Co -financing/divestments 3% 7% +22% 9% 7,582 System Critical Infrastructure 6,242 Sustainable Generation Infrastructure €7.6
Slide 9: Stronger retained cash flow and lower net debt
Investor presentation April 2026 Stronger retained cash flow and lower net debt drive a debt repayment potential well ahead of target Retained cash flow 1 Net debt (in € m) (in € m) +42% -8% 3,315 25% 14,244 13,152 Debt repayment potential 2,340 FY 2024: 16% 15 - 18% Guidance 2025 achieved FY 2024 F
Slide 10: Guidance 2026 reflecting continued operational strength
Investor presentation April 2026 Guidance 2026 reflecting continued operational strength (in € bn) FY 2025 Guidance 2026 • Positive organic growth from substantial grid System Critical investments Group Infrastructure 2.7 2.5 - 2.8 • Normalization of peak -load and loss -energy effects Sustainable •
Slide 11: Strategy update
Investor presentation April 2026 2 Strategy update Unlocking our full potential 11
Slide 12: EnBW – Unique in Europe with all key assets of the energy transition
Investor presentation April 2026 EnBW – Unique in Europe with all key assets of the energy transition with outstanding execution # 1 # 2 # 1 # 2 # 1 Fully integrated Grid length Renewables Retail customers EV -charging utility electricity and gas capacity installed in gas & electricity solutions (Ge
Slide 13: Outlook and financial targets 2030
Investor presentation April 2026 Outlook and financial targets 2030 Stable growth across all business Attractive opportunities across Diversified funding backed by segments our investment program strong cash flow & partnerships €5.8 – 6.6 bn up to €50 bn €2.5 – 3.0 bn Adj. EBITDA Gross investments C
Slide 14: Low-risk growth safeguarded by disciplined and value-driven capital allocation
Investor presentation April 2026 Low -risk growth safeguarded by disciplined & value -driven capital allocation Long -term value creation through a grid -focused capex profile and selective generation Return discipline reinforced by efficiency (Gross capex in € bn) Ø 2020 - 23 2024 2025 ∑ 2024 - 30
Slide 15: Fully funded investment program supported by cash flow, partnerships and capital markets
Investor presentation April 2026 Fully funded investment program supported by cash flow, partnerships and capital markets Balanced funding mix over 2024 – 2030 (in € bn) up to 50 up to 50 • Senior and hybrid bonds • Bank and ECA -backed funding Capital market funding 1 13 • Other financing instrumen
Slide 16: Financial outlook 2030 – growth across all segments led by regulated earnings
Investor presentation April 2026 Financial outlook 2030 – growth across all segments led by strong regulated earnings Steady, regulated -driven EBITDA growth with resilient downside protection Adj. EBITDA (in € bn) Low -risk earnings FY 2026 4.6 – 5.1 +6% A-/Baa1 Commitment to solid CAGR investment
Slide 17: From financial targets to operational delivery across all our business segments by 2030
Investor presentation April 2026 From financial targets to operational delivery across all our business segments by 2030 System Critical Sustainable Generation Smart Infrastructure Infrastructure Infrastructure for Customers ~ €35 bn 10 – 11.5 GW up to 20.000 Regulated Asset Base Installed renewable
Slide 18: EnBW's fully integrated electricity and gas grids
System Critical Infrastructure Investor presentation April 2026 EnBW’s fully integrated electricity & gas grids uniquely positioned to deliver strong transmission & distribution RAB growth Anchored in southern Germany, EnBW’s grid backbone is essential for national decarbonization Total regulated as
Slide 19: Capex acceleration delivers predictable RAB-driven growth
System Critical Infrastructure Investor presentation April 2026 Capex acceleration delivers predictable RAB -driven growth in low -risk, regulated grid earnings EnBW’s rapid RAB expansion will continue Robust German regulatory framework ~13% CAGR ~14% CAGR 2020 - 2025 2026 - 2030 Predictable earning
Slide 20: Greener and smarter generation portfolio
Sustainable Generation Infrastructure Investor presentation April 2026 Greener and smarter generation portfolio – strong progress from 2020 to today Substantial additions to EnBW’s installed renewables capacity Diversified pipeline for selective growth 12.5 GW 11.2 GW ~13 - 14.5 GW Batteries 5.4 GW
Slide 21: Flexible generation – the backbone of a stable low-carbon system
Sustainable Generation Infrastructure Investor presentation April 2026 Flexible generation – the backbone of a stable low -carbon system with energy management to unlock value EnBW’s dispatchable portfolio as key stabilizer in Trading as smart energy manager of flexible increasingly volatile energy
Slide 22: Deep electrification of mobility and heating unlocks growth in retail
Smart Infrastructure for Customers Investor presentation April 2026 Deep electrification of mobility & heating unlocks strong growth potential across EnBW’s retail activities >6 m loyal B2C & B2B customers 1 SubstantialCross - selling cross -sellingopportunities in in opportunities anan increasingly
Slide 23: Strong consumer brand powers EV charging business
Smart Infrastructure for Customers Investor presentation April 2026 EnBW leverages its strong consumer brand to power its attractive EV charging business Contributing double -digit to adjusted EBITDA in FY 2025, our charging infrastructure will further benefit from promising market fundamentals CAGR
Slide 24: Key credit strengths & highlights
Investor presentation April 2026 Key credit strengths & highlights Integrated, low -risk portfolio with predictable earnings A high share of regulated and long -term contracted businesses ensures stable, visible earnings through all market cycles Sustainable growth path builds on a proven track reco
Slide 25: Additional information on FY 2025
Additional information on FY 2025
Slide 26: Retained cash flow
Investor presentation April 2026 Retained cash flow (in € m) 5,078 160 -332 +42% -390 4,104 -188 -224 3,315 -789 2,340 Adjusted EBITDA Non -cash items Taxes paid Payments in Dividends Others FFO Declared RCF RCF FY 2025 in adj. EBITDA relation to received & dividends FY 2025 FY 2024 2 ALM model 1 in
Slide 27: Net debt
Investor presentation April 2026 Net debt (in € bn ) -8% 6.1 -0.6 • Debt repayment 14.2 potential target of 0.2 13.2 ≥15%1 -3.1 • Commitment to -3.3 -0.3 maintain solid investment grade ratings Net debt Retained Adjusted Net cash Change in pension Capital increase Others Net debt 31.12.2024 cash flo
Slide 28: Electricity generation hedge levels
Investor presentation April 2026 Electricity generation hedge levels (in %) EnBW follows a risk mitigating hedging strategy • Risk mitigating hedging strategy focuses on reducing price fluctuations risks • Forward hedging up to 3 years in advance of our electricity , whilst also hedging the prices f
Slide 29: Additional information on funding
Additional information on funding
Slide 30: Diversified funding strategy with access to a global investor base
Investor presentation April 2026 Diversified funding strategy with strong access to a global investor base €2.5 - 3 bn p.a. • Funding of corporate growth Funding volumes on average • Refinancing of maturing liabilities • EnBW’s assets are typically characterized by long life cycles Tenors up to 30 y
Slide 31: Resilient rating performance despite market volatility
Investor presentation April 2026 Resilient rating performance despite market volatility reflects a balanced financial policy Our credit ratings reflect a balanced financial policy Key credit metrics ≥70% Target share of low- Baa1 / stable1 A- / stable2 risk earnings3 EnBW wants to ensure strong cash
Slide 32: Well-diversified debt instruments
Investor presentation April 2026 Well -diversified debt instruments Capital market debt (in € m) 4.0 0.8 0.2 0.4 0.9 0.2 0.1 Currency Fixed/ 0.7 ~ €17.3 bn 1 Mix 1 floating mix 0.6 0.7 11.3 15.1 16.9 Public senior Promissory Notes Public hybrid EUR CHF GBP Fix Private placement USPP AUD USD JPY Floa
Slide 33: Maturities of EnBW's bonds
Investor presentation April 2026 Maturities of EnBW’s bonds 1 in € bn As of 10 February 2026 Senior bonds Green First call dates of hybrid bonds bonds ratio : 58 % 2.0 2.0 1.7 0.5 1.8 0.5 1.5 0.5 1.3 1.3 1.2 0.5 0.5 1.0 0.5 1.5 1.5 0.7 1.2 0.5 0.5 1.0 0.3 0.8 0.7 0.2 2026 2027 2028 2029 2030 2031 20
Slide 34: EnBW's green financing framework
Investor presentation April 2026 EnBW ´s green financing framework Green financing framework Use of proceeds 100% taxonomy Eligible Project Contribution to • First published in 2018 and most recently green activity category aligned updated in 2024 UN SDGs EU taxonomy • Alignment with ICMA Green Bond
Slide 35: Additional information on segments
Additional information on segments
Slide 36: EnBW – Anchored in the transformation of the entire energy system
Investor presentation April 2026 EnBW – Anchored in the transformation of the entire energy system System Critical Infrastructure Regional footprint in Europe Adj. EBITDA FY 2025: €2,701 m Electricity grids Gas grids • Germany ( core market), Austria, Czech Republic, 53% 150k km 29k km France, Polan
Slide 37: Main TSO projects well on track
System Critical Infrastructure Investor presentation April 2026 Main TSO projects well on track Expanding our grid infrastructure will secure energy supply & increase regulated earnings in the coming years SuedLink 1 • One of the largest energy infrastructure projects in Germany 1 • 700 km (~430 km
Slide 38: Offshore wind remains a strategic pillar
Sustainable Generation Infrastructure Investor presentation April 2026 Offshore wind remains a strategic pillar, despite disciplined exit from Mona & Morgan EnBW is a pioneer in offshore wind … …applying strict risk - return criteria to each project • EnBW operates four offshore wind Strategic ratio
Slide 39: Solar & onshore wind portfolio
Sustainable Generation Infrastructure Investor presentation April 2026 Solar & onshore wind portfolio Our solar and onshore wind portfolio Development portfolio Installed capacity 0.6 GW 18 GW Sweden 1.6 GW Solar Germany Solar & onshore wind Solar & onshore wind Czech Republic under construction sec
Slide 40: Flexible generation
Sustainable Generation Infrastructure Investor presentation April 2026 Flexible generation Our flexible new - build power assets are essential for security of supply ~1.3 GW ~2 GW addition Highly flexible gas • - fired power plants installed gas capacity in total + grid booster 1 3 H 2-ready dispatc
Slide 41: ESG & other
—EnBW — ESG & other
Slide 42: EnBW keeps pushing the energy transition forward
Investor presentation April 2026 EnBW keeps pushing the energy transition forward Early coal phase -out by 2028 in line with our SBTi targets, Decarbonization path expanded by net zero target way ahead of Germany’s 2038 target in GW 1 Net zero 4.1 From 2027 2030 2040 20 50 3.7 Hard coal 2025 2028 Li
Slide 43: ESG ratings
Investor presentation April 2026 ESG ratings - We aspire to be an ESG leader and count ESG ratings among our key performance indicators ESG ratings 2023 2025 2023 2025 2023 2025 2023 2025 A AA 30.2 22.8 B B A- A Average Leader High risk Medium risk Prime status Prime status Leadership Leadership Sca
Slide 44: Financial, strategic and sustainable ambitions
Investor presentation April 2026 Financial, strategic and sustainable ambitions Goal Key performance indicator 2025 Target 2030 Securing profitability Adjusted EBITDA in € bn 5.1 5.8 – 6.6 Managing the financial profile Debt repayment potential in % 25.2 ≥15 Robustness of earnings potential Adj. EBI
Slide 45: Important links, events and IR contacts
Investor presentation April 2026 Important links, events and IR contacts Main IR contacts Annual Report 2025 Annual Report 2025 Factbook 2025 Factbook 2025 ESG Factbook 2025 Marcel Münch Lenka Zikmundova Peter721 +49 [email protected] Berlin 63 12 Head 844of Finance Peter Berlin ESG Factbook 2025 SV
Slide 46: Important note (1/2)
Investor presentation April 2026 Important note (1/2) No offer or investment recommendation Non -IFRS figures This document and the presentation to which it relates contains information relating to EnBW Energie Baden - This presentation contains certain financial measures (including forward -looking
Slide 47: Important note (2/2)
Investor presentation April 2026 Important note (2/2) Rounding Certain numerical data, financial information and market data (including percentages) in this presentation have been rounded according to established commercial standards . As a result, the aggregate amounts (sum totals or interim totals
Slide 48: EnBW Energie Baden-Württemberg AG
EnBW Energie Baden -Württemberg AG Investor Relations [email protected] +49 721 63-12060 Durlacher Allee 93 76131 Karlsruhe, Germany Companies registered office : Karlsruhe, Germany Local court Mannheim ⋅ HRB no . 107956 Chairman of the Supervisory Board: Lutz Feldmann Board of management
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